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The bond will provide named storm coverage on a county-weighted industry-loss basis. -
The bond’s pricing for southern US storms landed at the upper bound of guidance.
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The bond is offering investors a midpoint multiple of 5.5x.
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The bond is seeking coverage for any named storm or earthquake event.
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The former Goldman Sachs VP has a background in ILS structuring.
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Cat bond deals placed last week amounted to $150mn of issuance.
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The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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The Swedish fund AP2 invests in Fermat GAM, Elementum and Credit Suisse.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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The Canadian pension plan’s investment rose to 1.2% of its total fund.
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Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker.
