Wildfire

American Family had initially sought $150mn of coverage before scaling the bond to $175mn.

The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.

The US peak peril cat bond has upsized to $325mn from an initial target of $200mn.

High Point Re is Selective’s debut cat bond.

All 50 US states and the District of Columbia are covered by the bond.

Hannover Re said it was in discussions with retro partners about buying less in 2024.

The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.

The bond is offered with price guidance in the range 500-575 basis points.

“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.

Asagao VI is fourth largest private cat bond deal this year.

By region, convective storms in the US alone accounted for 60% of global insured losses.

Experts agreed that investment in understanding wildfire risk had come a long way in recent years.