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The Metrocat cover is heavily weighted towards Battery Park, which forms part of three districts in the cover's area A, alongside Sandy Hook and Rockaway Inlet. -
The reinsurer is seeking $125mn in Class 13 notes and $275mn in Class 14 notes.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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The bond’s price guidance is between 6.00% and 6.75%.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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The bond, which was first announced in October 2022, had an initial target size of $195mn.
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The bond will provide coverage for any named storm in the state of Florida.
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The issuance is split between $100mn-$120mn of Class A notes and $115mn Class B notes.
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Industry loss triggered deals offer a degree of simplicity to investors seeking index-linked exposure.
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The issuance is split between $80mn of Class A notes and $100mn Class B notes.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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The fundraise represents the fourth issuance of the Torrey Pines Re cat bond.
