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The Florida Building Code was introduced following the impacts of Hurricane Andrew. -
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.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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The reinsurer is seeking per-occurrence cover on an industry-loss basis as reported by Perils in the US.
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The reinsurer is seeking wind and quake coverage on a per-occurrence, weighted industry insured loss basis.
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The deal will provide per-occurrence, Cresta-weighted industry insured loss cover for European windstorm.
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
