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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”. -
The sponsor’s debut cat bond upsized by 25%.
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The bond is the second transaction from the sponsor to target per occurrence coverage.
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The bond will cover named storms in the state of Florida.
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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
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The final pricing is as the top end of the recently updated estimate.
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Initially, the government sought $360mn of coverage.
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ILS returns in 2023 sparked a flurry of enquiries from hedge funds.
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This is up from the recent increase to $1.2bn.
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The cover will be triggered on an indemnity, annual aggregate basis.
