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The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year. -
The insurer will not place the riskier class B notes of the proposed deal.
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The country’s government indicated in March that it was considering sponsoring a catastrophe bond.
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Increased retro costs mean RenaissanceRe will likely be retaining more risk.
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The bond will attach at $2.1bn, sitting alongside previous issuances in the series.
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The insurer has increased its ultimate net loss for the 2017 storm by 7 percent.
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UPC Insurance halved the amount of reinsurance limit it will seek from the open market to $808mn, after opting for more state fund and quota share cover.
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Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.
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Singapore’s ILS grant scheme meets the upfront costs of structuring cat bonds.
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USAA is set to raise $135mn from the deal, which did not specify a target at launch.
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The four-year transaction will provide the carrier with protection against US named storms and earthquakes as well as European windstorms.
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Mt Logan Re's asset base is stable at $1.05bn.
