-
The insurer has grown the deal by more than 50%.
-
Investor premiums fell by 2% from the previously projected spread. -
Pricing on the transaction’s two layers had mixed outcomes.
-
The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
-
The insurer’s overall top line rose 16% as cat claims reached $70mn.
-
The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
-
The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
-
The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.
-
The state-backed carrier has instructed broker Guy Carpenter to renew a slightly smaller initial programme than the $2.1bn it placed last year, but will consider options for additional cover.
-
Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
-
The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
-
The carrier revealed 10.9% premium volume growth at 1.1.
