-
The UCITS fund was launched in 2021 and invests in cat bonds and the money markets. -
The bond is targeting $225mn of limit across the Class A and Class B notes.
-
Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
-
-
The notes provide coverage in the US and District of Columbia but exclude Florida.
-
The latest issuance is the second cat bond RenaissanceRe has issued this year.
-
Fema's traditional reinsurance programme will attach at losses of $7bn and above.
-
Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
-
The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
-
The latest issuance signals the second time the sponsor has entered the cat bond market.
-
The bond offers a midpoint multiple of 4.1x with an expected loss of 0.92%.
-
CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
