Inigo Ltd., the new Lloyd’s insurer, has entered the catastrophe bond market for the first time, less than 18 months after the firm began writing its portfolio of specialty insurance and reinsurance.
Montoya Re, launched on April 1, is a $115 million transaction covering earthquake and windstorm risk in the U.S., Canada and Japan. The risk period will be three years and the coupon is 6.75% above money market fund returns. The bond was structured by Aon Securities and fronted by Hannover Re.
