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Pricing on the bond has settled at the lower end of initial guidance. -
De Klerk spent a decade at Artex Risk Solutions, where he created special purpose insurers and closed cat bonds.
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The bond is offered with price guidance in the range 500-575 basis points.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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The bond will provide coverage for weather events in all 50 US states and the District of Columbia.
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The pricing guidance on the Class B notes increased by 8% to 1,650 basis points.
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The ceding insurer is targeting EUR100mn of Class A reinsurance coverage for windstorm and hail and EUR50mn of Class B cover for windstorm.
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ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.
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The cat bond will provide coverage for North American named storm events and earthquakes as well as European windstorms.
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The fund’s allocation to ILS decreased for the first time in three years.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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TWIA has raised its net operating expenses to $40.2mn.
