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Cat bond issuance declines in Q2, but still robust

Cat bond issuance declines in Q2, but still robust

New issuance of property/casualty catastrophe bonds totaled $4.86 billion across 23 transactions in the second quarter, off from $5.61 billion in the year-earlier period but still the third-highest second-quarter issuance ever, according to Aon Securities’ quarterly update released Thursday.

The second-quarter record is $6.38 billion issued in 2017. 

Approximately one-third of the new issuance protects against perils in Florida or the Southeast United States, Aon said, “a valuable alternative source for capacity for cedents, especially during difficult 6/1 renewals.”

Among the larger transactions, Everest Re Group’s sponsored Kilimanjaro III Re Ltd. Bermuda vehicle returned to the market with a $250 million single note Class A issuance, seeking cover on an annual aggregate index basis, covering losses from U.S. named storm and earthquake events for a three-year term. The covered areas are all U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and all provinces and territories of Canada.

The quarter’s largest deal was Travelers Cos. Inc.’s $575 million Long Point Re IV Ltd. 2022-1 A covering U.S. tropical storm, earthquake, severe thunderstorm and winter storm across Northeastern U.S. states only for a four-year term on an indemnity trigger and per-occurrence basis.