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The Class A notes priced well below the midpoint of initial guidance.
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Researchers expect 15-20 named storms to form in the Atlantic Basin.
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This follows February’s cat losses coming in below the $150mn reporting threshold.
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ILS returned 3.2% for the scheme in the first quarter.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The final pricing has settled toward the midpoint of the initially guided range of 225-250bps.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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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.