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ILS funds were showing pockets of positivity as market dynamics shift. -
Inigo’s first cat bond with Syndicate 1301 is pricing above the initial target range.
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The limit has increased by 5.5% on cover of $1,930mn placed last year.
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The pricing has settled at the mid-to-top end of guidance across the three tranches.
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The Floridian has not used the cat bond market since 2017, when it made major recoveries from previous Citrus Re deals on Irma losses.
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The catastrophe bond is the fourth in the series for reinsured NCIUA
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.
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The carrier is facing more growth than anticipated after recent insurer failures.
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The earthquake was 250 times less strong than the 2011 Tohoku disaster.
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Pricing settled at 500 basis points, the higher end of guidance.
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