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The reinsurer is looking to pay more rate to secure retro cover in a tightening market. -
Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.
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This is the reinsurer's first natural catastrophe bond since the $200mn Mythen Re cat bond in 2013.
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This year’s cover is less than the 2018 cover, which was $2.6bn.
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The maturity dates for Blue Halo Re Series 2016-1 Class A and Resilience Re Series 1861A notes have been extended, according to the Bermuda Stock Exchange.
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The deal comes hard on the heels of the North Carolina Insurance Underwriting Association’s $450mn cat bond completed in February.
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The insurer placed less coastal aggregate cover than originally planned.
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The firm kept overall spending flat after upping its participation in the state reinsurance scheme.
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The executive said placing one of the first Singaporean cat bonds had gone smoothly.
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The ILS fund manager’s sixth bond of the year takes its issuance in 2019 to $123mn.
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The newly listed carrier renewed $470mn of its core reinsurance programme, which includes its catastrophe bond Torrey Pines Re.
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The deterioration pushed the retro fund’s 2018 loss to 46.7 percent for C shares.
