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Research by Kepler Absolute Hedge showed that seven out of the 10 best-performing alt credit funds were cat bond strategies. -
The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The bond is being issued via the Lloyd’s London Bridge 2 PCC Limited structure.
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A new pooling structure allowed the firm to free up historic side pockets and provides a template for future exit options.
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The pricing is up from an initial spread of 6.75%-7.5% and an updated spread of 7.25%-7.5%.
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SafePoint and Cajun had initially sought $150mn of coverage for named storm events in Florida and Louisiana
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The new issuance is offered with pricing guidance at 2.5x the expected loss.
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All 50 US states and the District of Columbia are covered by the bond.
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The bond will provide coverage for windstorms and severe thunderstorms on a per-occurrence basis in Belgium and the Netherlands.
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Steiger is said to be moving to an “entrepreneurial” role after more than six years with the Zurich-based firm.
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The Nature Coast Re offering is the first in a new series from SafePoint.
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Analysis by Lane Financial concluded that ILS returns will likely be double-digit-to-high-teens in 2024.
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