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The issuance is seeking named storm cover in Florida, Georgia and South Carolina.
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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS. -
The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
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Insurers have paid out $580mn to policyholders already.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
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The company announced net retained catastrophe losses of $462mn.
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European storms have inflicted heavy claims on insurers in recent years.
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The issuance is Vantage Risk’s second in the cat bond market.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
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The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
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The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.
