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The outlook flags “large uncertainties” amid possible El Niño through summer 2026. -
The note is paying a spread of 975bps, 11.3% below the midpoint of the initial guidance range.
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Man AHL Cat Bond Strategy has $1bn in assets, around 2% of Man AHL Partners’ total of $54bn.
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The TPA approach to investing was adopted by US pension fund Calpers last month.
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The offering is born out of software Ledger developed to manage its own portfolio since 2021.
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Global insurance premiums reached an all-time high of $15.3bn by year end 2024.
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The firm will support administration of casualty ILS and other data-rich transactions.
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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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Oaktree will fund the syndicate and act as investment manager for its assets.
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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 firm’s external AuM has grown by 175% from 2019 to $3.3bn in 2025.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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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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An “extraordinary” proportion of storms reached Category 5 status this year.
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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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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal.
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Demand for top layer coverage may also need to be supported by underlying market growth.
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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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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle.
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The venture will launch in early 2026 and include captives, ART, cyber ILS and specialty (re)insurance elements.
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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 cat bond market is on course for $56bn of notional outstanding by the end of this year.
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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 peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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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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Carriers are grappling with a rush of investor interest in longer-tail lines.
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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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Mt Logan’s Q3 loss ratio improved by 44.2 points to 11.5% for the quarter.
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The ratings agency first indicated it would consider a new methodology in March.
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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 shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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The carrier attributed the results to a significant fall in major-loss expenditure.
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The (re)insurer has a higher-than-average Jamaican market share.
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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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The hedge fund had significant investment aims for the London market.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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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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Pre-tax income at the vehicle was $30mn in the first nine months of 2025.
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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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Cassis joins from Swiss Re, where she was a senior ILS structurer since February 2022.
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Brant Loucks is one of four promotions across the Capital Partnerships and reinsurance units.
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Total yield is down from 11.18% in the last week of October 2024.
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Widespread underinsurance and low exposures will limit losses.
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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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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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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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Many commercial risks will have London coverage, but insured values are relatively low.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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The syndicate is expected to write ~$300mn of business in 2026.
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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.
