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The “convenience claims” route to payout will be limited to claims up to $200,000. -
The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
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The carrier is seeking wind and quake coverage for Lloyd’s syndicates 623, 2623 and 3623, Beazley E&S Inc. and Beazley Insurance.
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The pricing on the deal has settled below initial guidance at 7.5%.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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Pricing has settled at 12% on Liberty Mutual’s cat bond Mystic Re, the lower edge of updated guidance, as it upsized to $300mn.
