ILS
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Initial spread guidance for the three-year bond is set at 425-500bps. -
The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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The company no longer has any exposure to reinsurance contracts.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Shareholders are voting to approve being wound up on 18 December.
