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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November. -
The carrier is seeking wind and quake coverage for Lloyd’s syndicates 623, 2623 and 3623, Beazley E&S Inc. and Beazley Insurance.
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The pricing on the deal has settled below initial guidance at 7.5%.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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The TWIA board has fired the starting gun on the process to place its reinsurance programme incepting June 2024.
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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.
