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Spreads on all tranches of notes settled above the initially guided range.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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The index-based coverage will be for the benefit of Lloyd’s Syndicate 1910.
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The new Marlon bond offers multiples of 7.4x and 8.9x on the Class A and Class B notes respectively.
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The Class D notes offer a spread of 1200bps with a multiple of 2.9x.
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California is the initial covered area but, following a reset, all US states will be covered.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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Diversification in perils and regions can help the market grow.
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The deal will expand the region and perils covered by Merna Re bonds.
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Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The carrier’s Armor Re deal upsized by 33%.
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The bond will cover named storms, North American earthquakes and European windstorms.
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The World Bank-backed deal is structured with a parametric trigger.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The coverage will be for named storm and quake.
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The sponsor’s debut cat bond upsized by 25%.
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The bond is the second transaction from the sponsor to target per occurrence coverage.
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The bond will cover named storms in the state of Florida.
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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
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Proceeds from the sale will be used to fund sustainable development projects.
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The multi-peril coverage was due to expire in June 2026.
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The carriers are seeking $130mn of Class C named storm coverage.
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The carrier has priced the Class A tranche at 525 bps.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.
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The carrier has priced the Class A tranche at 500 bps.
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The pricing guidance is now 550-575 basis points.
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The RfP covers the CEA and/or the California Wildfire Fund.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The carrier is seeking to raise $100mn of coverage.
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The bond will provide parametric cover for earthquake and windstorms.
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The bond will provide protection against Japanese flood and quake events.
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Sabine Re marks Allied Trust’s entry to the market.
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The cover will include the 50 US states, District of Columbia and Canada.
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Class A notes are priced at 1,400bps, Class B at 1,725bps.
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The spread guidance on both notes has moved lower.
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The bond will insure against named storms in eight US states.
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The vast majority of 2023 recoveries were from events in prior years.
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The state pool is seeking indemnity, annual aggregate cover.
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The bond provides three-year aggregate earthquake coverage in Japan.
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The cover will include the 50 US states, District of Columbia and Canada.
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The issuer is seeking aggregate and per occurrence coverage.
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The guide pricing offers similar multiples to last year’s issuance.
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The client lacked options in the conventional insurance market.
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The bond is currently trading at around 65c in the dollar on the secondary market.
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The transformer vehicle issued $209mn worth of cat bond lites in 2023.
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Pricing is now targeted for 30 January, and closing on 6 February.
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn.
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The bond will provide protection from named storms in Florida for three years.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Nearly 90% of the fund’s allocation is in cat bonds, with a small allocation to other ILS securities and US Treasury Bills.
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The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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The multiple on the deal has settled at 2.3x the sensitivity case expected loss, down from 2.6x, according to initial pricing guidance.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.
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The deal will benefit Lloyd’s Syndicate 1301 and provide annual aggregate cover on a PCS industry loss basis for US named storm and North America quake.
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The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering.
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