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Report: Munich Re marketing new cat bond

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Report: Munich Re marketing new cat bond

MunichRe is looking to launch a catastrophe bond through Ireland-basedQueen Street XII Re dac to provide retrocessional reinsurance cover from losseslinked to U.S. hurricanes and European windstorms, Artemis reported.

The single-tranche issuance is being sized at $100 millionfor marketing purposes, and is slated to have an attachment probability of 3.53%and an expected loss of 2.71%. The initial spread guidance is between 5.75% and6.25%.

The notes will provide cover on an industry loss andper-occurrence basis. The midpoint of the guidance equates to 2.2x the expectedloss, or just over 2x the 2.9% expected loss in the warm sea-surfacetemperature scenario, according to the May 3 report.

Munich Re is structuring the transaction, with GC Securitiesas the sole book runner and AIR Worldwide as the risk modeler, sources toldArtemis. Munich Re is looking to complete the transaction in just over twoweeks.