Mitsui Sumitomo
-
Industry veteran Michael Wade will join Helios as a director and chairman, and take on a senior advisory post at Mitsui. -
The storm is not expected to be a threat to the order of Jebi or Hagibis.
-
The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
-
Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
-
The cat bond provides a mix of per occurrence and annual aggregate cover.
-
Specialty CUOs Andrew Wright and Mark Clements, and reinsurance CUO Phil Wooldridge step down as the newcomer is charged with “repositioning”.
-
The Akibare Re series 2020-1 class A notes priced at the top of the guidance range at 275 basis points.
-
Pricing has moved to the top of the guidance range, sources said.
-
The deal uses an occurrence trigger, unlike the aggregate bond that is expected to pay out on Jebi losses.
-
Despite early fears that the storm could rival last year’s Jebi in losses, expectations are converging around the $10bn level.
-
Mitsui Sumitomo estimated its Hagibis hit at $2bn while Sompo said it had recovered almost $1bn from reinsurers this year.
-
Mitsui Sumitomo has put its Typhoon Jebi losses up to 258bn yen ($2.4bn), compared with an initial estimate of 140bn yen.
