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The bond is seeking coverage for any named storm or severe thunderstorm in Texas. -
The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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The InsurTech has moved its pricing for the instrument to the top of its initial range.
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The unusual feature was proposed at a time when cat bond market capacity was very constrained.
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The multi-peril bond will cover all 50 US states and the District of Columbia.
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Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.
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The new higher-rate world brings the threat of some investors staying in a risk-off mentality.
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Tremor’s marketplace technology Panorama has supported placement of reinsurance treaties of $25mn to $750mn.
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The cat bond priced at 9.5%, 22% lower than the midpoint of the initially guided range of 11.75%-12.5%.
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The Florida carrier had twice dropped its pricing on the deal during the placement process.
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The two firms are partners of SageSure and have a footprint in south-eastern US states.
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The Class B notes upsized by $25mn to $175mn, while the higher-risk Class C zero-coupon notes were not placed.
