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The decade from 2010 ran the full gamut of catastrophe loss experience, reminding us that there is no such thing as a "new normal" in the world of ILS. -
The cover sought is for named storm and earthquake in the US and Canada.
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Price guidance has moved down 25 basis points to 325-375 bps.
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It is the reinsurance company’s first entry to the cat bond market.
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The deal upsized from an initial $150mn target despite one layer being withdrawn.
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The issuance comes as Axis is set to exit the property reinsurance market.
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The $100mn earthquake issuance failed to attract investor interest.
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It is also Core Specialty’s first entry to the cat bond market.
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The $100mn Southern Fidelity notes were dropped after the insurer suspended new business.
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The Hanover Insurance Group is seeking $100mn of named storm cover in the 13 north-eastern states of the US with its debut Commonwealth Re catastrophe bond, Trading Risk understands.
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The trigger is territory-weighted industry loss, with the application of an inflation factor.
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The issuance is seeking US named storm cover for Core Specialty companies.
