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The bond will cover named storms, earthquake, severe weather and other perils, according to sources.
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The World Bank’s pandemic bond is expected to partially pay out as deaths surpass trigger points. -
Pricing has moved in both directions across the four tranches, sources said.
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The issue will effectively renew quake and storm cover, with one of the company’s $100mn bonds expiring in June.
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Sources described the bond’s sustainable development focus as a “nice touch”.
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Pricing on the new cat bond moved to the top end of guidance.
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The insurer had considered cutting its programme back to $1.9bn.
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The fresh markdowns follow a recovery in the bond's price as the Ebola threat abated.
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The deal will take total cat bond cover available to the National Flood Insurance Program over the $1bn mark.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The deal's spreads are in line with those on the 2019 FloodSmart deal, with slightly higher multiples of premium to risk.
