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The deal is split into two tranches compared with the single note issued last year. -
Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
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The manager’s Interval Fund returned 28.25% over the financial year.
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Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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The broker anticipates strengthening investor demand for collateralised re.
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Over-subscriptions have been evident on well-priced US cat treaties.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
