Catastrophe bonds

The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.

The bond will provide coverage for named storm in Florida and North Carolina.

The cat bond will cover named storms across several US states including Louisiana, Mississippi, Texas and New York.

The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.

The new fund will be led by Daniel Ineichen and be open to US investors.

The Eiffel Re cat bond will provide coverage for European windstorms.

The bond is the second Purple Re cat bond issued by the rapidly growing Floridian carrier.

The size of the bond has increased from the initial target of $100mn.

The northeast bond has priced toward the lower end of guidance across its Class A and Class B tranches.

Cat bond issuance in H1 at around $8.6bn was almost a match for full-year 2022 volumes at $8.9bn, as the market staged a recovery at a pace that surprised many participants after a challenging second half last year.

The bond was initially launched as a $175mn cat bond, fronted by Hannover Re.

The target limit on the deal has expanded from $100mn to $100mn-$175mn.