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The deal will provide annual aggregate cover on a PCS industry loss basis. -
The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
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The carrier is seeking wind and quake coverage for Lloyd’s syndicates 623, 2623 and 3623, Beazley E&S Inc. and Beazley Insurance.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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The TWIA board has fired the starting gun on the process to place its reinsurance programme incepting June 2024.
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The reinsurer is seeking per-occurrence cover on an industry-loss basis as reported by Perils in the US.
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The company last placed a Foundation Re bond in 2011.
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The deal will provide per-occurrence, Cresta-weighted industry insured loss cover for European windstorm.
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The sponsor had initially sought $150mn of coverage last month.
