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Athena Re provides coverage against terrorism in France and its overseas territories. -
The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The estimate includes $102mn from Milton and $114mn Helene development.
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The UCITS fund was launched in 2021 and invests in cat bonds and the money markets.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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The bond is targeting $225mn of limit across the Class A and Class B notes.
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Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Shareholders are voting to approve being wound up on 18 December.
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Strong growth in fee income builds on the favourable rating environment.
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The notes provide coverage in the US and District of Columbia but exclude Florida.
