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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. -
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.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The state carrier is seeking indemnity, per-occurrence coverage for named storm in Louisiana.
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It is the first issuance of the year by the Bermuda-based transformer vehicle.
