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The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro. -
The transaction achieved higher multiples on lower expected losses than last year's issuance.
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The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
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Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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The Bermuda reinsurer is exploring cat bond market options as an alternative to its current retro purchasing.
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The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
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Palomar is now looking to raise $200mn for its Torrey Pines cat bond, up from the initial target of $150mn.
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Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.
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The effective rate on the zero-coupon bond has lowered on the series 2023-1 Class A notes and the series 2023-2 Class A notes.
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New York's Metropolitan Transportation Authority (MTA) has secured $100mn of limit to protect against storm surge from named storm events, up by 33% on its initial target of $75mn.
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The deal priced 50 basis points below guidance.
