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The bond went on watch after Mercury said it would exceed its $150mn retention. -
Company touts growing investor demand for Asian cat risks.
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Both the Class A and Class B notes increased in size.
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The latest issuance will add extra cat bond limit, with a $100mn note still on risk.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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Secondary market pricing indicated anticipated California wildfire losses.
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The reinsurer has issued updated pricing for the instrument.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
