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The vehicle brings Bermuda-based PartnerRe’s managed third-party capital to $262mn as of January 2019. -
The Dodeka XX notes were listed on the Bermuda Stock Exchange yesterday.
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The utility expects to source enough cash to finance its ongoing operations.
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The broker said deployable ILS capacity could become more broadly constrained, but equally there were signs capital could increase.
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The bond is the ILS market’s first terrorism cat bond since 2003.
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The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
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Two transactions were issued on the Bermuda Stock Exchange.
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The transaction replaces an expiring $160mn deal issued in 2016.
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Just one of the funds tracked by the ILS Advisers Index reported a positive return for the month.
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The bond has been launched with the same initial price guidance as last year’s issuance.
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The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
