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The reinsurer is now targeting EUR150mn-EUR175mn for the cat bond. -
American Family had initially sought $150mn of coverage before scaling the bond to $175mn.
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Pricing settled at 7% across the Class A and Class B notes.
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The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.
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The bond provides protection for North American named storms and earthquakes.
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Fish Bond Re will provide coverage for any named storm in Texas on an indemnity, per-occurrence basis.
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The US peak peril cat bond has upsized to $325mn from an initial target of $200mn.
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The authority has placed $1.08bn of limit in the cat bond market across three transactions in 2023.
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The Class A notes sized at EUR110mn and the Class B notes at EUR50mn.
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The pricing on the Class AA and Class D notes has moved to the top end of the initially guided range.
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High Point Re is Selective’s debut cat bond.
