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Juniper Re Bermuda received preliminary approval from the BMA last month.
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Tremors were felt as far north as capital city Taipei.
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ILS returns in 2023 sparked a flurry of enquiries from hedge funds.
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The partnership seeks to serve corporates with captives, Lloyd’s syndicates and ILS funds.
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This is up from the recent increase to $1.2bn.
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The estimate is up from A$1.4bn, published by Perils in February.
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The announcement confirms earlier reports from this publication.
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Fee income was up by 30% year-over-year to $136mn in 2023.
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The cover will be triggered on an indemnity, annual aggregate basis.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
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Proceeds from the sale will be used to fund sustainable development projects.