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The bond covers European windstorm events across 12 European countries. -
The bond covers named storm, severe thunderstorm and winter storm in the Commonwealth of Massachusetts.
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The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The target limit on the bond was recently expanded by 20% to $150mn.
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Chuck Scherer will report to Jonathan Reiss, chairman of SRS Bermuda.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
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The reinsurer launched the cat bond in late May in a first-time entry to the cat bond market.
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The cat bond will cover earthquakes in California, Utah, Oregon, Nevada and Arizona, as well as areas of Mexico and Pacific offshore locations.
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The state authority is seeking annual, aggregate quake coverage in California.
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The offering involves 144A only principal-at-risk variable rate notes.
