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The issuance was the fourth for the Marsh platform this year. -
The sponsor’s past two bonds were both upsized from initial guidance.
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The offering is the latest in a developing wildfire reinsurance marketplace.
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Aon emerged as the structuring agent for the first Hong Kong based ILS issuance.
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While the cat bond market has avoided losses this year, any move to sell up cat bonds could act as a counterweight on spreads in the run-up to January renewals.
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The ILS transaction was the reinsurer’s second after Panda Re.
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The Chinese state has given domestic insurers the green light to transact “disaster bonds”.
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Pricing on the Japan earthquake deal settled toward the higher end of guidance.
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The Durant Re IC deal was the first humanitarian cat bond in the history of the ILS market.
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It would be the Japanese mutual’s largest ILS transaction to date.
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One of the ongoing trends within the ILS market over past years has been an increasing demand from existing investors to look for something different within their portfolio.
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The sharpest decline was with the Catahoula Re 2020-1 Class A deal issued by Louisiana Citizens on which bids dropped 60.3c from 100.3c to 40c.
