-
Pricing for both falls at the lower end of the recently updated estimates. -
Pricing settled toward the lower end of guidance.
-
Monthly cat losses were driven by two major events.
-
The bond is trading at 70c-75c in the dollar in the secondary market.
-
The carrier is targeting annual aggregate cover with a PCS index trigger.
-
The increase in limit reflects the carrier’s growing exposure.
-
The issuer is seeking aggregate and per occurrence coverage.
-
The pricing guidance on the Class A notes has moved to 1,025-1,075 basis points.
-
The bond is seeking per occurrence, state-weighted industry loss-based coverage.
-
Aside from the one-year view, 2023 remixes the track record.
-
The manager’s conservative strategy posted returns of 7.61%.
-
The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
