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The reinsurer is seeking annual aggregate cover against earthquakes and second-event named storms. -
The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The deal is split into two tranches compared with the single note issued last year.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
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The manager’s Interval Fund returned 28.25% over the financial year.
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Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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