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Unipol previously tried to issue a new cat bond in May and withdrew due to uncompetitive pricing. -
Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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Pricing has settled at the top end of the reinsurer’s original guidance.
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The new issuances will add to the carrier’s existing $900mn cat bond cover.
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The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
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The bond will provide named storm cover to Hanover Insurance subsidiaries across the Northeast.
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The pricing on the storm and quake cover has shifted down from initial guidance, bucking early Q2 trends.
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Despite capital infusions into the firm, the Florida insurer was unable to stave off receivership.
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The carrier’s below-FHCF layer is 29% unplaced.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
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