The auction platform expects an active renewal season with an additional $1bn of limit committed from traditional treaty and facultative reinsurance programmes.
Cat bonds sponsored by the California Earthquake Authority and the Philippines government both achieved their target size while pricing in the upper range of coupon guidance.
The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.
The reinsurer is considering creating a separate balance sheet that could write risks on behalf of third-party investors, akin to the Vermeer Re vehicle managed by RenaissanceRe.
Loss-hit issuances from Nationwide Mutual, Heritage and USAA all traded close to zero this month, among a recent flurry of activity on the secondary market.