Liberty Mutual
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It is understood around $1bn of premiums could be ceded to the proposed vehicle. -
Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The bond is targeting $225mn of limit across the Class A and Class B notes.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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Pricing has settled at 12% on Liberty Mutual’s cat bond Mystic Re, the lower edge of updated guidance, as it upsized to $300mn.
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The US mutual cut back its 1.1 reinsurance program, according to sources.
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
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The Liberty Mutual bond has priced at the top end of a range of 8.5%-9.25%.
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The bond will provide named storm and quake coverage in the US, Canada and the Caribbean.
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The target size of the issuance is less than half what the insurer achieved last June.
