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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July. -
The asset manager cited a strong pricing environment and increased capacity from unlocking trapped capital.
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All 27 funds in the index posted profits in June, with cat bonds marginally outperforming private ILS.
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The $120mn bond, issued in 2021, covers mortality risk in the US, UK, Canada and Australia.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The firm has moved to defend its plans against a rival strategy supported by a small group of investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The carrier has priced the new bond at 10%, the lower end of the most recent pricing guidance released earlier this week.
