Buffalo Re Ltd. (Series 2017-1)

Artemis recently spoke with Megan McConnell, Active Underwriter at Lloyd’s of London ICAT Syndicates 4242 and 6123, following the successful issuance of its first 144A catastrophe bond, Buffalo Re Ltd. (Series 2017-1).

The recent successful issuance of the $164.5 million Buffalo Re Ltd. (Series 2017-1) catastrophe bond has been hailed by the sponsor, Lloyd’s of London ICAT Syndicate 4242, as “seamlessly” fitting within its overall reinsurance strategy.

The first catastrophe bond sponsored by Lloyd’s of London ICAT Syndicate 4242, Buffalo Re Ltd. (Series 2017-1), has now been priced and the spreads settled at the bottom end of the lowered guidance, once again reflecting demand for cat bond investments at this juncture.

ICAT Syndicate 4242 first catastrophe bond, Buffalo Re Ltd. (Series 2017-1), appears to have been well-received by insurance-linked securities (ILS) investors, helping the transaction to increase in size to $164.5 million while marketing, as price guidance dropped at the same time.

A new catastrophe bond has been launched for a Lloyd’s of London syndicate, with a $125 million Buffalo Re Ltd. (Series 2017-1) deal being marketed on behalf of sponsor ICAT Syndicate 4242, as it seeks to tap the capital markets for reinsurance capacity.