-
The transaction will provide coverage for Aetna’s commercial insured accident and health business. -
The deal includes $65mn of Class B discounted notes which offer an effective coupon of 25%.
-
The notes covering a four-year period were listed on the Bermuda Stock Exchange.
-
The Class A notes on the latest deal are offering 250 bps more compared with a similar placement last March.
-
The insurer secured 22 investors with its first public cat bond offering, having previously done a private deal.
-
The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
-
KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
-
The bond includes two layers protecting against annual aggregate and occurrence losses.
-
The broker said the renewal had been “gruelling” for cedants.
-
The bond is structured with dual annual aggregate and per-occurrence index triggers.
-
The deal has secured $100mn of limit for insurer American Family, rather than pushing out to a $125mn top-end target.
-
The insurer will pay a 13.5% coupon for the US coverage.
