Icat achieves lower premium on Buffalo cat bond

Lloyd's insurer Icat Syndicate 4242 managed to get a 10 percent
discount on the premium for its Buffalo Re cat bond, as investor
demand pushed down pricing on the deal.
The insurer's first cat bond raised $164.5mn of cover
against named storms and earthquakes in the US, on a per-occurrence
indemnity basis, sister publication Trading
Risk reported last week (8 March).
The deal was divided into two reinsurance layers, with Icat
paying an insurance premium of 675 basis points (bps)...