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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products. -
The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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The notes replace a 2021 issuance that matured in January this year.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The acquisition expands its global employee benefits business to ~4,000 global employees.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The rating allows IQUW to access $1bn in group capital.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
