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Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker. -
Amy Stern started her career as vice president of group reinsurance at Zurich Re.
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The deal was offering spread guidance of 525-600 bps with a mid-point multiple of 7.8x.
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The deal is offering a multiplier of 6.6x on the expected loss.
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A degree of pricing volatility was evident in the market this week.
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The bond has priced at the mid-point of guidance.
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The firm is the sole provider to offer index services in the US.
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The cat bond will provide coverage across multiple territories in Europe.
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Pricing on the Class A notes settled 11% below guidance.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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