Inigo Ltd. announced it has issued its third catastrophe bond for $100 million via Montoya Re Ltd. The cat bond will cover North American named storms and earthquakes and will use a PCS industry loss index trigger.
The coupon is 11.5% above money market fund returns, said Inigo, noting the bond will be fronted by Hannover Re and Inigo’s Syndicate 1301 at Lloyd’s will remain the beneficiary of the coverage.
“We are very pleased to return to the catastrophe bond market with our third transaction which will be on risk until the end of March 2027. This issuance will bring our total amount of outstanding cat bond limit to $325 million,” commented Adam Alvarez, head of Insight at Inigo.
“ILS investors have shown continued interest in this asset class and this initiative demonstrates Inigo’s commitment to finding effective ways to match investor appetite with our clients’ risk,” he added.
“Inigo’s rolling programme of multiyear cat bond placements are now a central part of our financial strategy. This strategy provides stable, long-term capital that enables us to provide effective solutions to our clients’ evolving needs.”
Inigo’s previous two catastrophe bonds, launched on April 1, 2022 and Dec. 14, 2022, secured $225 million to cover North American storms and earthquakes with the first issuance also including Japan.
Inigo was founded in 2020, with funding from both blue-chip international investors and the management team, subsequently acquiring its own managing agent (Inigo Managing Agent Ltd.). Inigo underwrites exclusively on Lloyd’s paper through Lloyd’s Syndicate IGO 130.
Source: Inigo Ltd.
Topics Catastrophe