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Projected spreads on the deal fell by 10%-11% in early marketing.
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The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
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The deal will give the insurer annual aggregate ILW coverage.
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The reinsurer pushed pricing to the lowest end of its revised target range.
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The Zurich-based manager says frameworks designed for equity investing will take time to adapt to insurance investing.
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State Farm has more than replaced an expiring $300mn cat bond, while Horseshoe’s platform did its second deal for the year.
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The ILS analysts noted a trend for cat bonds to be impacted by a higher number of small loss events.
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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Both private and cat bond funds were down for the month.
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The new deal will fall short of replacing the $950mn the insurer has rolling off risk.
