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This comes after the firm’s distribution partner GAM has had a challenging few years. -
ILS managers expect the losses to have some impact on future cat bond spreads.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
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The reinsurer is seeking annual aggregate cover against earthquakes and second-event named storms.
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The sponsor has expanded its target deal size compared with a year ago.
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The first cat bond deal from the carrier achieved its target size of C$150mn.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
