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Year to date returns have reached 3.08%. -
The reinsurer is looking to raise in excess of $250mn from class A notes and a yet-undisclosed amount of class B notes.
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The carrier shifted retentions up and made use of multi-year contracts.
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The insurer has lowered the target pricing on the new deal as cat bond demand proves robust.
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The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
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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.
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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%.
