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The cat bond priced at 9.5%, 22% lower than the midpoint of the initially guided range of 11.75%-12.5%. -
The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The alternatives manager acquired retirement services firm Athene in January, ahead of its $2bn ADIP sidecar raise.
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The recommendations await approval from the Florida Office of Insurance Regulation.
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The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
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The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.
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The securitised reinsurance tokens require a minimum investment of $20,000 in the US and $2,500 outside of the US.
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Jacques de Vaucleroy has been appointed vice chairman as the carrier seeks a new chairman.
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The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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Reinsurers are also increasing their attention on per-risk contracts protecting Japanese interests abroad.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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The listing builds on Hong Kong's pilot scheme for ILS, which has issued grants of up to HK$12mn ($1.5mn).
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The Indiana Public Retirement System has in past years allocated to Aeolus several times, as well as to HSCM Bermuda and Nephila’s Palmetto Catastrophe Fund.
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The Florida carrier had twice dropped its pricing on the deal during the placement process.
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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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On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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It is understood that the company has mandated Nomura to raise the risk capital.
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Business is surging into the E&S market, with rates up in the triple digits in some instances, as carriers combat claims volatility.
