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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn. -
The Class A notes priced at 7% below guidance, while the Class B notes priced at the upper edge of guidance.
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The insurer has switched to an occurrence structure for this multi-peril cat bond, having previously raised aggregate cover under the Caelus series of bonds.
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The development comes after New York MTA sought a $75mn cat bond earlier this month.
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The southern insurance operation has already placed $480mn of named-storm cat bond limit this year.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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It is the first issuance of the year by the Bermuda-based transformer vehicle.
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The reinsurer is looking to raise in excess of $250mn from class A notes and a yet-undisclosed amount of class B notes.
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The insurer has lowered the target pricing on the new deal as cat bond demand proves robust.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
