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The reinsurer has issued updated pricing for the instrument. -
Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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The vehicle has $2.55bn in capital committed by institutional investors.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
