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The transaction covered a portfolio of $250mn in casualty risk premiums. -
Investors will have to wait an additional three years for collateral to be returned.
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Swiss Re Capital Markets said there was a ‘strong chance’ of a record-breaking year in size and number of new bonds.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The US pension fund heard pitches from four ILS manager finalists at its board meeting in May in a selection process following a request for proposals issued last October.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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A total of 10 events caused more than $1bn in losses each.
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
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The APRA intends to review reinsurance settings in the Australian prudential framework over the course of 2023 and the first half of 2024.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The carrier’s Florida reinsurance tower’s top layers comprise a total of $450mn in Class A Sanders Re cat bond coverage.
