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The government secured a slight expansion in the level of cover obtained across the middle layer of the programme.
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Over the past year, Willis Re's index shows riskier deals and a hardening market have lifted average cat bond yields.
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The broker's chairman of international business James Vickers said reinsurers are only trimming capacity on the edges of the cat market. -
The carrier renewed about a third of its $1.2bn earthquake cover.
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The December deal takes annual volumes to $877mn, with the Eclipse Re platform transacting the most issuance this year.
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The transaction brings 2019 cat bond lite issuance to $799.5mn, according to Trading Risk records.
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Pricing across the deal has slipped 1.5-3.2 percent, according to sources.
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This latest deal takes 2019 cat bond lite issuance to $749.5mn, below the $973.7mn total recorded last year.
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Pricing on the parametric US earthquake deal dropped by 2-7 percent during marketing, according to sources.
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Pricing on the quake deal dropped 3-7 percent across its two layers, according to sources.
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Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
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The cat bond is the second Matterhorn deal to be launched by the (re)insurer this year.
