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The deal includes AIG's AlphaCat platform. -
The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro.
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The AJ Gallagher-owned ILS services provider is expanding its footprint globally.
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The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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The loss for the month was 60% comprising losses from two wind and hail events.
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Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.
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The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
