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The bond will provide named storm coverage in some US states. -
The bond will provide parametric cover for earthquake and windstorms.
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The cat bond now has a pricing spread of 250-275 bps.
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The cat bond will initially cover named storms in Florida and South Carolina.
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The cat bond will cover earthquake and named storm events.
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Some $415mn of capacity entered the market last year.
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Pricing guidance has also been updated to between 8%-8.25%.
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The agency stressed the physical impact of climate risk on companies.
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Estimates were revised from $845mn to $740mn.
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The bond will provide protection against Japanese flood and quake events.
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