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Covéa completes €90M cat bond issuance

SGAM Covéa completed the placement of €90 million of insurance-linked securities covering French windstorm risk, according to placement and structuring agent Willis Towers Watson Securities.

The Hexagon Reinsurance DAC issuance provides two tranches of €45 million each, covering windstorms over a four-year period. They carry an indemnity trigger on an annual aggregate basis.

The coupon on the issuance was fixed at the lower end of guidance, Artemis reported Dec. 13.

The class A tranche, which covers losses from an attachment point of €110 million to €115 million and is the riskier tranche, was priced with a coupon of 8%. The class B tranche, covering losses from €155 million to €200 million, will carry a coupon of 6.5%.