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Governments could encourage cat bond issuance by lowering costs, a policy paper said. -
The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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The state’s insurer of last resort initially sought $200mn of coverage in an issuance at the end of March.
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The pair are seeking $125mn in coverage for named storms across eight US states.
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The carrier has placed $50mn of Class 1 Notes at 2.5% and $150mn Class 2 Notes at 4%.
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The EQC has more than doubled the overall limit on its reinsurance programme since the 2010-11 Christchurch earthquake sequence.
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There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.
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Nationwide Mutual is looking to raise $150mn in $50mn tranches of Class A-1, B-1 and C-1 notes.
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The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty.
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The uplift was helped by the Atropos Catbond fund surpassing $1bn.
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Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).
