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The Florida carrier had twice dropped its pricing on the deal during the placement process. -
The two firms are partners of SageSure and have a footprint in south-eastern US states.
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The Class B notes upsized by $25mn to $175mn, while the higher-risk Class C zero-coupon notes were not placed.
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The CEA is offering higher multiples compared with past transactions in line with cat bond market conditions.
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The 2023-1 target limit is below the $330mn achieved last year.
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The reinsurer is seeking $100mn-$150mn of Class A coverage for named storm and quake across different regions.
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The Floridian has lowered pricing to 900-950bps in a second reduction.
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Merrimack Mutual, Cambridge Mutual and Bay State Insurance have purchased coverage for named storm, thunderstorm, winter storm and earthquake.
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The bond is seeking coverage for Florida named storm.
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The bond will provide coverage for named storm in the US, District of Columbia, Puerto Rico and the US Virgin Islands, and earthquake in North America.
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The carrier is seeking coverage for named storm or severe thunderstorm in Florida.
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The bond is seeking coverage for named storm, thunderstorm, winter storm and earthquake across eight northeastern states including New York.
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