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The issuance follows roughly $107mn of issuance across five series last year.
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The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued. -
The new limit amounts to roughly half the Seaside Re bonds placed last year.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.
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A new mandate from an institutional investor has seeded the strategy.
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The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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Quarterly report reveals that bond prices went “sideways” in Q4, but market remains hard.
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Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
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The spread rose 9% during the course of marketing.
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The first cat bond of the year will cover earthquake risk for the mortgage credit investor.
