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The additional aggregate reinsurance protection comes from its Sanders Re II catastrophe bond. -
This is the platform’s first deal to be issued since Rewire Securities, which brokered the previous Eclipse deals, stopped functioning as an independent broker-dealer.
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Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.
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Two tranches of Heritage’s Citrus notes traded at 4.5 cents despite the latest loss reports from the company implying both bonds still have at least 30 percent capacity left.
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The two-tranche issuance will cover named storms and earthquakes in select states in the US.
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Fema’s David Maurstad confirmed there is low take up of the NFIP in the region.
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Earlier this month, Lane Financial speculated that higher Treasury yields would encourage investors to return to the cat bond fold.
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Fema has added a new $300mn catastrophe bond to its reinsurance programme.
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He will be replaced in the role by partners Jarad Madea and Stephen Fromm.
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USAA had cat bonds impacted by the 2017 and 2018 catastrophe events.
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Ebola deaths are at 737 meaning the World Bank’s pandemic cat bond would pay out $28.5mn if the event spreads beyond the DRC.
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The figure includes collateral trapped from catastrophe events in 2017 and 2018, Aon said.
