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Sources said the deal remained enticing despite spreads dropping -
Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger.
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The new bond includes a particularly high-risk occurrence layer for which indicative pricing is up 14% year on year.
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The firm’s fourth annual issuance brings the total volume of cat bond lite deals this year to $250.54mn.
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Hurricane Delta looks set to be another mini hurricane loss, but one which may aggravate some existing trends.
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The fund also grew its net assets by 15% to about $142mn.
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The remote-risk layer priced at the middle of the guidance range, while pricing on a higher-risk layer was pushed to the top of targets.
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Sources estimate that 70%-85% of subrogation recoveries are already complete.
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Bonds had an implied average spread of 6.86%, the lowest quarterly rate since mid-2018.
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The $250mn transaction will not fully replace the $400mn of maturing ILS cover for the organisation.
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The storm hit near Puerto Morelos, between the larger resorts of Cancun and Playa del Carmen.
