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The guide pricing offers similar multiples to last year’s issuance. -
The claw-back is anticipated after PCS revised down its Ian loss estimate.
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The index posted a positive return in each of the 12 months of last year.
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The client lacked options in the conventional insurance market.
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The bond is currently trading at around 65c in the dollar on the secondary market.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The deal is a large expansion on last year’s cat-bond coverage.
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The Medici cat bond fund experienced the largest growth in AuM.
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The $175mn bond is priced lower than the original range set out in January.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
