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The firm told investors yields in the cat bond market are 'still very attractive'. -
The transformer vehicle issued $209mn worth of cat bond lites in 2023.
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Pricing is now targeted for 30 January, and closing on 6 February.
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Market softening likely to being in 2025 as new capital is tempted in.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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Pricing on Class A notes has reduced for a second time.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The health insurer now expects to secure the lowest-risk tranche of its health bond for under a 3% spread.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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Allstate has expanded the size of the bond twice, now reaching $400mn.
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In total nearly $139mn worth of bonds have been extended.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
