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The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector. -
The former Bermuda Brokers and JLT Re broker says ILW appetite is expected to remain strong after benefitting from pandemic trading activity.
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The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
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ILS managers said strong appetite for more liquid investments made bondholders want to hang on to their securities in Q1.
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The ILW deal will offer a spread of 1775-1850 basis points (bps), including a wide range of perils and notably high coupon for the ILS market.
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The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
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The spread on the aggregate ILW bond for the first-time sponsor has dropped by 7%.
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Could investors – and ILS managers – be ready for another attempt at developing the retail ILS market?
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The manager says cedant demand is growing for larger transactions.
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State Farm has more than replaced an expiring $300mn cat bond, while Horseshoe’s platform did its second deal for the year.
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Investment bank partner Tom Deane said that reinsurers would remain crucial to the market and that the beginnings of rebuilding were underway that could reverse some current trends.
