Inigo issues first cat bond

Inigo Ltd. said Monday that it has issued its first catastrophe bond, Montoya Re.

The catastrophe bond, issued April 1, secures $115 million of coverage for three years against earthquake and windstorm risk in the U.S., Canada and Japan, the U.K.-based specialty insurer and reinsurer said in a statement.

The bond was structured by Aon Securities and fronted by Hannover Re.

Adam Alvarez, head of insight at Inigo, said in the statement that the deal locks in part of Indigo’s hedging strategy for three years during a turbulent time in the markets.

Inigo said it had gross written premium of $411 million and added 119 new employees in 2021