First time in five years four reinsurers have sold debt together
AM Best says reinsurers are issuing corporate bonds at the fastest pace in almost five years to buy back shares, taking on $1.34bn in extra debt with borrowing costs at their lowest since 2004, Bloomberg reports.
Endurance Specialty Holdings became the latest Bermuda-based reinsurer to issue bonds when it sold $85m of notes this week.
Axis Capital Holdings Ltd. and PartnerRe Ltd. each placed $500m of notes, and RenaissanceRe Holdings Ltd. sold $250m on 12 March.
It’s the first time since 2005 that four reinsurers sold debt in a two-week span, according to data compiled by Bloomberg.
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