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The bond in four tranches will offer USAA multi-peril aggregate cover. -
It will provide cover against cyclones, earthquakes, thunderstorms and winter storms.
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Pricing has settled at 14.5%, above the initial 12.25%-13% target.
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The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
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The fund’s prospectus showed 2017 was its only negative year since 2014.
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The Class 10 zero-coupon structure notes have been withdrawn.
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Sure is seeking $150mn of named storm cover with the issuance.
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Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.
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The company announced net retained catastrophe losses of $462mn.
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The catastrophe bond will be triggered on a weighted industry loss basis.
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The ILS platform was transferred to Gallagher Re when it bought Willis Re last year.
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The bond is offered in two tranches providing indemnity cover on a per-occurrence basis.
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