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Renaissance Re issued $857mn new shares for the vehicle last year, as well as $457mn in the January 2019 renewals.
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The insurer declined to comment on how much limit of the EUR1.75bn cover was placed. -
This is more than twice the level that some were projecting in September.
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The reinsurer’s P&C unit fell to an underwriting loss for 2018 after $2bn of catastrophe losses.
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It took a steeper 2018 loss from the ILS platform than in 2017.
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The loss puts Mitsui Sumitomo’s $200mn Akibare Re 2016-1 cat bond around 94 percent of the way to attaching.
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The reinsurer is offering two different multiples with Class A and Class B notes.
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The insurer pinpoints that aggregate transactions and structures exposed to perils with less robust catastrophe models will be most affected.
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The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.
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The target coupon on the deal has moved to the upper end of forecasts.
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Pricing settled at the top end of initial guidance at 590 basis points.
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So far 15,571 claims have been lodged as a result of the catastrophe.
