Hurricane
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Sources said the deal was roughly three times over-subscribed as cat becomes hot. -
The carrier closed its Sussex Diversified Fund in October last year.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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Sources are expecting multi-billion new limit to be placed.
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Some $415mn of capacity entered the market last year.
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Estimates were revised from $845mn to $740mn.
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Exposure updates played a greater role than expected.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The vast majority of 2023 recoveries were from events in prior years.
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The vulnerability updates are the biggest driver of loss changes.
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The notes were further marked down after a year-end Ian loss update.
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The bond is trading at 70c-75c in the dollar in the secondary market.
