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The Bermudian said its third-party vehicles were “sufficiently capitalised”. -
Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The deal is a large expansion on last year’s cat-bond coverage.
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The Medici cat bond fund experienced the largest growth in AuM.
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The $175mn bond is priced lower than the original range set out in January.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The firm told investors yields in the cat bond market are 'still very attractive'.
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The transformer vehicle issued $209mn worth of cat bond lites in 2023.
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Pricing is now targeted for 30 January, and closing on 6 February.
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Market softening likely to being in 2025 as new capital is tempted in.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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Pricing on Class A notes has reduced for a second time.
