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The Class A notes sized at EUR110mn and the Class B notes at EUR50mn. -
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The pricing on the Class AA and Class D notes has moved to the top end of the initially guided range.
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High Point Re is Selective’s debut cat bond.
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Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
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The amount offered in Class A and B notes has also expanded slightly.
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The $75mn Long Walk Re deal secured broad market support from ILS investors.
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Research by Kepler Absolute Hedge showed that seven out of the 10 best-performing alt credit funds were cat bond strategies.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The bond is being issued via the Lloyd’s London Bridge 2 PCC Limited structure.
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The pricing is up from an initial spread of 6.75%-7.5% and an updated spread of 7.25%-7.5%.
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SafePoint and Cajun had initially sought $150mn of coverage for named storm events in Florida and Louisiana
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The new issuance is offered with pricing guidance at 2.5x the expected loss.
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All 50 US states and the District of Columbia are covered by the bond.
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The Nature Coast Re offering is the first in a new series from SafePoint.
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The three-year instrument provides cover for US named storms and earthquakes and European windstorms.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The Bermuda-based transformer vehicle has issued $109.9mn in 2023 so far..
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The global carrier has expanded its target limit to $250mn-$275mn.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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The bond will provide cover for windstorm, hailstorm, flood and quake.
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The first-time cat bond sponsor is seeking multi-year coverage across two tranches of notes.
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The bond’s Class A notes are priced at 8.5%, while the Class B notes are priced at 16.5%.
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