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Syndicate 2358 may target lines such as cyber or terrorism. -
Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
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The deal took cat bond lite volumes to $139mn in 2020.
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Henry Kingham and Daina Casling have joined the partnership of the Elliott-backed Bermudian ILS manager.
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Counterparties can create and trade digital reinsurance contracts at “very low” costs, the company said.
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The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The Bermudian ILS manager closed some months ago.
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The bond will provide second-event US wind and quake cover.
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RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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It is understood the new syndicate would write following lines via quota shares or consortia.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
