Catastrophe bonds

The carrier is looking to raise annual aggregate protection from the new ILS deal.

On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.

The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.

The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.

Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.

Farmers Insurance Group is set to sponsor its first catastrophe bond in a two-tranche deal that would provide cover for losses from named storms, severe weather, wildfires and earthquakes, Trading Risk understands.

Google’s parent is seeking cover at a tighter price from investors for its third ILS transaction.

Allstate is offering its second Sanders Re catastrophe bond for the year, sized at $350mn across two tranches of notes, in its first ILS transaction with an element of aggregate risk since making a major claim earlier this year.

The deal covers windstorm, hailstorm and other extreme weather events.

Twelve Capital has promoted two executives to the new roles of co-managing partners to take on day-to-day management at the firm and head its group management committee.

The retro renewals are barely underway, as a challenging fundraising environment and queries over loss experience has delayed the typical pace of progress.

Eclipse Re has issued a series of large private ILS issuances across four tranches totalling $277.2mn, significantly boosting year-to-date volumes, Bermuda Stock Exchange filings show.