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The issuance is Vantage Risk’s second in the cat bond market. -
Hestia Re covers named storms in Florida on an indemnity, per-occurrence basis. It attaches at $125mn.
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The reinsurer said its stop-loss bond required a “partnership” approach to distribution.
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The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.
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The bond is to cover events in Austria, metro Corsica and France, Italy, Monaco, Slovenia and Switzerland.
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The issuance marks the carrier’s return to the cat bond market after a five-year gap
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Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
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The reinsurer said the third-party platform, which reached $2.2bn at the start of this year, provided capital relief and supported nat-cat capacity.
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The cover will apply to business sourced by MGA SageSure.
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The performance showed ILS delivering on its promise of uncorrelated returns.
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The cat bond cover is for named storms in Florida, with a reset taking in Georgia and South Carolina.
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The Hestia Re bond covers named storms in Florida and was targeting $150mn-$200mn.
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