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The bond will provide coverage against named storm or severe thunderstorm over three years. -
Torrey Pines Re is split among three tranches of notes.
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The issuance is split across three tranches with varying degrees of risk.
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The prediction comes after a highly active hurricane season in 2024.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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The cat bond will initially cover named storms in Florida and South Carolina.
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Market participants expect pricing will be flat to down through Q2.
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The bond will provide protection against Louisiana named storm.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The asset manager has hired Rom Aviv as head of ILS.
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Markets have taken a battering across the globe following the “Liberation Day” announcement.
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The reinsurer said the probe concerns the alleged involvement of its former chairman.
