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It will look to raise between $240mn and $300mn from the bond which was initially marketed at the bottom end of this range.
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The insurer has a previous history of buying earthquake reinsurance cover from the ILS market. -
The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.
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The carrier has shaved 50 basis points off the projected coupon for the ILW bond.
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It is the Blackstone captive’s first foray into the cat bond market.
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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It is the insurance company’s first foray into the cat bond market.
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The cedant initially sought just $500mn from the deal.
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The deal adds to a $300mn bond issued by the insurer late last year.
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The transaction will be conducted through the firm’s Syndicate 1910 at Lloyd’s.
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The deal’s spread settled at 350 basis points, down 12.5% from its initial mid-point target.
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The insurer has grown the deal by more than 50%.
