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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. -
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.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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Twia placed a $2.92bn reinsurance program with broker Gallagher Re, with a retention of $2.97bn.
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The pricing guidance has also been updated to 8.75% from an initial range of 8%-8.75%.
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The carrier is now seeking $100mn-$125mn as price guidance shifts to 6.75%.
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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.
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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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