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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023. -
PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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This will be the third time this year the California Earthquake Authority has issued its Ursa Re cat bond.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The Bermuda-based transformer vehicle has issued $109.9mn in 2023 so far..
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The global carrier has expanded its target limit to $250mn-$275mn.
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The $75mn cat bond is expected to close in late November.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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The bond will provide cover for windstorm, hailstorm, flood and quake.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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The first-time cat bond sponsor is seeking multi-year coverage across two tranches of notes.
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The bond’s Class A notes are priced at 8.5%, while the Class B notes are priced at 16.5%.
