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The increases follow full recoveries on previous bonds after Ida losses. -
Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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The catastrophe bond is the reinsurer’s debut ILS issuance.
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The state authority has bought more Class A and less Class E cover than it initially targeted.
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The specialty P&C carrier is offering high single-digit rates for the cover.
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The issuance covers US named storm and quake, and European windstorm.
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The second Sanders Re issuance this year takes total cover raised by the insurer to $837.5mn.
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The state body is seeking cover for earthquake risk to replace notes due to expire in June.
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This is the second cat bond lite from Ocorian this year.
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The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.
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The bond will cover US named storm and earthquake, and Europe windstorm.
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The issuance comes as the state organisation faces possible gaps in reinsurance cover.
