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Monthly cat losses were driven by two major events. -
The bond is trading at 70c-75c in the dollar in the secondary market.
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The carrier is targeting annual aggregate cover with a PCS index trigger.
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The increase in limit reflects the carrier’s growing exposure.
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The issuer is seeking aggregate and per occurrence coverage.
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The pricing guidance on the Class A notes has moved to 1,025-1,075 basis points.
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The bond is seeking per occurrence, state-weighted industry loss-based coverage.
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Aside from the one-year view, 2023 remixes the track record.
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The manager’s conservative strategy posted returns of 7.61%.
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The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
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The guide pricing offers similar multiples to last year’s issuance.
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The claw-back is anticipated after PCS revised down its Ian loss estimate.
