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The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering. -
Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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Sanders Re III will provide coverage for the District of Columbia and all US states apart from Florida.
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The carrier has also extended the redemption period by three years, to 31 March 2029.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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More policies were removed through depopulation in Citizens this year than the previous seven years combined.
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The firm’s group reinsurance officer Thorsten Fromhold said the insurer will consider using more cat bond coverage “if the market stays where it is”.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean.
