-
Spreads weighted by volume have increased by 71 basis points year on year. -
Pricing rose to 950 bps, the higher end of guidance.
-
The issuance takes total cat bond lite issuance to $155.3mn
-
The bond provides indemnity-based cover for Japan typhoon and flood.
-
A flurry of selling in the secondary cat bond market is causing “weakness in pricing”, according to a note by Twelve Capital, as sources suggested investors are moving to free up capital for what is expected to be a bumper pre-hurricane season phase.
-
The pricing on Inigo Insurance’s Montoya Re catastrophe bond has settled at 675 basis points (bps), or the top end of guidance, Trading Risk understands.
-
Mitsui Sumitomo Insurance Co and Aioi Nissay Dowa Insurance Co have downsized the Tomoni Re catastrophe bond to $190mn-$245mn over two notes, compared with the initial offering of $240mn over four notes of $60mn each, Trading Risk understands.
-
Inigo’s first cat bond with Syndicate 1301 is pricing above the initial target range.
-
The limit has increased by 5.5% on cover of $1,930mn placed last year.
-
The pricing has settled at the mid-to-top end of guidance across the three tranches.
-
The catastrophe bond is the fourth in the series for reinsured NCIUA
-
The earthquake was 250 times less strong than the 2011 Tohoku disaster.
