AXIS CAPITAL’S NORTHSHORE RE CAT BOND LIKELY TO UPSIZE TO $200M

The Northshore Re II Ltd (Series 2018-1) catastrophe bond sponsored by Bermudian re/insurer Axis Capital Holdings is expected to upsize to $200m from the originally marketed size of $150m, Artemis.bm has reported. The offering, Axis’ third Northshore Re deal, will provide collateralised reinsurance and retrocessional cover against losses from named storms in the US (including Puerto Rico), US and Canadian earthquakes and European windstorms over four years. The coupon offered to investors for the single tranche of Class A notes is expected to settle at or below the bottom of the initial guidance range.