ILS
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The merged entity will also look to focus on higher margin lines and invest in InsurTech. -
Pricing dropped to the bottom of the range previously offered to investors.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The deal is set to pay a higher coupon than most other outstanding CEA bonds, but target spreads are 18% below a similar May 2020 transaction.
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The utility did not disclose which insurers would receive payments.
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The insurer will begin ceding risk to Lifson from January 1 next year.
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Books are scheduled to close on Monday, with final pricing being decided on Tuesday.
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Founder Lee Van Slyke has taken over the top job, according to the InsurTech’s website.
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The Samir Shah-led firm is considering raising its own ILS fund to support future securitisations.
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Transaction marks the company’s second mortgage ILS deal of the year.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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The ratings agency expects the residual market to grow as private carriers are under pressure.
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