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The CEO received $3.9mn in shares alongside his salary and bonus. -
The carrier has also narrowed the pricing on its Class A and Class B notes.
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
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The bond’s price guidance is between 6.00% and 6.75%.
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The pair are seeking $125mn in coverage for named storms across eight US states.
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The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty.
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The InsurTech has moved its pricing for the instrument to the top of its initial range.
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The company believes the program management and legacy businesses would work better as standalone operations.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.
