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The consultancy firm also argued that the World Bank should buy more pandemic cover after receiving a payout under its cat bond programme.
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The deal settled at the low end of the revised spread guidance.
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The carrier raised $528mn of limit via its latest Bellemeade Re cat bond, including $78mn of direct reinsurance.
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The firm has narrowed its price guidance range, suggesting a higher multiple. -
The ratings agency placed the bond on credit watch in late March as Covid-19 deaths in the UK began to surge.
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The two-tranche deal will provide US storm and Canadian quake cover.
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Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
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Bond spreads settled at the lower end of the revised guidance.
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The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
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The deal could settle towards the lower end of guidance price, one source said.
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The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
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The deal will provide EUR100mn of reinsurance cover for the Dutch firm.
