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The insurer is seeking occurrence cover on the latest deal after notifying investors of a recent aggregate cat bond claim.
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Investor premiums fell by 2% from the previously projected spread. -
Pricing on the transaction’s two layers had mixed outcomes.
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Pricing on the deal settled at the low end of the insurer’s expectations, having fallen 30% year-on-year from the 2020 hard market.
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The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
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The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
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The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
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The insurer has been able to lower its projected premium by 3%.
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The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
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The Orlando insurer is the second Floridian to make its cat bond debut this year.
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ILS managers said strong appetite for more liquid investments made bondholders want to hang on to their securities in Q1.
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Less than a month ago, the insurer said it would recover $184mn of losses from an earlier Sanders Re deal.
