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CA Fairplan’s Golden Bear Re deal upsized 200% to $750mn. -
Migdal Insurance placed its debut cat bond Turris Re for $100mn of quake limit.
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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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So far this year, there have been 11 first-time sponsors to place a deal.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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A total $225mn of fresh limit entered the market across two deals.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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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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Deal sizes increased by 84% on average across the six tranches that saw an increase.
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