Issuing its latest catastrophe bonds has significantly bulked up XL Group’s protection against peak U.S. hurricane events, with the companies probable maximum loss for U.S. wind dropping by 20% to 30%.
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XL Catlin’s trip to the capital markets with twin Galilei Re Ltd. (Series 2016-1) and Galilei Re Ltd. (Series 2017-1) catastrophe bond issues will result in the largest single cat bond of 2016 and a brisk start to 2017 for the ILS market, as the company targets an upsized $1.275 billion of capacity from them.
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XL Catlin companies are returning to the catastrophe bond market seeking $1 billion of capital markets backed reinsurance protection with twin Galilei Re Ltd. (Series 2016-1) and Galilei Re Ltd. (Series 2017-1) issuances.
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