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The issuance comes as the state organisation faces possible gaps in reinsurance cover. -
The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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The size of the deal is $165mn, as $10mn of Class A notes are dropped.
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Pricing has moved up to 775 basis points, amid Citizens’ exponential growth.
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TransRe is still hoping to raise $175mn from its Bowline Re cat bond for coverage against named storms and earthquakes as it has significantly lifted projected spreads on the transaction, Trading Risk understands.
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It is offering a significantly higher premium than prior-year cat bonds from the state insurer, after it stands to gain $135mn from cat bond payouts linked to Hurricane Ida.
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The CEA is looking to raise $150mn from Class A notes and $125mn from Class E notes.
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The issuance will be fronted by Hannover Re with an initial attachment level of $2.2bn.
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The bond will provide cover against named storms in the US.
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This the Hong Kong reinsurer’s first cat bond.
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The Q2 trend of increasing spreads continues as Palomar seeks to close its $300mn bond.
