Charles River Re Ltd

The recently settled $125 million Charles River Re Ltd. (Series 2024-1) catastrophe bond is a valuable addition to the reinsurance arrangements that support MGU ShoreOne Insurance Managers and carrier American European Insurance Company’s efforts to address the coastal flood risk protection gap, the two firms have said.

We are told that first-time catastrophe bond sponsor American European Insurance Company has now successfully priced the $125 million of Charles River Re Ltd. (Series 2024-1) catastrophe bond notes at roughly 10% below the mid-point of initial spread guidance.

American European Insurance Company is now aiming to reduce the pricing further for its first catastrophe bond deal, with the guidance on the $125 million of Charles River Re Ltd. (Series 2024-1) catastrophe bond notes lowered for a second time.

American European Insurance Company is now seeking up to $125 million in named storm reinsurance protection for a coastal property book that is originated via MGA ShoreOne, through its debut Charles River Re Ltd. (Series 2024-1) catastrophe bond issuance.

This is the debut catastrophe bond for American European Insurance Company, with the company seeking $100 million in named storm reinsurance protection through this Charles River Re Ltd. (Series 2024-1) issuance for a coastal property book that is originated via MGA ShoreOne.