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The international body is looking at ways to supply Covid tests and vaccines to poorer countries.
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The Singapore-based cat bond deal offers a 400 bps spread 16% below the carrier's initial target. -
The size of the bond closed 50% higher than the initial $200mn marketed in early December.
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The bond closed near the top end of the guidance range sought by the Floridian carrier.
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New boss Flandro suggested subordinated debt as a reinsurance alternative in a hardening market.
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The deal was the first time a UK multi-arrangement ILS vehicle was used to issue a cat bond.
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The cedant has dropped one of the three tranches initially pitched to investors, a high-risk aggregate.
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The bond’s size remains at $150mn.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The updated spread implies a slightly lower multiple on the retro quake notes.
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The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.
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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
