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The recommended “AIF lite” structure could be suited to cat bond lites. -
Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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A total $225mn of fresh limit entered the market across two deals.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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As with 2024, pricing pressure has been most acute on top layers.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
