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The bond, which was first announced in October 2022, had an initial target size of $195mn. -
The bond will provide coverage for any named storm in the state of Florida.
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Industry loss triggered deals offer a degree of simplicity to investors seeking index-linked exposure.
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The fundraise represents the fourth issuance of the Torrey Pines Re cat bond.
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The state’s insurer of last resort initially sought $200mn of coverage in an issuance at the end of March.
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The EQC has more than doubled the overall limit on its reinsurance programme since the 2010-11 Christchurch earthquake sequence.
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There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.
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Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).
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The coverage is for earthquake in California, on an indemnity, annual aggregate basis.
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The guide pricing across two layers of notes has fallen to the lower range of targets.
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The bond is seeking named storm reinsurance coverage across eight US states.
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The transaction originally offered an Exchange Notes option for investors in anticipation of capacity constraints, but this was dropped.
