Convex’s first cat bond raises $300m
Convex Group's first catastrophe bond secured $300 million of reinsurance coverage.
The insurer and reinsurer, which was founded by industry veteran Stephen Catlin last year, sponsored the transaction through the Bermudian special purpose insurer Hypatia Ltd, the risk transfer website Artemis.bm reported.
The bond was originally launched as a $150 million issuance, but market appetite was such that Convex was able to double that.
Artemis reported that the bond will provide Convex with retrocessional reinsurance protection for its North American and Canadian books of business over a period of nearly three years.
The notes will be exposed to losses from US named storms, as well as both US and Canadian earthquake risks.