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An imbalance of capital supply and demand led to strong increases to spreads at issuance for index-linked and indemnity bonds. -
The pricing guidance on the issuance is a step change compared with 2021’s Titania Re bonds.
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Pricing on the health reinsurance cat bond issuance has been guided higher this year compared with last, in line with market dynamics.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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This year’s Vitality Re issuance has priced higher compared with the equivalent issuance of 2022.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The association has also set its 1-in-100 PML at $4.45bn for the year.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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The sidecar has been taking on more cyber risks in recent years, sources said.
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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
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The ILS analysts pegged expected returns for the year at 7.40%.
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Their view that “investors have never had it so good” speaks of a market in an upbeat mood as of January.
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