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Tighter cat bond spreads will prevail until issuance catches up with investor demand, the firm forecast. -
The deal will partially replace a $480mn bond that comes off risk at the end of March and is the first for the carrier to mix US and Japanese risks.
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As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides.
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Trading data showed the market delivered on liquidity in the midst of the pandemic panic.
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The Floridian insurer aims to renew just over a third of its private reinsurance placement in cat bond cover.
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
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Markdowns have wiped more than $220mn off the value of $1.6bn of aggregate cat bonds benefitting major US insurers after the Texas Big Freeze.
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The insurer is turning to the ILS market after a busy year for Florida deals in 2020.
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The deal would add to $200mn of ongoing cat bond cover for the insurer.
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The new deal comes after the company decided not to renew its 2017 issuance last year.
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As some in the market believe the winter claims will remain notably below $20bn, there are multiple factors creating challenges in assessing the event.
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The California Earthquake Authority (CEA) has finalised pricing on its latest Ursa Re cat bond at the bottom of the range offered to investors, with the issuance reaching the top of the size range, industry sources have said.
