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The first cat bond of 2021 supports brokers’ forecasts of favourable pricing trends for cedants, as pricing has dropped 17% year-on-year. -
The utility did not disclose which insurers would receive payments.
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Spreads on the mortgage credit investor’s bond have also dropped nearly 10% across both tranches.
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The issuance follows roughly $107mn of issuance across five series last year.
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The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
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The new limit amounts to roughly half the Seaside Re bonds placed last year.
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The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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Quarterly report reveals that bond prices went “sideways” in Q4, but market remains hard.
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The spread rose 9% during the course of marketing.
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The first cat bond of the year will cover earthquake risk for the mortgage credit investor.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
