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Previous European cat bonds issued out of Ireland were done on a one-off basis.
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This is the largest insurance fund the fixed income specialist has raised.
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A number of major carriers have bought new catastrophe covers, but the overall gain is likely to be muted, brokers forecast. -
The fund expanded its distribution efforts in the two main Australasian countries last year.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
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The start-up carrier reduced its price guidance for both tranches of the deal.
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The (re)insurer placed a new $100mn enterprise cover, ahead of the $350mn bond elapsing.
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Rising Covid-related mortgage defaults could impact its Radnor Re deals, after three peers filed similar notices.
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Investment returns rebounded to a 2.7 percent gain for the half-year to 30 April.
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The European earthquake bond will pay investors a 450 basis point spread.
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Cat bond investors received better risk-adjusted rates on new issuances, but lower risk levels meant average spreads fell year on year.
