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Progressive targets $70mn Bonanza Re multi-peril bond
The single note is offering an effective coupon of 23.5% at the midpoint of guidance.
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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle. -
The vehicle will now cover an E&S program jointly launched with Accredited.
Opinion
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Fresh cat bond limit of $721mn enters market in third week of November
The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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Analysis
Analysis
The shift in multiples is indicative of price softening in the cat bond the past two years.
The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
Carriers are grappling with a rush of investor interest in longer-tail lines.
One William Street priced its debut cat bond 13% below the midpoint of guidance.
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