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The move bucks the trend of cedants hiking spreads on their cat bonds to attract sufficient investor capacity this renewal.
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The total premium outlay for the programme rose by 10% to $272mn.
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The spread on Achmea’s new European bond has moved to the bottom of the initial range, contrary to a trend seen in the market.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The bond’s spread was increased twice as Avatar looked to secure $65mn of limit in the hard Florida market.
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Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
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This would be the reinsurer's fourth cat bond of the year.
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The bond will provide second-event US wind and quake cover. -
Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
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The bond’s spread has settled at the top of the (re)insurer's target range.
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On a risk-adjusted basis, the cost of Citizens’ private reinsurance programme increased 20 percent year on year.
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Trading was brought forward this year and more cedants could head to bond market.
