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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”. -
Michael Rich left the portfolio management role in May.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The bond provides protection in France and its overseas territories.
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September was the strongest performing month since the index began in 2006.
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Some $409mn of volume entered the market in the week to 4 November.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The figures imply first-layer reinsurance recoveries for Helene.
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The four-year deal is split across three tranches of notes.
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The latest issuance offers a spread range of 650-700bps.
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The final price fell 14% from the initial midpoint price offered by the sponsor.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
