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This adds to $380mn of Gateway Re limit placed this year. -
Florida Citizens' Everglades Re bond priced up by 6% across three tranches.
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The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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The former Everest executive will look to roll out a range of new product lines at the MGA.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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This takes pre-tax cat losses for the calendar year to $1.23bn
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Spreads on all tranches of notes settled above the initially guided range.
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CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
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P&C re and CorSo reported improved net profits and combined ratios for the quarter.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
