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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.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
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The bond includes two layers protecting against annual aggregate and occurrence losses.
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The broker said the renewal had been “gruelling” for cedants.
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The bond is structured with dual annual aggregate and per-occurrence index triggers.
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The deal has secured $100mn of limit for insurer American Family, rather than pushing out to a $125mn top-end target.
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The insurer will pay a 13.5% coupon for the US coverage.
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
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The new bond is Sompo’s first to feature US risk and uses a dual annual aggregate and per occurrence trigger.
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The deal’s price at 650 basis points is offering a multiple of 12.5x on the sensitivity case expected loss.
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