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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch. -
The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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The carriers are seeking $130mn of Class C named storm coverage.
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The bond is Allied Trust’s debut issuance.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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The cedant’s Namaka Re bond is offering a spread range of 225-250bps.
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The two classes of notes are sponsored by separate insurers.
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The carrier has priced the Class A tranche at 525 bps.
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Severe convective storms were the biggest driver of last year’s losses.
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He will oversee the syndicate’s catastrophe modelling capabilities.
