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The bond will provide protection against German and Japan quake. -
Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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The deal of the size was unchanged at $100mn.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The bond will provide protection against China, India and Japan quake, and Japan typhoon.
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The subject business covers a portfolio of residential insurance.
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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
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Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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