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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The bond will cover named storms, North American earthquakes and European windstorms.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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The platform’s ILS holdings comprise cat bonds and UCITs funds, and were up 8% over January and February.
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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GeoVera’s MGAs will sell to SageSure and insurance companies will merge with SafePort.