Inigo Insurance has now priced and finalised the details of its largest catastrophe bond yet, securing the targeted $255 million of multi-peril reinsurance protection from the issuance, Artemis has learned.Inigo, the London headquartered specialty insurance and reinsurance underwriter, returned to the catastrophe bond market in November, with a transaction that from the start was destined to become the largest 144A cat bond it has sponsored at $255 million in size, while also bringing a new peril to its program of deals, in Australian earthquake risk.Inigo continues to strategically layer catastrophe bonds within its protection tower, layering additional multi-year retrocessional reinsurance from the capital markets with this new deal and expanding the range of catastrophe perils covered.At this time, Inigo has $325 million of collateralized retrocessional reinsurance from the capital markets through its .

With a $110 million cat bond scheduled to mature in April 2026, this new cat bond will expand Inigo’s cat bond protection to $470 million after that maturity, it is now understood.With this new Montoya Re 2025-2 catastrophe bond priced, we can confirm it will provide Inigo with $255 million of retrocessional reinsurance coverage for the peak perils of U.S.named storms, U.S.

and Canada earthquakes and Australian earthquake risks, all on an industry loss trigger basis.During the offering phase the price guidance was adjusted for all three of the tranches of Series 2025-2 notes that Montoya Re offered to investors.The way the notes priced showed that investors still have minimum requirements for certain types of structure in the cat bond market, while also reflecting the fact that Inigo’s price ambitions for its new cat bond were perhaps closer to the reality of the current market environment than some other recent offerings.

The $175 million tranche of Class A notes will provide Inigo with annual aggregate protection on an industry loss trigger basis for U.S.named storms and U.S.and Canada earthquakes and have an initial expected loss of 2.26%.

These notes were first offered to investors with price guidance in a range from 4.75% to 5.5%, which was later revised to 5.25% and that is where these aggregate notes have been priced, so slightly above the mid-point of the initial range.The $50 million tranche of Class B notes will provide annual aggregate protection on an industry loss trigger basis for U.S.named storms, U.S.

and Canada earthquakes and Australian earthquakes, and have an initial expected loss of 7.19%.These notes were first offered to investors with price guidance in a range from 12.75% to 13.5%, which was first lowered to a range of 12.25% to 12.75% and have now priced to pay investors a spread of 12.5%, so below the initial guidance but within the updated range.The $30 million tranche of Class C notes will provide second and subsequent event cover on an occurrence and industry loss trigger basis for U.S.

named storms and U.S.and Canada earthquakes and have an initial expected loss of 2.38%.These notes were first offered to investors with price guidance in a range from 5.75% to 6.75%, which was revised to the low-end at 5.75% and have now been priced at that level, we are told.

So, Inigo has now secured its largest catastrophe bond yet and will benefit from broad catastrophe retro reinsurance cover at attractive pricing, with even the aggregate layer coming in at an attractive multiple-at-market despite pricing above the initial mid-point.You can read all about this new catastrophe bond, the second from Inigo Insurance, as wel as details on every other cat bond issued in our extensive Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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