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The transition reflects ongoing growth at Swiss Re’s ILS platform, the firm said. -
The fund limits positions in aggregate structures exposed to secondary perils.
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Cat bond market growth has exceeded broker-dealers' 2025 forecasts by some distance.
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The Italian asset manager also plans to relaunch its multi-strategy ILS fund.
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CA Fairplan’s Golden Bear Re deal upsized 200% to $750mn.
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The industry has continued to build and innovate through a third strong year of performance.
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The note is paying a spread of 975bps, 11.3% below the midpoint of the initial guidance range.
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The total yield is down 162bps from 10.31% in the last week of November 2024.
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Migdal Insurance placed its debut cat bond Turris Re for $100mn of quake limit.
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There are various routes for ILS managers wanting to access the diversity of Lloyd’s underwriting.
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The European ETF launch has benefited from the performance of the Brookmont US cat bond ETF.
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The sponsor is offering two notes but will only place one depending on market interest.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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One fund tracked by the index had a negative month.
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The fund held $10mn in AuM, with $3mn the minimum investment required.
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Demand for top layer coverage may also need to be supported by underlying market growth.
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New catastrophe reinsurance Syndicate 2359 has an approved stamp capacity of £100mn.
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The single note is offering an effective coupon of 23.5% at the midpoint of guidance.
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The firm anticipates potential growth in cyber cat ILS similar to property cat ILS post-2005.
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Assets under management in UCITS cat bond funds stood at $17.8bn as of 7 November, according to data from Plenum Investments.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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The two funds feed into the $892.5mn Schroder IF Flexible Cat Bond Fund.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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Japanese firm MS&AD acquired 80% of ILS manager Leadenhall Capital Partners in 2019 from another affiliate.
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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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Growth included a $240mn increase in partner capital in DaVinci equity plus debt.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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On a nine month basis, fee income was up nearly 30% to $146mn.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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The single Class A note is offering an initial spread range of 1,050-1,150 to investors.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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Hole will spearhead the launch of the underwriting and analytics platform.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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As the P&C market shifts, carriers are looking for growth from acquisitions.
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The ILS start-up was founded in January by Hanni Ali and Peter Dunlop.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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The firm said this was due to planned returns of capital to ongoing investors.
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Total yield is down from 11.18% in the last week of October 2024.
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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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Total gains for the year reached 7.71%.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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Operating revenues were also up on the $29.1mn reported over Q2.
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O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
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Third-party investors made a net income of $415mn in the quarter.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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The legacy cover will backstop policies written by its North American insurance business.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The allocation is around 3% of the fund’s total assets.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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The facility will initially focus on US, Bermudian and European business.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.
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The resource was developed by leading ILS managers and investors.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Victory Pioneer Cat Bond Fund also added assets in the past month.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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This is the latest in a string of appointments made by the firm’s ILS unit.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Brian Hickey joins the firm from PE specialist AE Industrial Partners.
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The reinsurer returned $216.7mn to investors in Q2.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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He had spent 10 years at Securis, with seven of them as COO.
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The fund was renamed from the Pioneer Cat Bond Fund.
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