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The insurer has lined up Piper Sandler and KBW to run the process. -
The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The acquisition expands its global employee benefits business to ~4,000 global employees.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The pricing is at the top end of the initial guidance range of 550-600bps.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The rating allows IQUW to access $1bn in group capital.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
