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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition. -
The sponsor had initially sought $150mn of coverage last month.
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VKB is offering EUR175mn of Class A principle at risk variable notes providing indemnity, per-occurrence coverage for windstorm, hailstorm, flood or earthquake in Germany.
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The European insurer has not issued a cat bond for its own benefit since 2013.
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The pricing for the Class A notes has also adjusted to 1300bps.
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The reinsurer is now targeting EUR150mn-EUR175mn for the cat bond.
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American Family had initially sought $150mn of coverage before scaling the bond to $175mn.
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Pricing settled at 7% across the Class A and Class B notes.
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The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.
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The bond provides protection for North American named storms and earthquakes.
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Fish Bond Re will provide coverage for any named storm in Texas on an indemnity, per-occurrence basis.
