AmTrust subsidiary Technology Insurance Company is looking to raise $100mn through a new Solis Re cat bond.
The bond will provide coverage for any named storm event in the US states of Connecticut, Delaware, Maine, Massachusetts, New York, New Jersey, New Hampshire, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia and the District of Columbia.
The trigger is on an indemnity, per-occurrence basis, with a risk period lasting three years from July 2025.
The initial risk interest spread is 3.5%-4% per annum.
The initial modelled expected loss is a base of 0.68% and a sensitivity of 0.71%.
AIR Worldwide Corporation is the modelling firm.
The joint structuring agents and bookrunners are Howden Capital Markets & Advisory and Swiss Re Capital Markets.