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The $75mn cat bond is expected to close in late November. -
The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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The bond will provide cover for windstorm, hailstorm, flood and quake.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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The first-time cat bond sponsor is seeking multi-year coverage across two tranches of notes.
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The bond’s Class A notes are priced at 8.5%, while the Class B notes are priced at 16.5%.
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Pricing on the bond has settled at the lower end of initial guidance.
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De Klerk spent a decade at Artex Risk Solutions, where he created special purpose insurers and closed cat bonds.
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The bond is offered with price guidance in the range 500-575 basis points.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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The bond will provide coverage for weather events in all 50 US states and the District of Columbia.
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The pricing guidance on the Class B notes increased by 8% to 1,650 basis points.
