Inigo Insurance, the London headquartered specialty insurance and reinsurance underwriter, has now finalised its latest catastrophe bond, with its recent $115 million Montoya Re Ltd. (Series 2025-1) issuance now priced, which is the primary cat bond from the corporate to feature multiple tranches, one being a recent subsequent event cover.

Inigo Insurance made its return to the catastrophe bond market earlier this month, with an initial goal to secure $100 million of multiple tranche issuance, one among which can provide second and subsequent event protection on a per-occurrence basis.

As we then reported in our first update, the goal size for Inigo’s fourth sponsored cat bond had risen, with the corporate lifting it 15% to secure $115 million of protection.

Now, sources have told us that Inigo has successfully secured its latest catastrophe bond, with the notes pricing below the initial guidance to supply that 15% upsized $115 million of protection to the corporate.

This Montoya Re Ltd. (Series 2025-1) issuance will complement the annual aggregate protection from Inigo’s three previous Montoya Re cat bonds and the primary tranche of this 2025 issuance, which can also be aggregate, means the corporate has broad peak peril retrocessional reinsurance from the capital markets covering an aggregation of frequency events, or two or more events above a certain size.

The Class A tranche of Series 2025-1 notes were originally $80 million in size, which was then lifted to $85 million in the primary update.

The Class A notes will provide annual aggregate protection and can have an initial attachment probability of three.12%, an initial expected lack of 2.75%, and were first offered to investors with price guidance in a variety from 6% to six.75%. That price guidance was lowered to five.75% to six%, and eventually they priced at 5.75%.

The smaller Class B tranche of Series 2025-1 notes were originally $20 million in size, which was then lifted to an upsized $30 million in the primary update,

The tranche of Class B notes will provide per-occurrence based second and subsequent event protection, with an an initial attachment probability of two.67%, an initial expected lack of 1.67%, and were first being offered to investors with price guidance in a variety from 6% to six.75%. That price guidance was lowered to five.75% to six%, and eventually they priced at 5.75%.

Being a second and subsequent event cover, it also appears that this Class B tranche of notes would require a catastrophe industry loss event of above a certain index level to occur, to then be activated to supply coverage for future events.

This can be a strong result for Inigo, as this latest cat bond builds on the corporate’s previous success across the market. It’s also particularly encouraging to see the corporate secure its first multiple tranche issuance.

You’ll be able to read all about this recent Montoya Re Ltd. (Series 2025-1) catastrophe bond, the second from Inigo Insurance, in addition to details on every other cat bond issued in our extensive Artemis Deal Directory.