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The new fund will be led by Daniel Ineichen and be open to US investors. -
The Eiffel Re cat bond will provide coverage for European windstorms.
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The bond is the second Purple Re cat bond issued by the rapidly growing Floridian carrier.
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The size of the bond has increased from the initial target of $100mn.
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The northeast bond has priced toward the lower end of guidance across its Class A and Class B tranches.
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Cat bond issuance in H1 at around $8.6bn was almost a match for full-year 2022 volumes at $8.9bn, as the market staged a recovery at a pace that surprised many participants after a challenging second half last year.
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The bond was initially launched as a $175mn cat bond, fronted by Hannover Re.
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The target limit on the deal has expanded from $100mn to $100mn-$175mn.
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The private equity house's previous cat bond raised $50mn of parametric coverage.
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The bond will provide coverage in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.
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The European Commission suggested that its review should include looking at the risks for retail investors of access to instruments including cat bonds and other niche alternatives.
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The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.
