Generali
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The Italian sponsor has $237mn of limit maturing this July. -
The group reported an 89.7% combined ratio for the quarter.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.
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The pair will look to develop parametric products to protect some of the world’s most vulnerable regions.
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The insurer said the European flooding loss did not qualify as a European windstorm for the purpose of the transaction.
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GC Securities’ Cory Anger said using capital freed up from ILS transactions for ESG investing could become a hallmark of future green deals.
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The insurer has also raised a EUR500mn sustainability debt deal this month.
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The Italian cedant’s green cat bond has priced at the low end of revised forecasts.
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The coupon reduced by 50 basis points compared with what was initially marketed to investors.
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It will be the insurance company’s first foray into the cat bond market since 2018.
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The insurer will invest the deal’s collateral in green bonds as well as using its own freed-up capital to allocate to green projects.
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The Italian insurer will target buyers in the agriculture and food sectors, among others, through the parametric partnership.
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The initiative, which has been evaluated by ESG ratings and research provider Sustainalytics, is part of Trieste-based Generali’s sustainability strategy.
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Javier Rivas left the company last month for a new role at the Spanish life insurer.
