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Price guidance for the bond is 7.00%-7.75%. -
The vehicle has $2.55bn in capital committed by institutional investors.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The fund returned 15.69% in calendar year 2024.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
