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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in. -
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.
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The reinsurer is seeking coverage for named storms across several states, including Alabama, Louisiana, Texas and New York.
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The deal is offered by Blackstone's captive Gryphon Mutual Property and fronted by Hannover Re.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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The ILS fund now comes in at the 26th spot on Trading Risk’s ILS fund manager directory.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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The cat bond market has benefited from hardening rates and more remote structures.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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