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Zurich-based manager Plenum said a partial loss of the $150mn Philippines wind bond seems likely.
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Covid-19 may have been the biggest talking point in the (re)insurance markets this year but arguably, the pandemic is being overtaken by several other factors – ILS market dynamics amongst them.
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New Orleans officials warned more damage could be revealed on Thursday. -
Pricing on the deal's lower-risk layers has dropped below USAA's original target, falling 50 basis points.
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RenRe suffered nearly $322mn in net catastrophe losses in the third quarter, with a further $100.6mn going to third-party investors.
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This is the first time the insurer has used the cat bond market since its Mariah Re cat bonds paid out after the record tornado season of 2011.
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Repeated pelting from smaller cat losses presents a host of challenges for carriers.
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The final limit raised was nearly 60% above the company’s initial target, as pricing dropped to the lower end of forecasts.
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New law would end the country’s long-term cat bond programme and cast doubt on the fund’s on-risk cat bond.
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The transaction takes total cat bond lite volumes to more than $270mn this year.
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The deal will be one of only two standalone mortality bonds on risk when it completes
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Greater investor demand is being supported by a focus on liquidity and defined perils – but sources caution against over-hyping the shift.
