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But cat bonds are experiencing negative secondary market price movement. -
Tower Hill secured $400mn of Winston Re limit in 2024.
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The sponsor secured $100mn limit last year, paying a multiple of 8.3x.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
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The deal priced below guidance for the Class A and Class B tranches.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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The Integrity Re bond is structured into five tranches.
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The deal has upsized by around 64% compared with the initial target.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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The reinsurer added two new tranches to its 2025 issuance.
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Peril- and geography-specific deals are being well received by investors.
