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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19. -
Recent investor inflows to its cat bond UCITS have brought it to over $1bn assets under management.
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The issuer has $550mn of limit due to mature next year across two bonds.
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The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.
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Spreads on the Ursa Re deal have also dropped by 7% on average during the early phase of marketing.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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Aggregate cat bonds and quota shares may be exposed although the loss would typically be expected to skew to the traditional binders and insurance market.
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Pricing dropped to the bottom of the range previously offered to investors.
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Spreads are also dropping on the bond, although they remain higher than in previous years.
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While uncertainty over Covid may limit early commutations, isolated deals may have been struck, as 2017 contracts in some cases remain open.
