-
The first cat bond deal from the carrier achieved its target size of C$150mn. -
Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
-
Six fires now cover more than 27,000 acres across Southern California.
-
Hurricane Milton resulted in the largest insured loss of the year at $25bn.
-
The fast-moving blazes have prompted evacuations across the city.
-
More than 4,000 acres are burning as thousands evacuate.
-
The reinsurer is seeking index-based cover for a wide scope of perils and territories.
-
The deal is split into two tranches compared with the single note issued last year.
-
The new agreement provides $40mn of aggregate limit excess of zero.
-
Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
-
Novelty premiums will likely fade once investors are more comfortable with the risk.
-
Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
