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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
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ILS returns in 2023 sparked a flurry of enquiries from hedge funds.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
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Proceeds from the sale will be used to fund sustainable development projects.
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The multi-peril coverage was due to expire in June 2026.
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The carriers are seeking $130mn of Class C named storm coverage.
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The carrier has priced the Class A tranche at 525 bps.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.