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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.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The coverage is triggered on an ultimate net loss per-occurrence basis in France.