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The firm recorded a 13.3% nat cat impact to the P&C combined ratio. -
Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.
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The latest issuance signals the second time the sponsor has entered the cat bond market.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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The firm will provide an update on 22 November to avoid holiday season.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The figures imply first-layer reinsurance recoveries for Helene.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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The pension scheme has been winding down its ILS portfolio in recent years.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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The multiple offered on the deal is around 2.5x the expected loss.
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Milton is expected to move north of the Yucatan Peninsula today and cross the eastern Gulf of Mexico by Wednesday.
