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Anyone scanning the news stories we have covered in the past week might get a sense of déjà vu.
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The reinsurer’s P&C unit fell to an underwriting loss for 2018 after $2bn of catastrophe losses. -
The insurer’s Q4 cat losses take yearly total to EUR1.29bn.
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The reinsurer is offering two different multiples with Class A and Class B notes.
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This was up from the $623mn figure reported in its Q2 2018 results.
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The insurer also announced the appointment of Jean-Paul Conoscente as global P&C boss as Victor Peignet retires.
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The firm said its maximum no-loss return was 30 percent, up from 23 percent in 2018.
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The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.
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Florida Specialty, which has ceded 100 percent of its risk to Sirus America Insurance Company, was among those affirmed.
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The target coupon on the deal has moved to the upper end of forecasts.
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The legislation has been designed to help protect the state against the costs of natural disasters.
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The insurer also dropped attachment points on its covers after cutting back its gross limits.
