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Several of the insurer's cat bonds have been heavily marked down in the secondary trading. -
The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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The deal will provide the insurer with annual aggregate ILW cover.
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The deal would provide the corporation with California earthquake coverage.
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The increase was largely driven by successful capital raising, large numbers of maturities and fewer new issuances to replace them.
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The size of the cat bond deal increased by $25mn over the marketing period
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The carrier is moving to lift quota share support to reduce its retained exposure.
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Pure cat bond funds continued to outperform private ILS strategies on the ILS Advisers index.
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Spreads are being offered to investors at the higher end of the initial range.
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The new issuance is thought to be the municipal utility’s first foray into the cat bond market
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Spreads on two of the three tranches fell below the range first offered to investors
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Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
