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The TWIA board has fired the starting gun on the process to place its reinsurance programme incepting June 2024. -
Pricing has settled at 12% on Liberty Mutual’s cat bond Mystic Re, the lower edge of updated guidance, as it upsized to $300mn.
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The reinsurer is seeking per-occurrence cover on an industry-loss basis as reported by Perils in the US.
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The company last placed a Foundation Re bond in 2011.
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The reinsurer is seeking wind and quake coverage on a per-occurrence, weighted industry insured loss basis.
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The deal will provide per-occurrence, Cresta-weighted industry insured loss cover for European windstorm.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The sponsor had initially sought $150mn of coverage last month.
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VKB is offering EUR175mn of Class A principle at risk variable notes providing indemnity, per-occurrence coverage for windstorm, hailstorm, flood or earthquake in Germany.
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The European insurer has not issued a cat bond for its own benefit since 2013.
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The pricing for the Class A notes has also adjusted to 1300bps.
