Sure and Elevate return with $75mn Class C zero-coupon cat bond

11 May 2023

SureChoice Underwriters Reciprocal Exchange (Sure) and Elevate Reciprocal Exchange (Elevate) have returned to the cat bond market with a 2023-2 Class C deal targeting $75mn of named storm coverage in Alabama, Louisiana, Mississippi, North Carolina, South Carolina and Texas, this publication understands.

This is a zero-coupon deal, with pricing guided at 89%-90% of the principal amount, giving an effective coupon of 12%.

The

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