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The acquisition expands its global employee benefits business to ~4,000 global employees. -
The pricing is at the top end of the initial guidance range of 550-600bps.
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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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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Both syndicates also reported a deterioration in their combined ratios.
