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Pre-Covid-19 mortality risks generally provided low single-digit returns, but significant repricing is underway.
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Sources have warned that the cat bond sell-off could restrict capacity in the upcoming Florida renewals.
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Scor said it was eager to start marketing the transaction again within the next month when market conditions improve. -
The former director has left Sodium Partners for personal reasons but will remain director of Guernsey-based subsidiary Solidum Re.
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CEO Bob Ritchie said entering the cat bond market offered stability for the company and policyholders.
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Both tranches of the bond could trigger as soon as April, once the growth rate is calculated.
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Aon's estimate shows that bulk sums offered rose from the $250mn previously reported.
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Sources said “cash is king” in times like this, but dedicated ILS funds are still holding positions.
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Palomar sponsored the $166mn Torrey Pines Re cat bond in 2017 which is still on risk.
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With up to $4.5bn of anticipated volume in the works, ILS broker-dealers are waiting to see how multi-strategy sellers will impact the primary market.
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The secondary market is being closely watched to see if selling pressure spreads.
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This is the second Asagao deal, following a two-year $69.9mn transaction issued last September.
