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The World Bank-backed deal is structured with a parametric trigger. -
The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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The coverage will be for named storm and quake.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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The sponsor’s debut cat bond upsized by 25%.
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The bond is the second transaction from the sponsor to target per occurrence coverage.
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The bond will cover named storms in the state of Florida.
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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
