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The bond is targeting $225mn of limit across the Class A and Class B notes. -
Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
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The notes provide coverage in the US and District of Columbia but exclude Florida.
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The latest issuance is the second cat bond RenaissanceRe has issued this year.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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The latest issuance signals the second time the sponsor has entered the cat bond market.
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The bond offers a midpoint multiple of 4.1x with an expected loss of 0.92%.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
