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The sponsor has expanded its target deal size compared with a year ago. -
The first cat bond deal from the carrier achieved its target size of C$150mn.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The deal is split into two tranches compared with the single note issued last year.
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The new agreement provides $40mn of aggregate limit excess of zero.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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The vehicle is yet to recover to 2021 levels of $235mn.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
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In the US, pricing fell by 6.2% at the major renewal.
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The manager’s Interval Fund returned 28.25% over the financial year.
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Nicole Chase was central to the build-out of Mt Logan while at Everest.
