Lancashire prints debut subordinated bond

Bermuda, islands, British Overseas Territory, boats, Ocean, LatAm, Atlantic, 575
By Frank Jackman
11 Mar 2021

Lancashire Holdings issued its first subordinated bond this week, a Reg S dollar tier two. There has been a near complete absence of insurance capital trades from the euro and dollar markets so far this year, but bankers are confident that more will follow.

“Insurance paper outperformed in the rally at the end of last year,” said a banker involved in the Lancashire deal. “With this sort of paper so rare, there’s definitely a demand for it, and the lack of supply is continuing to support the sector.”

Apart from Lancashire, only one ...

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