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The transaction covers US wind for two seasons on a per occurrence basis.
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The retro space is expected to move towards named peril covers as rates approach post-Hurricane Katrina levels. -
The market is also interested in more liquid cat bonds, the reinsurer said at a press conference on Monday.
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Subrogation recoveries from 2017-18 Californian wildfire losses drive capital releases.
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LGT ILS Partners, Swiss Re and Pool Re's Baltic Re cat bond were among the winners of the Trading Risk awards 2020.
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The Swedish manager has wound up its small UCITS cat bond fund as it said institutional funds were a better regulatory fit for ILS.
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The state insurer of last resort buys cover from a much lower-attaching level than its Texas peer.
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The storm is predicted to hit the US Gulf of Mexico on Wednesday as a Category 2 storm.
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The specialist ILS manager has also made a number of senior appointments.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
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He replaces Oliver Horbelt who becomes CFO of Munich Re of America.
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Cedants faced a hard market in the mid-year renewals.
