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The carrier’s equivalent bond placed last March secured $550mn of limit. -
The guided pricing on the bond is around 60% higher that the Integrity Re offering of last spring.
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The ILS manager said the cat bond sector could double to become a $70bn market in the next three to five years.
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The insurer reported an underwriting profit for Q4.
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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
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Merrimack Mutual, Cambridge Mutual and Bay State Insurance are seeking to raise $125mn from their debut ILS issuance.
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The insurance conglomerate initially committed $50mn to Elementum funds.
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The reinsurer said it wants to support disaster recovery in a way that reduces environmental harm.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The Chicago-based InsurTech placed its debut cat bond in April 2022 in a private deal.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
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The targeted $275mn of coverage will benefit FEMA’s National Flood Insurance Program.
