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The shifts reflect wider cat bond market challenges and changeability. -
The carrier had earlier expanded its hoped-for range to $100mn-$125mn.
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The American Family bond will provide US wind, quake and wildfire cover.
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The bond has also expanded its range to target up to $125mn.
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The target size of the issuance is less than half what the insurer achieved last June.
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The bond will provide coverage up to 2026, extendable to 2029.
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The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.
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The increased yield reflects the harder post-Ian market.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The sector’s performance was better overall compared with September 2017.
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The bond will provide the carrier with five years’ coverage for named storms across the US excluding Florida.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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