Atmos Re DAC

The €45 million Atmos Re DAC catastrophe bond transaction, which was sponsored by Italian primary insurer UnipolSai Assicurazioni S.p.A.is facing a total loss, as secondary market cat bond pricing sheets have discounted the notes by around 100%.

The securities division of reinsurance broker Willis Re, Willis Towers Watson Securities (WTW Securities), which acted as the lead structuring agent and bookrunner for the recently completed €45 million Atmos Re DAC catastrophe bond transaction, has said that the deal provides its sponsor with innovative earnings protection. As shown by the Artemis Deal Directory, Atmos […]

The Atmos Re DAC catastrophe bond transaction, which is sponsored by Italian primary insurer UnipolSai Assicurazioni S.p.A., has now had its sole €45 million tranche of notes priced at what was the top-end of the initial coupon guidance range.

It looks like the Atmos Re DAC catastrophe bond transaction will now get issued for sponsoring Italian primary insurer UnipolSai Assicurazioni S.p.A., but at half the initial size and at higher pricing, as the riskier layer was pulled from the ILS market due to lack of appetite.

Italian primary insurer UnipolSai Assicurazioni S.p.A. has returned to the catastrophe bond market for its first severe weather linked catastrophe bond, a €90 million Atmos Re DAC transaction that seeks to provide the insurer with reinsurance against a range of atmospheric and weather perils.