MMIFS Re Ltd

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.

After securing its debut catastrophe bond, the $150 million MMIFS Re Ltd. (Series 2025-1) issuance in January, TD Insurance is signalling a long-term commitment to the cat bond market as the company is looking ahead to future issuances as part of a broader reinsurance strategy, according to President and CEO, James Russell.

With TD Insurance (TDI) successfully sponsoring the first catastrophe bond covering only perils in Canada this year, the debut issuance from the organisation could potentially make cat bonds more attractive to other Canadian insurers in the future, according to analysts at Morningstar DBRS.

The successful issuance of its debut catastrophe bond, the C$150 million MMIFS Re Ltd. (Series 2025-1) deal, helps to ensure that sponsor TD Insurance can be there for its customers “when it matters most”, President and CEO James Russell has said.

TD Insurance, part of Canada’s TD Bank group, has now priced its debut MMIFS Re Ltd. (Series 2025-1) catastrophe bond deal, with the notes finalised to pay investors a risk spread at the bottom end of already reduced guidance, Artemis has learned.

TD Insurance, part of Canada’s TD Bank group, is now aiming to reduce the pricing for its debut MMIFS Re Ltd. (Series 2025-1) catastrophe bond deal, with the price guidance having fallen for the issuance that targets C$150 million in reinsurance from the capital markets for the company, Artemis can report.

TD Insurance, part of Canada’s TD Bank group, is seeking C$150 million in reinsurance from the capital markets through its debut MMIFS Re Ltd. (Series 2025-1) catastrophe bond deal, which would be the first natural cat bond to solely cover perils in that country, Artemis has learned.