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The pricing guidance on the catastrophe bond is now 10% below initial guidance. -
The new bond issuance attaches just short of $3bn, 35% higher than the $2.2bn on the last such issuance.
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The Chicago-based carrier is targeting $100mn of Florida named storm coverage.
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The Florida state carrier is seeking named storm coverage for its personal lines account.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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The insurer said it received “significant investor interest in building out additional tranches” since launching the market’s first cyber bond in January.
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Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.
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The guided pricing on the bond is around 60% higher that the Integrity Re offering of last spring.
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Merrimack Mutual, Cambridge Mutual and Bay State Insurance are seeking to raise $125mn from their debut ILS issuance.
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The reinsurer said it wants to support disaster recovery in a way that reduces environmental harm.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The Chicago-based InsurTech placed its debut cat bond in April 2022 in a private deal.
