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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1. -
The Altamont-backed broker has been building out its team since launching in 2023.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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The bond provides coverage on personal-lines property in Florida.
