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The US wind deal by the Nephila fronting partner comes amid a flurry of activity in the cat bond market in recent weeks.
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The move bucks the trend of cedants hiking spreads on their cat bonds to attract sufficient investor capacity this renewal.
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The spread on Achmea’s new European bond has moved to the bottom of the initial range, contrary to a trend seen in the market.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The bond’s spread was increased twice as Avatar looked to secure $65mn of limit in the hard Florida market.
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This would be the reinsurer's fourth cat bond of the year.
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The bond will provide second-event US wind and quake cover. -
Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
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The bond’s spread has settled at the top of the (re)insurer's target range.
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Trading was brought forward this year and more cedants could head to bond market.
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The result fell below the 10-year monthly average of an 0.11 percent gain.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
