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The coverage is for earthquake in California, on an indemnity, annual aggregate basis. -
The guide pricing across two layers of notes has fallen to the lower range of targets.
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The bond is seeking named storm reinsurance coverage across eight US states.
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The transaction originally offered an Exchange Notes option for investors in anticipation of capacity constraints, but this was dropped.
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The new pricing gives a 7.8x multiple of the bond’s 1.57% modelled expected loss.
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The bond is seeking coverage for any named storm or severe thunderstorm in Texas.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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The InsurTech has moved its pricing for the instrument to the top of its initial range.
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The unusual feature was proposed at a time when cat bond market capacity was very constrained.
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The multi-peril bond will cover all 50 US states and the District of Columbia.
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Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.
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The Japanese mutual has reduced its cat bond coverage since a high point in 2021.
