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Multiples on the transaction remain much higher than on prior Titania Re bonds. -
This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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The carrier is aiming to raise up to $125mn of retro cover from the transaction.
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The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.
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The bond’s two tranches will provide cover for named storm and quake in the US, District of Columbia, Puerto Rico, the US Virgin Islands and Canada.
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The two top-performing funds in 2022 were interval funds.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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The funds will support the country’s post-Covid recovery, including stimulating catastrophe insurance markets.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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