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The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro. -
The transaction achieved higher multiples on lower expected losses than last year's issuance.
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Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.
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The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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The loss for the month was 60% comprising losses from two wind and hail events.
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Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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The Bermuda reinsurer is exploring cat bond market options as an alternative to its current retro purchasing.
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The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
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Palomar is now looking to raise $200mn for its Torrey Pines cat bond, up from the initial target of $150mn.
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Net proceeds will be used for general corporate purposes, which may include expanding its existing business lines and operations.
