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It will be the insurer’s first foray into the cat bond market. -
The deal, which will be fronted by Hannover Re, will offer a premium of 240 basis points.
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The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.
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It will be the P&C insurer’s first foray into the cat bond market.
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The coupon reduced by 50 basis points compared with what was initially marketed to investors.
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Spreads dropped by a midpoint average of 9% on the deal.
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The spread fell by 17% from the mid-point of what was initially marketed.
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Local executives expect the island to weather global reform efforts in light of Bermuda’s other advantages and the time it will take to implement minimum tax levels.
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It will be the insurance company’s first foray into the cat bond market since 2018.
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Sources suggested the ESG credit for using green collateral is overshadowed by longer-term ambitions for underwriting clarity.
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The P&C insurer initially told investors it would seek $100mn on what will be its first foray into the cat bond market.
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Pricing on the deal narrowed by 7%-8% from the original forecasts.
