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The Liberty Mutual bond has priced at the top end of a range of 8.5%-9.25%. -
The B notes priced above guidance and the A notes at the top end of the initial guidance range.
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The bond will provide named storm and quake coverage in the US, Canada and the Caribbean.
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Price guidance on the Class A notes represents a step change compared to a similar deal placed in March.
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The Texas Windstorm Insurance Association’s board has heeded Gallagher Re’s advice to move fast to replace its expiring cat bond.
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The Class B notes priced 150 basis points above the top end of the initial guide range.
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Quota shares, collateralised re, ILWs and event-linked swaps will also form part of the offer.
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The independent Swiss ILS firm has developed the index to help investors compare fund performance.
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The second Sakura Re will use a dual per occurrence and annual aggregate trigger.
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Inigo earlier trimmed the bond’s scope of perils to exclude Japan typhoon and quake.
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The transaction across two tranches is offering higher multiples compared to the 2021 Mona Lisa issuance, with pricing on the aggregate layer almost 80% up despite carrying a lower risk level.
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Investors are in the driving seat and able to ask for improvements such as higher extension spreads.
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