-
The deal will expand the region and perils covered by Merna Re bonds. -
The ILS market’s exposure could grow to $1.5bn by the time a major cyber cat event occurs.
-
The fund has nine open contracts it is actively trying to run-off, four years after its failure.
-
The fund has a strong focus on cedant quality and transaction structures.
-
Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
-
The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
-
Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
ILS returned 3.2% for the scheme in the first quarter.
-
Insured loss for Q1 was 10% higher than the decadal average of $18bn.
-
The final pricing has settled toward the midpoint of the initially guided range of 225-250bps.
-
Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
