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The Class A notes sized at EUR110mn and the Class B notes at EUR50mn. -
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The pricing on the Class AA and Class D notes has moved to the top end of the initially guided range.
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High Point Re is Selective’s debut cat bond.
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Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
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The amount offered in Class A and B notes has also expanded slightly.
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The $75mn Long Walk Re deal secured broad market support from ILS investors.
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Research by Kepler Absolute Hedge showed that seven out of the 10 best-performing alt credit funds were cat bond strategies.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The bond is being issued via the Lloyd’s London Bridge 2 PCC Limited structure.
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The pricing is up from an initial spread of 6.75%-7.5% and an updated spread of 7.25%-7.5%.
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SafePoint and Cajun had initially sought $150mn of coverage for named storm events in Florida and Louisiana
