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The cat bond was triggered by Hurricane Harvey and 9/11. -
The carrier's first cat bond featured a new subrogation extension mechanism.
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All four layers are priced at the lower end of the original guidance, as the deal grew from a target size of $275mn.
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Pricing sheets appear to show little impact on aggregate ILS deals.
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The Netherlands-based insurer is seeking EUR75mn from its first ILS transaction.
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Pricing was generally stable but investors are showing more aversion to specific climate-exposed perils, sources noted.
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It had previously sought $100mn.
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The move comes amid limited availability of annual aggregate cover.
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The catastrophe bond offers an increased spread compared to initial guidance.
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The target spread has gone up 4% on the high-risk aggregate deal.
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The catastrophe bond will take the firm’s cover to $250mn.
