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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May. -
The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The Altamont-backed broker has been building out its team since launching in 2023.
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The bond will cover named storms in five US states.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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