Inigo issues third cat bond
Inigo has issued its third catastrophe bond for $100 million via Bermuda-based Montoya Re.
The London-based underwriter said the cat bond will cover North American named storms and earthquakes, using a PCS industry loss index trigger.
Inigo said the coupon is 11.5% above money market fund returns. It will be fronted by Hannover Re and Inigo’s Syndicate 1301 at Lloyd’s will remain the beneficiary of the coverage.
Adam Alvarez, head of insight at Inigo said: “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. 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.
“Inigo’s rolling programme of multi-year 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 in 2022, secured $225 million to cover North American storms and earthquakes. The first issuance included Japan.
