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The bond covers earthquakes and second-event named storms. -
The cat bond is Prologis’s first entry into the cat bond market.
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The final amount has upsized from the previous $100mn target.
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The spread on the deal settled in the middle of a revised, lowered range.
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The US earthquake bond is from a first-time corporate sponsor.
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The Netherlands reinsurer wants protection from windstorm and severe thunderstorm cat risk.
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The bond in four tranches will cover named storm and earthquake risk.
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Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
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The insurer said the European flooding loss did not qualify as a European windstorm for the purpose of the transaction.
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The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.
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The total coverage came in towards the upper end of the target range.
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The aggregate risk deal is a renewal of a one-year 2020 ILS issuance.
