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The bond is currently trading at around 65c in the dollar on the secondary market. -
The ILS platform ceded around 40% of its total managed premiums of $1.8bn.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The deal is a large expansion on last year’s cat-bond coverage.
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The Medici cat bond fund experienced the largest growth in AuM.
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The $175mn bond is priced lower than the original range set out in January.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The firm told investors yields in the cat bond market are 'still very attractive'.
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The broker platform has managed nearly $100mn of capacity.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
