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Tornados in the first six months of the year in the US were slightly above the 27-year average. -
The asset manager cited a strong pricing environment and increased capacity from unlocking trapped capital.
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The $120mn bond, issued in 2021, covers mortality risk in the US, UK, Canada and Australia.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The reinsurer is seeking coverage for named storms across several states, including Alabama, Louisiana, Texas and New York.
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The deal is offered by Blackstone's captive Gryphon Mutual Property and fronted by Hannover Re.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The bond will provide coverage for named storm in Florida and North Carolina.
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The cat bond will cover named storms across several US states including Louisiana, Mississippi, Texas and New York.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
