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The shift in market dynamics reflects $1.8bn of maturities last week. -
Sub-1% management fee and performance fee-only structures have evolved in ILS.
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The bond is split across Class A and Class B notes that have different levels of risk.
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Totara Re, placed last year, provides part of the reinsurance protection.
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The cat bond market was very active in April as spreads began to widen.
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The Icosa Cat Bond Strategy now stands at $130mn in AuM.
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Tanja Wrosch joins Twelve after more than a decade at Credit Suisse ILS.
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Market sources are speculating on the reasons behind the spread widening on index-based deals.
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The Abu Dhabi investor is exploring options for fresh investments in (re)insurance and ILS.
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The regulation now allows pension funds a more flexible benchmark for measuring alternatives.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker says.
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The bond is offering investors a spread range of 1,050-1,150 bps.
