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Asagao VI is fourth largest private cat bond deal this year. -
The cat bond will provide indemnity coverage on a per occurrence basis.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Investors will have to wait for official Verisk data before knowing if the bond will trigger.
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The carrier is looking to raise $50mn in zero-coupon Class 2 notes, $100mn of Class 3 notes and $150mn of Class 5 notes.
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The scope of perils covered by new issuance will expand to include flooding and drought.
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The deal includes varying attachment levels for Florida and Louisiana.
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The manager has made four appointments including two internal promotions.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
