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Bernard Van der Stichele will head the pension fund’s new ILS portfolio. -
The cat bond could help lower barriers to collateralised participation in primary business, says the ratings agency.
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The pricing targets imply a minor uplift in the premium multiples on offer.
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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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The political boards will consider future funding structures for the insurer of last resort as well as a possible merger with the Texas Fair Plan.
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The pricing benchmark on the low-risk quake bond has risen 10 percent above a similar 2018 transaction.
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The cat bond covers hurricane and extreme mortality risks, according to sources.
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Pricing dropped 6 percent from the midpoint of the initial range to reach 9.75 percent.
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The Floridian carrier has returned to the cat bond market for a third time, adding wildfire, earthquake and winter storm perils to its latest transaction.
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Aetna Life achieved its lowest coupon ever on the Class A tranche.
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The carrier issued a profit warning as it revised up projected annual cat losses and forecast lower reserve releases.
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The current death totals do not suggest the transaction is under immediate threat.
