Tailwind Re Ltd

Validus, one of the AIG reinsurance brands under AIG Re, is the first to complete a 144A catastrophe bond issuance in 2022, starting the year off with a successful $400 million Tailwind Re Ltd. (Series 2022-1) transaction, that renews a capital market backed source of retrocession for the company.

Validus, the Bermuda headquartered reinsurance underwriting arm of AIG, has now secured $400 million of retrocession from its latest catastrophe bond, as the Tailwind Re Ltd. (Series 2022-1) renewal transaction failed to reach the upper-end target, but all four tranches of notes were priced at attractive coupon levels.

The new catastrophe bond issuance being sponsored by Validus, the Bermuda headquartered reinsurance underwriting arm of AIG, looks likely to upsize to at least $400 million in size, perhaps $425 million if the upper-target for the Tailwind Re Ltd. (Series 2022-1) transaction is achieved.

Validus, the Bermuda headquartered reinsurance underwriting arm of AIG, has returned to renew its Tailwind catastrophe bond protection, with a $275 million or larger Tailwind Re Ltd. (Series 2022-1) transaction in the market, through which it is seeking a source of aggregate retrocession.

The Tailwind Re Ltd. (Series 2017-1) catastrophe bond transaction sponsored by Bermudian reinsurance group Validus Holdings is set to be the latest to achieve a significant decrease in its interest spread, as the marketed coupon has now dropped to the bottom of already reduced guidance thanks to strong investor demand.

The first full catastrophe bond issuance sponsored by Bermudian reinsurance group Validus Holdings is set to achieve efficient execution, as the marketed size of the deal has now been increased by 23% to $400 million, while the coupon price guidance has been reduced, falling to below the originally marketed ranges.

Bermudian reinsurance group Validus Holdings is sponsoring its first full catastrophe bond issuance with the launch to the ILS market of a $325 million Tailwind Re Ltd. (Series 2017-1) transaction, as it seeks to add more capital markets backed retrocession to its coverage.