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Travelers' cat bond may upsize to $500M

Travelers Cos. Inc.'s Long Point Re III Ltd. (series 2018-1) deal has raised its targeted size to $500 million from $300 million, Artemis reported.

The coupon guidance has now declined to a range of 2.75% to 3% from the previous range of 3% to 3.5%. The deal would provide protection against certain losses caused by tropical cyclones, earthquakes, severe thunderstorms and winter storms across the northeastern U.S., according to the report.