American Integrity Insurance Company has slimmed down the target size of a higher-risk tranche of its new Integrity Re cat bond, but the insurer is still on track to close the largest layer of the ILS deal below its target pricing.
Insured losses from winter storms rarely rival those resulting from hurricanes and tornadoes but nonetheless they can still reach billions of dollars and may make their way into the ILS market.
Annual insured losses from severe convective storms are expected to reach $25bn as the number of multi-billion-dollar events resulting from the peril increases, according to Karen Clark & Company.
