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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples. -
Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
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The reinsurer is seeking annual aggregate cover against earthquakes and second-event named storms.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The deal is split into two tranches compared with the single note issued last year.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
