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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year. -
The ratings agency first indicated it would consider a new methodology in March.
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The single Class A note is offering an initial spread range of 1,050-1,150 to investors.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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Total yield is down from 11.18% in the last week of October 2024.
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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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Total gains for the year reached 7.71%.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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Competition on price from traditional markets is weighing on bond market momentum.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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The cedant’s current deal is due to mature at the end of January 2026.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The funds will combine credit and ILS holdings.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
