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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. -
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.
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Governments could encourage cat bond issuance by lowering costs, a policy paper said.
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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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