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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity. -
Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.
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The effective rate on the zero-coupon bond has lowered on the series 2023-1 Class A notes and the series 2023-2 Class A notes.
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New York's Metropolitan Transportation Authority (MTA) has secured $100mn of limit to protect against storm surge from named storm events, up by 33% on its initial target of $75mn.
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The deal priced 50 basis points below guidance.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn.
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The Class A notes priced at 7% below guidance, while the Class B notes priced at the upper edge of guidance.
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The insurer has switched to an occurrence structure for this multi-peril cat bond, having previously raised aggregate cover under the Caelus series of bonds.
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The development comes after New York MTA sought a $75mn cat bond earlier this month.
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The southern insurance operation has already placed $480mn of named-storm cat bond limit this year.
