Amlin secures $150mn aggregate cover from cat bond market
Lloyd's (re)insurer Amlin has closed its first cat bond issuance Tramline Re at $150mn, sister publication Trading Risk has reported.
The deal expanded from a $75mn target as the premium rate settled in the lower-mid range of guidance, according to sources.
Amlin will pay investors a premium of 16.75 percent above benchmark Treasury money market rates over the course of the deal, Trading Risk understands.
Aon Benfield Securities is arranging the deal, which will provide Amlin with three years of...
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