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Cat bond deals placed last week amounted to $150mn of issuance. -
The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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The deal was offering spread guidance of 525-600 bps with a mid-point multiple of 7.8x.
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The deal is offering a multiplier of 6.6x on the expected loss.
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A degree of pricing volatility was evident in the market this week.
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The bond has priced at the mid-point of guidance.
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The cat bond will provide coverage across multiple territories in Europe.
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Pricing on the Class A notes settled 11% below guidance.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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Former Teneo M&A head Alexander Schnieders will lead the unit.
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The shift in market dynamics reflects $1.8bn of maturities last week.
