Northshore Re Limited Series 2013-1

The Northshore Re Limited (Series 2013-1) catastrophe bond, which is the first cat bond to be sponsored by Bermuda based global insurance and reinsurance group AXIS Capital Holdings, has now been successfully completed, received its ratings and the notes have been listed in Bermuda.

The first catastrophe bond to be sponsored by AXIS Capital Holdings Limited, the Bermuda based global insurance and reinsurance group, has become the latest to see its pricing drop to the lowest end of an already reduced guidance range. The Northshore Re Limited (Series 2013-1) cat bond will offer investors a coupon of 7.25%.

Yet another catastrophe bond has increased in size, from the preliminary volume it launched with, while at the same time the coupon price guidance has been reduced below the initial guide range. The Northshore Re Limited (Series 2013-1) cat bond is the first to be sponsored by AXIS Capital Holdings Ltd.

Bermuda based provider of global specialty insurance and reinsurance products, AXIS Capital Holdings Ltd., is sponsoring what we believe to be its first catastrophe bond transaction with the launch of the latest deal to hit the market, Northshore Re Limited (Series 2013-1).