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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter. -
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.
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The bond will offer stepped payouts of 30-100% depending on the scale of an event.
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Structuring agent Swiss Re Capital Markets said clean structure and transparency on exposure growth drove “impressive result”.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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Kin has ceded 97% of its $175mn expected gross loss and loss adjustment expenses from hurricanes Ian and Nicole to reinsurers, the carrier has said.
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