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The fund follows an earlier climate change-focused ILS initiative from the firm. -
Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.
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The latest Insider ILS Outstanding Contributor for the year said 2011 was an under-appreciated turning point for the market.
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The bond will provide named storm coverage on a county-weighted industry-loss basis.
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The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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The deal was offering spread guidance of 525-600 bps with a mid-point multiple of 7.8x.
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The deal is offering a multiplier of 6.6x on the expected loss.
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A degree of pricing volatility was evident in the market this week.
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The bond has priced at the mid-point of guidance.
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Pricing on the Class A notes settled 11% below guidance.
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The bond is split across Class A and Class B notes that have different levels of risk.
