trending Market Intelligence /marketintelligence/en/news-insights/trending/r4TevoVlVT282rnQfAvLqQ2 content esgSubNav
In This List

Covéa sponsors €90M European windstorm cat bond

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Blog

The Worlds Largest Life Insurers, 2023

Blog

The World's Largest P&C Insurers, 2023

Blog

Essential IR Insights Newsletter Fall - 2023


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.