Catastrophe bonds
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The new Marlon bond is offering multiples of 7.4x and 8.9x on the Class A and Class B notes respectively.
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The Class D notes offer a spread of 1200bps with a multiple of 2.9x.
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California is the initial covered area but, following a reset, all US states will be covered.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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Diversification in perils and regions can help the market grow.
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The deal will expand the region and perils covered by Merna Re bonds.
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Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The carrier’s Armor Re deal upsized by 33%.
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The bond will cover named storms, North American earthquakes and European windstorms.
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The World Bank-backed deal is structured with a parametric trigger.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The coverage will be for named storm and quake.
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The sponsor’s debut cat bond upsized by 25%.
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The bond is the second transaction from the sponsor to target per occurrence coverage.
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The bond will cover named storms in the state of Florida.
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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
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Proceeds from the sale will be used to fund sustainable development projects.
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The multi-peril coverage was due to expire in June 2026.
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The carriers are seeking $130mn of Class C named storm coverage.
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The carrier has priced the Class A tranche at 525 bps.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.
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The carrier has priced the Class A tranche at 500 bps.
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The pricing guidance is now 550-575 basis points.
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The RfP covers the CEA and/or the California Wildfire Fund.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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Pockets of new capital will not shift pricing at mid-year.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The carrier is seeking to raise $100mn of coverage.
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The bond will provide parametric cover for earthquake and windstorms.
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Some $415mn of capacity entered the market last year.
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The bond will provide protection against Japanese flood and quake events.
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Sabine Re marks Allied Trust’s entry to the market.
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Exposure updates played a greater role than expected.
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The cover will include the 50 US states, District of Columbia and Canada.
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Class A notes are priced at 1,400bps, Class B at 1,725bps.
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The spread guidance on both notes has moved lower.
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