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Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011. -
Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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This will be the third cat bond issuance through Baltic Re PCC.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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This year’s coverage will involve $2.94bn of new risk transfer.
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This will be Brit’s first cat bond issuance since its 2020 deal through Sussex Capital.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
