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The Aaa-rated instruments offer annual guaranteed redemptions and market-value daily liquidity. -
The new higher-rate world brings the threat of some investors staying in a risk-off mentality.
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Tremor’s marketplace technology Panorama has supported placement of reinsurance treaties of $25mn to $750mn.
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The cat bond priced at 9.5%, 22% lower than the midpoint of the initially guided range of 11.75%-12.5%.
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The securitised reinsurance tokens require a minimum investment of $20,000 in the US and $2,500 outside of the US.
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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The listing builds on Hong Kong's pilot scheme for ILS, which has issued grants of up to HK$12mn ($1.5mn).
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The bond, which was renewed in January in its fourth deal, provides the bank with coverage for operational tail risks.
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The Florida carrier had twice dropped its pricing on the deal during the placement process.
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The two firms are partners of SageSure and have a footprint in south-eastern US states.
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The Class B notes upsized by $25mn to $175mn, while the higher-risk Class C zero-coupon notes were not placed.
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The CEA is offering higher multiples compared with past transactions in line with cat bond market conditions.
