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The carrier’s reinsurance portfolio is now worth NZ$8.2bn, which includes a NZ$225mn cat bond for the first time. -
The finalised target size is lower than the initial target of NZ$250mn, and pricing guidance has been updated to 8.75%.
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The deal will protect against named storm, quake, severe weather event, fire, volcanic eruption or meteorite impact in Florida.
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The zero-coupon Class C notes upsized by a third while pricing stepped down twice from initial guidance.
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The pricing guidance on the cat bond is 4%-4.5%.
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The final pricing on the bond settled at 17% below the mid-point of initial guidance.
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The bond will provide coverage for US named storms and earthquakes.
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The bond was initially launched as a $100mn cat bond via its issuer Mountain Re, at a price guidance of 6.00%-6.75%.
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The pricing on the bond moved to 90%-91% of the original principal amount.
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The pricing guidance has also been updated to 8.75% from an initial range of 8%-8.75%.
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The carrier is now seeking $100mn-$125mn as price guidance shifts to 6.75%.
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The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro.
