Ariel Re
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The new commingled fund will target investors with $5mn or higher potential investments. -
Cat bond funds continue to draw interest as private ILS more challenged.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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Market sources are speculating on the reasons behind the spread widening on index-based deals.
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The consortium will offer up to $50mn of per-program capacity.
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The reinsurance executive is returning to Ariel Re where she was among the firm's earliest hires in 2005.
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The carrier becomes the first syndicate to use the new London Bridge structure.
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The reinsurer said it wants to support disaster recovery in a way that reduces environmental harm.
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Multiples on the transaction remain much higher than on prior Titania Re bonds.
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The carrier is aiming to raise up to $125mn of retro cover from the transaction.
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The bond’s two tranches will provide cover for named storm and quake in the US, District of Columbia, Puerto Rico, the US Virgin Islands and Canada.
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The pricing guidance on the issuance is a step change compared with 2021’s Titania Re bonds.
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