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Richard Pennay will become CEO of Aon Securities. -
The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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The strategy invests in subordinated bonds issued by European insurers.
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The storm made landfall as a major hurricane in Florida’s Big Bend region.
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Only three storms have impacted a larger area than Helene since 1998.
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The cat bond application process will be streamlined to 10 working days.
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The ILS manager expects “minimal, if any, losses” to bonds in its funds.
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Maya Henry will be tasked with raising capital and managing clients in North America.
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The ETF format provides for publication of a daily NAV.
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The deal is offering a multiple of 11.3x on the expected loss.
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The broker replaces Goldman Sachs on the business after the bank ceased offering ILS services.
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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
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