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Additional capacity for upper-layer coverage is driving rate reductions, the broker says. -
The bond is offering investors a spread range of 1,050-1,150 bps.
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The carrier is returning to the cat bond market for the first time since 2020.
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Rich had spent 13 years at the firm where he began his career and oversaw a cat bond and ILS portfolio.
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The Swiss Re veteran left her former employer last year.
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The company increased its full year 2024 adjusted net income guidance.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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Torrey Pines, Atlas Capital and Marlon priced and sized up.
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The fund has been badged with the Fermat name.
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The Class A notes are offering pricing in the range 850-950 basis points.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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The bond provides named US storm coverage and US and Canada quake protection.
