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Covéa sponsors €90M European windstorm cat bond

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Covéa sponsors €90M European windstorm cat bond

French mutual insurance society SGAM Covéa sponsored a €90 million European windstorm catastrophe bond, Hexagon Reinsurance DAC (Series 2017-1), Artemis.bm reported, citing unnamed sources.

The bond offers four-year coverage to MMA IARD SA, MAAF Assurances SA and GMF Assurances SA, among others, according to the report. The bond will have an indemnity trigger and annual aggregate basis and covers windstorms in France, Andorra and Monaco.

The issue will comprise a €45 million Class A tranche of Series 2017-1 notes covering losses between €110 million and €155 million, with a coupon of between 8.25% and 9%; and a €45 million Class B tranche of Series 2017-1 notes covering losses between €155 million and €200 million, with a coupon of between 6.75% and 7.5%, Artemis.bm reported.

Willis Towers Watson Securities is serving as lead structuring agent & joint book runner. Natixis is acting as co-structuring agent and joint book runner.