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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition. -
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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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.
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The bond will provide coverage for named storm in Florida and North Carolina.
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The cat bond will cover named storms across several US states including Louisiana, Mississippi, Texas and New York.
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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.
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The new fund will be led by Daniel Ineichen and be open to US investors.
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The Eiffel Re cat bond will provide coverage for European windstorms.
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The bond is the second Purple Re cat bond issued by the rapidly growing Floridian carrier.
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The size of the bond has increased from the initial target of $100mn.
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The northeast bond has priced toward the lower end of guidance across its Class A and Class B tranches.
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