Queen City Re Ltd

The first catastrophe bond sponsored by American Modern Insurance Group Inc., Queen City Re Ltd. (Series 2013-1), has completed successfully giving it a $75m source of collateralized named storm reinsurance protection backed by capital markets.

Final pricing has been set for American Modern Insurance Group’s first catastrophe bond, Queen City Re Ltd. (Series 2013-1), according to our sources. Pricing declined by 20% during marketing from the mid-point of the initial guidance range.

Pricing expectations for American Modern Insurance Group’s first catastrophe bond, Queen City Re Ltd. (Series 2013-1), have dropped to below the initial price guidance range, as ILS investors again show their demand for new cat bond paper.

Munich Re’s U.S. insurance subsidiary, American Modern Insurance Group Inc., is sponsoring its first catastrophe bond. Queen City Re Ltd. (Series 2013-1) has launched this week to investors and is seeking named storm reinsurance protection for the insurer.