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A marked-down trade of the $500mn Floodsmart Re 2018-1 cat bond may have been cancelled.
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Axa will pair insurance risk from across the group with the alternative capital capabilities it acquired in the XL acquisition, XL president Greg Hendrick said.
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The transaction priced at 510 basis points (bps) in the middle of the initial coupon range.
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This is believed to be the first ever listing of blockchain notes on a regulated exchange.
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Cresta is an independent body set up in 1977 by the insurance and reinsurance industry to provide a global data standard to the exchange of aggregated insurance information.
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The broker says its platform will offer a lower-cost, anonymous alternative to other sources of hedging.
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The issue would be the ILS market’s first terrorism cat bond since the 2003 Golden Goal transaction.
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The California Earthquake Authority has narrowed the spread for its Ursa Re 2018-1 cat bond to 500-525 basis points after offering an initial range of 490-540 bps. -
Covea put in an all-cash offer of EUR43 ($49.85) per share for the French reinsurer, however the offer was turned down.
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The 2017 cat losses are set to diminish the financial crisis’ historical ILS impact.
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Citrus Re cat bond losses have more than doubled since May amid rising claims from Hurricane Irma, with the total $324mn payout expected to flow to Heritage set to be a new record for the ILS market.
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Covea’s reinsurance buying team say they value the face-to-face relationship with cat bond investors.
