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Proceeds of the Mexican parametric transaction will be used to finance sustainable development projects in a number of countries.
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Demand for the transaction, which doubled in size during marketing, demonstrates a renewed appetite for Florida risk this year on the cat bond market.
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The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite. -
Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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There is room to scale up existing risk transfer pilots, said Dfid’s Nick Dyer at Aon's Collaborating to Close the Protection Gap conference.
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The firm's cat excess-of-loss book rose 7.8 percent.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
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Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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The CEA expects new revenue bonds could reduce its risk transfer needs by $300mn.
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The deal covered Turkish earthquake risk.
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The occurrence and aggregate transaction will replace maturing and loss-impacted deals for the carrier.
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The (re)insurer has cut its peak risk exposures by more than a third in some cases.
