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The cat bond is set to pay up to 125bps more than last year’s Alamo Re deal, which has a near-identical risk profile. -
Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
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The insurer's Castle Key subsidiary will pay a 5.5 percent spread for the cover, up 70 percent from the rate on an expiring 2017 cat bond.
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Earlier this week, the company pulled another Everglades Re bond it had simultaneously marketed alongside this deal.
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Earlier this month, the carrier said it wouldn’t renew its 2017 Torrey Pines Re cat bond.
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The UK is seeking to address the perception that local ILS bureaucracy is "onerous and costly", the LMG-commissioned London Matters report said.
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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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The insurer will proceed with a $100mn ILS deal for its personal lines account, but dropped a separate coastal aggregate cover.
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Pricing has moved to the top of the initial guidance, according to sources.
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The transaction covers storm and earthquake in the US.
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This is the latest indication that reinsurers are standing their ground in the mid-year renewal.
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The carrier is asking the board to agree a premium outlay of $145mn for the 2020 hurricane season.
