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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn. -
This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
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The finalised target size is lower than the initial target of NZ$250mn, and pricing guidance has been updated to 8.75%.
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The deal will protect against named storm, quake, severe weather event, fire, volcanic eruption or meteorite impact in Florida.
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The zero-coupon Class C notes upsized by a third while pricing stepped down twice from initial guidance.
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The pricing guidance on the cat bond is 4%-4.5%.
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The final pricing on the bond settled at 17% below the mid-point of initial guidance.
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Industry veteran Michael Wade will join Helios as a director and chairman, and take on a senior advisory post at Mitsui.
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The bond will provide coverage for US named storms and earthquakes.
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The program offers $860mn in reinsurance coverage for natural catastrophes, representing protection up to a one-in-200-year first-event loss.
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The bond was initially launched as a $100mn cat bond via its issuer Mountain Re, at a price guidance of 6.00%-6.75%.
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The pricing on the bond moved to 90%-91% of the original principal amount.
