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The catastrophe bond will be triggered on a weighted industry loss basis. -
The bond is offered in two tranches providing indemnity cover on a per-occurrence basis.
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Hestia Re covers named storms in Florida on an indemnity, per-occurrence basis. It attaches at $125mn.
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The bond is to cover events in Austria, metro Corsica and France, Italy, Monaco, Slovenia and Switzerland.
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The issuance marks the carrier’s return to the cat bond market after a five-year gap
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The cover will apply to business sourced by MGA SageSure.
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The performance showed ILS delivering on its promise of uncorrelated returns.
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The cat bond cover is for named storms in Florida, with a reset taking in Georgia and South Carolina.
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The Hestia Re bond covers named storms in Florida and was targeting $150mn-$200mn.
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The transaction includes a notably high-risk target layer amongst five tranches.
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The 2020 start-up raised $115mn from the Montoya Re bond.
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The issuance follows on from last year’s $225mn Vista Re offering.
