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The bond provides coverage for North American storms and earthquakes, as well as European windstorms. -
The pricing is at the top end of the initial guidance range of 550-600bps.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.
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Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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This will be the third cat bond issuance through Baltic Re PCC.
