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The ILS market’s exposure could grow to $1.5bn by the time a major cyber cat event occurs. -
The fund has nine open contracts it is actively trying to run-off, four years after its failure.
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The fund has a strong focus on cedant quality and transaction structures.
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Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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The Class A notes priced well below the midpoint of initial guidance.
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ILS returned 3.2% for the scheme in the first quarter.
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The final pricing has settled toward the midpoint of the initially guided range of 225-250bps.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
