MMIFS Re Ltd Series 2026-1

TD Insurance’s successful sponsorship of its second 144A catastrophe bond, the C$115 million MMIFS Re Ltd. (Series 2026-1) issuance, will help the company tackle the rising costs of natural disaster events and provide competitive pricing to its clients, James Russell, President and CEO, Senior Executive Vice President, TD Insurance has said.

TD Insurance has now successfully secured a slightly less than targeted C$115 million of annual aggregate reinsurance from the catastrophe bond market through its second sponsorship, while the notes to be issued under the MMIFS Re Ltd. (Series 2026-1) offering will pay investors a spread roughly 29% above the mid-point of initial guidance.

In what has been a bit of a rarity in the catastrophe bond market throughout recent months, the price guidance for Canadian insurer TD Insurance’s new MMIFS Re Ltd. (Series 2026-1) deal has been raised, with the insurer seeming prepared to pay a higher spread than the initial guidance had indicated.

TD Insurance, part of Canada’s TD Bank group, has returned to the catastrophe bond market for its second sponsorship, seeking C$125 million in aggregate reinsurance from the capital markets to cover a broader range of perils than its first cat bond, through a MMIFS Re Ltd. (Series 2026-1) deal, Artemis has learned.