-
Central pressure of 900mb or below would trigger a full loss of the $150mn deal. -
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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Competition on price from traditional markets is weighing on bond market momentum.
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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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The cedant’s current deal is due to mature at the end of January 2026.
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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.
-
The funds will combine credit and ILS holdings.
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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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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
-
Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
-
The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
-
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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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The measures also seek to encourage greater wildfire mitigation efforts.
-
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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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
-
He added that Munich Re does not rely on retro or third-party.
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The sponsor extended two notes issued in 2022.
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The investment bank had stopped offering ILS services last September.
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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.
-
Funds encompassing private ILS outperformed cat bond strategies in July.
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Market participants have until 13 October to provide any comments.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
-
The CUO has added the role of head of private ILS, joining the executive team.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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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 reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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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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Cat bond broking growth contributed to 6% organic growth in reinsurance.
-
The consultation period around UK ISPVs was opened in November last year.
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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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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
-
Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
-
The body said cat bonds are closer to an insurance product than a security.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
-
Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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This followed a $650mn fall in April, after management change of the fund.
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A total $225mn of fresh limit entered the market across two deals.
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The bond will provide protection for storms, quakes and fires in seven US states.
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The bond protects against losses in the US, Canada, Europe and Australia.
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The company also has $100mn for US hurricane events.
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The index provider revised up its return for March by 0.39 percentage points to 1.21%.
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The carrier previously raised a Finca Re cat bond in 2022.
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The company is a wholly owned subsidiary of AmTrust Financial.
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The carrier previously redeemed from a Herbie Re cat bond for California wildfire claims.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The Italian sponsor has $237mn of limit maturing this July.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
-
The bond will cover named storms in five US states.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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The total yield, inclusive of the risk-free rate, was down on the same period last year.
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The bond will provide multi-peril coverage on an industry loss basis.
-
Gallagher Re said rates had softened in 2025 versus the prior two years.
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The bond will provide storm protection in Florida and South Carolina.
-
Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
-
Florida Citizens upsized its latest Everglades Re deal by 50%.
-
The buzz in the air at ILS Connect told of a market entering its next growth phase.
-
The CEO said private ILS funds can generate additional returns of 10%-20%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
-
Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
-
The bond will offer retrocession coverage for Hannover Re.
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The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
-
Its 2025 programme exhausts at $9.5bn excess $1bn.
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All 29 funds tracked by the index returned a positive performance.
-
The bond will provide protection against named storm and thunderstorm.
-
Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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Investor interest and capital flows point to potential for ILS proliferation.
-
The bond initially sought $425mn across three tranches.
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The bond will cover China, India and Japan quake and Japan typhoon.
-
The bond will provide protection against German and Japan quake.
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Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
-
The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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The deal of the size was unchanged at $100mn.
-
Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The bond will provide protection against China, India and Japan quake, and Japan typhoon.
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The subject business covers a portfolio of residential insurance.
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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
-
Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
-
The bond will provide coverage against named storm or severe thunderstorm over three years.
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Torrey Pines Re is split among three tranches of notes.
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The issuance is split across three tranches with varying degrees of risk.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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The cat bond will initially cover named storms in Florida and South Carolina.
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Market participants expect pricing will be flat to down through Q2.
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The bond will provide protection against Louisiana named storm.
-
Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
-
The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
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The insurance discount margin is now at a similar level to where it was in the final week of March 2022.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Palm Re will provide Florida named storm cat bond coverage for Florida Peninsula, Edison and Ovation Home Insurance Exchange.
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Multiples in March were below historic averages from 2001 through 2024.
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The ETF will invest solely in natural catastrophe-exposed bonds.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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The notes replace a 2021 issuance that matured in January this year.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
-
The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The pricing is at the top end of the initial guidance range of 550-600bps.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
-
The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
-
The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
-
Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.
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Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
-
This will be the third cat bond issuance through Baltic Re PCC.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
-
The bond was trading at around 12.3c on the dollar in the secondary market last month.
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This year’s coverage will involve $2.94bn of new risk transfer.
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This will be Brit’s first cat bond issuance since its 2020 deal through Sussex Capital.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
-
Some $625mn of new issuance entered the market in the first week of March.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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As of 14 February, the company received 405 claims.
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The fund is open to European and other global investors.
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The bond will provide fire protection for MGA Bamboo’s California business.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
-
The coverage will be on an indemnity, per-occurrence basis.
-
The bond will cover named storms in the state of Florida.
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The cost of reinstatement was included in $170mn wildfire net loss figure.
-
Deal sizes increased by 84% on average across the six tranches that saw an increase.
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The Class A section of the bond has doubled in size, at lower pricing.
-
The firm has rotated capital in sidecar Voussoir toward direct investor relationships.
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The NCIUA had initially sought $350mn of limit.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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UCITS fund diversification targets limit their capacity for US wind bonds.
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Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
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Several Florida start-ups are poised to begin writing business this year.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
-
The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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New limit of $474mn entered the market across two deals.
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The Class B segment of the bond has priced below initial guidance.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The bond provides coverage for storms, earthquakes and severe weather events.
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Two ILS funds featured in the top five asset-raisers within the index.
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The fall marks this the first time in 20 years the index has been negative in January.
-
The firm will match segregated accounts of portfolios to investor mandates.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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Liquid alternative strategies accounted for around $1.4bn of the total.
-
The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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The bond will provide coverage for named storms in North Carolina.
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American Integrity is seeking expanded limit on more favourable terms.
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But cat bonds are experiencing negative secondary market price movement.
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Tower Hill secured $400mn of Winston Re limit in 2024.
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The sponsor secured $100mn limit last year, paying a multiple of 8.3x.
-
The carrier has recognised two separate losses for the Palisades and Eaton fires.
-
Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
-
The deal priced below guidance for the Class A and Class B tranches.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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The Integrity Re bond is structured into five tranches.
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The deal has upsized by around 64% compared with the initial target.
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The offering is a collaboration with Generali and parametric carrier Descartes.
-
The reinsurer added two new tranches to its 2025 issuance.
-
Peril- and geography-specific deals are being well received by investors.
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A negative January return will be unprecedented for ILS industry.
-
The index delivered a total return of 1.29% for the month of December.
-
The bond went on watch after Mercury said it would exceed its $150mn retention.
-
Company touts growing investor demand for Asian cat risks.
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Both the Class A and Class B notes increased in size.
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The latest issuance will add extra cat bond limit, with a $100mn note still on risk.
-
-
Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
-
Secondary market pricing indicated anticipated California wildfire losses.
-
The reinsurer has issued updated pricing for the instrument.
-
Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
-
The bond is split into five tranches, with two notes offered on a zero-coupon basis.
-
Price guidance for the bond is 7.00%-7.75%.
-
The vehicle has $2.55bn in capital committed by institutional investors.
-
The bond is likely replacing the 2021-1 Class F bond, which matured in December.
-
The fund returned 15.69% in calendar year 2024.
-
This comes after the firm’s distribution partner GAM has had a challenging few years.
-
ILS managers expect the losses to have some impact on future cat bond spreads.
-
The reinsurance attaches at $7bn, unchanged for the past two years.
-
Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
-
The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
-
Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
-
Plenum said impact is marginal because wildfire contributes only marginally to the risk of bonds.
-
The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
-
The reinsurer is seeking annual aggregate cover against earthquakes and second-event named storms.
-
The sponsor has expanded its target deal size compared with a year ago.
-
The first cat bond deal from the carrier achieved its target size of C$150mn.
-
The reinsurer is seeking index-based cover for a wide scope of perils and territories.
-
The deal is split into two tranches compared with the single note issued last year.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
-
Novelty premiums will likely fade once investors are more comfortable with the risk.
-
Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
-
The forecasts anticipate a large volume of maturities and rising sponsor demand.
-
The manager’s Interval Fund returned 28.25% over the financial year.
-
Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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The broker anticipates strengthening investor demand for collateralised re.
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Over-subscriptions have been evident on well-priced US cat treaties.
-
The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
-
First-time sponsor QBE secured $250mn of quake and storm coverage.
-
The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
-
Some $1.2bn of limit was placed in the cat bond market this week.
-
The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
-
Initial spread guidance for the three-year bond is set at 425-500bps.
-
The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
-
Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
-
The carrier has raised $75mn of higher-risk Class C coverage.
-
The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
-
The bodies said that tapping into the cat bond markets was a possibility.
-
The Class A and C notes increased in size, while the Class B note remained unchanged.
-
MMIFS Re is the debut cat bond offering from the Canadian carrier.
-
Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
-
Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
-
Full year 2023 set the record to beat of $15.8bn in new issuance volume.
-
The bond will provide multi-peril coverage in the US and District of Columbia.
-
The former co-head of ILS at Schroders left the bank last month.
-
The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
-
The single Class A note is paying a multiple of 2.1x.
-
The Class A and Class B notes are paying lower multiples than initially guided.
-
Beazley returned with its second Fuchsia cat bond issuance.
-
The bond will provide coverage for named storm across five US states.
-
Former ILS investors who left the space have looked again and re-allocated.
-
The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
-
Pricing on the Class A and Class B notes settled below guidance.
-
The bond will provide named storm and quake coverage.
-
The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
-
The $100mn note was unchanged in size.
-
Fidelis is seeking more cat bond cover than it did almost a year ago.
-
Losses from Hurricane Milton are expected to affect only select junior structures.
-
The fund will invest in listed and private transactions.
-
The Class B notes on the carrier’s debut deal attach at $500mn of losses.
-
The bond will provide aggregate coverage against named US storm.
-
The bond is split into three tranches of notes.
-
This is the second time Fidelis has entered the cat bond market this year.
-
The latest clutch of offerings indicates pricing discipline in the bond market.
-
Moderate impacts to ILS returns are anticipated from Hurricane Milton.
-
Athena Re provides coverage against terrorism in France and its overseas territories.
-
The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
-
The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
-
The UCITS fund was launched in 2021 and invests in cat bonds and the money markets.
-
The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
-
The bond is targeting $225mn of limit across the Class A and Class B notes.
-
Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
-
The consultation period closes on 14 February 2025.
-
The notes provide coverage in the US and District of Columbia but exclude Florida.
-
The latest issuance is the second cat bond RenaissanceRe has issued this year.
-
Fema's traditional reinsurance programme will attach at losses of $7bn and above.
-
Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
-
The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
-
In other property, Helene and Milton will assure rates remain attractive, he added.
-
The latest issuance signals the second time the sponsor has entered the cat bond market.
-
The bond offers a midpoint multiple of 4.1x with an expected loss of 0.92%.
-
The firm’s AuM in four key vehicles rose $526mn in Q3.
-
CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
-
Michael Rich left the portfolio management role in May.
-
Latest pricing suggests secondary market traders are baking in further loss development.
-
The bond provides protection in France and its overseas territories.
-
September was the strongest performing month since the index began in 2006.
-
Some $409mn of volume entered the market in the week to 4 November.
-
The low PCS number is presenting a challenge for ILW buyers and sellers.
-
The figures imply first-layer reinsurance recoveries for Helene.
-
The four-year deal is split across three tranches of notes.
-
The latest issuance offers a spread range of 650-700bps.
-
The final price fell 14% from the initial midpoint price offered by the sponsor.
-
The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
-
The deal would represent a diversifying auto risk deal.
-
Pricing is expected to “stay neutral of soften” for January renewals.
-
The sovereign wealth fund’s ILS investments grew to $828mn.
-
Cat bonds, private ILS and retro were all kept at “strongly overweight”.
-
Managers expect Hurricane Milton losses to shore up pricing.
-
Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
-
Losses from the hurricane may not significantly impact on many funds’ annual returns.
-
Florida domestics, aggregate retro and flood deals were all marked down.
-
The multiple offered on the deal is around 2.5x the expected loss.
-
The bond triggers on a parametric, per occurrence basis, across Class A and Class B tranches.
-
Icosa said certain cat bonds could see more than 0.2 points of price movement.
-
Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
-
Hurricane Milton will show the ILS product behaving as investors expect it to.
-
The company is monitoring the NFIP’s flood-exposed bonds.
-
This is a far narrower drop than post Ian, when the index was lost 10%.
-
A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.
-
Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.
-
The hurricane is likely to prevent rate reductions in property cat in 2025.
-
This is based on insured loss estimates of between $20bn and $60bn.
-
Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.
-
Hurricane Milton’s overall impact, based on the current pre-landfall scenario, could lead to “moderate losses” for Plenum’s funds.
-
Collateralised reinsurance and retro are in the firing line.
-
The government-backed scheme has greater take-up in areas in Milton’s path.
-
The Mexican cat bond offers $125mn of protection against Atlantic named storms.
-
Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
-
Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
-
The class of 2023-24 cat bond funds will grow existing investors and add new ones.
-
Richard Pennay will become CEO of Aon Securities.
-
The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
-
The strategy invests in subordinated bonds issued by European insurers.
-
The storm made landfall as a major hurricane in Florida’s Big Bend region.
-
Only three storms have impacted a larger area than Helene since 1998.
-
The cat bond application process will be streamlined to 10 working days.
-
The ILS manager expects “minimal, if any, losses” to bonds in its funds.
-
Maya Henry will be tasked with raising capital and managing clients in North America.
-
The ETF format provides for publication of a daily NAV.
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The deal is offering a multiple of 11.3x on the expected loss.
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The broker replaces Goldman Sachs on the business after the bank ceased offering ILS services.
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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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A strong forward pipeline will require fast work by ILS investment houses.
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The sponsor has kept $25mn of principal in extension for any further loss development.
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The ILS industry offered 11 points of merit that justify cat bonds being eligible for UCITS funds.
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Kin’s reinsurance structuring means the bond’s losses will be kept to a minimum.
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Most of the ILS capital was attracted to the cat bond market.
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Demand for peak peril retro increased significantly in Q2 2024.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The headline figure of $7.15bn includes $2.91bn of DaVinci equity plus debt.
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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The broker said it expects strong ILS capital inflows to continue.
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The bond is offering a spread range of 950-1,050 basis points.
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The US carrier abandoned the project due to high price expectations.
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The Bermuda regulator is consulting on a refresh of its rules that will be in force as of 1 January 2025.
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Growth was driven by strong returns and new investors entering the market.
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Building better exposure datasets could draw a broader range of investors.
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The insurer currently has $300mn of reinsurance limit from cyber cat bonds.
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Quick-moving cat risk trading may become more prevalent in the ILS market.
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The timing is “opportune” to start the strategy according to Bennelong.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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The firm predicts 2024 will be a record year for primary issuance.
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Florian Steiger’s strategy is seeking institutional capital for the Q4 primary issuance season.
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The firms’ partnership preceded Japan's first ‘megaquake’ warning.
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Several bonds suffered declines in value from February to July.
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The deal takes year-to-date cat bond lite issuance to $367.6mn
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The carrier estimates the total industry loss for the Microsoft/CrowdStrike outage at around $1bn-$2bn.
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The board of directors has voted for a 10% rate hike.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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The broker is yet to participate in a cyber cat bond.
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The manager is looking to buy positions on the secondary market.
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The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.
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Two Eclipse Re notes totaling $34.8mn were issued last week.
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Cat bonds, private ILS and retro are "strongly overweight".
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The market is expected to seek additional exclusions around systemic events.
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Hannover Re's cyber bond pays on a parametric basis for each hour after an agreed waiting period.
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The analyst estimated Beazley’s loss from the global outage at $80mn-$120mn.
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Aeolus increased its participation on the program more than fourfold.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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The carrier purchased an additional $150mn of cover.
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The event could unpack issues around accumulation risk and cloud services.
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The EUR150mn bond provides windstorm coverage in France and Monaco.
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More than 30% of the fund's AuM is allocated to US windstorm-linked bonds.
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Twia’s analysis showed existing rates were inadequate.
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The firm has observed a “more widespread investor base” in cat bonds.
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The fund follows an earlier climate change-focused ILS initiative from the firm.
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Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.
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This is lower compared to 8.2% recorded by the index in H1 2023.
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The latest Insider ILS Outstanding Contributor for the year said 2011 was an under-appreciated turning point for the market.
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The parametric trigger on the World Bank deal specifies storm pressure of 955mb or lower but its initial reported landfall was at 975mb.
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Hurricane Beryl is expected to strengthen again after hitting the Yucatan Peninsula.
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The parametric structure would have paid out at slightly lower storm pressure.
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Benefits of ILS smart contracts include transparency and tradeability.
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Recent modelling predicts a strong probability of direct landfall in Jamaica.
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The manager’s ILS allocation has grown by 16% since 31 October 2023.
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The latest Kilimanjaro Re, 3264 Re and Gateway Re deals all priced.
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Cat bond spreads stabilised as maturities brought capital to deploy into the market, after an earlier spike.
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Grenada and St Vincent and the Grenadines are under the most threat from the storm.
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The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
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The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.
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DeCaro is one of the cohort of pioneering ILS managers.
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The broker said the mid-year reinsurance renewals benefitted from “more than ample” capacity.
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The bond will provide named storm coverage on a county-weighted industry-loss basis.
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The bond’s pricing for southern US storms landed at the upper bound of guidance.
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The bond is offering investors a midpoint multiple of 5.5x.
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The bond is seeking coverage for any named storm or earthquake event.
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Cat bond deals placed last week amounted to $150mn of issuance.
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The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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The deal was offering spread guidance of 525-600 bps with a mid-point multiple of 7.8x.
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The deal is offering a multiplier of 6.6x on the expected loss.
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A degree of pricing volatility was evident in the market this week.
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The bond has priced at the mid-point of guidance.
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The cat bond will provide coverage across multiple territories in Europe.
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Pricing on the Class A notes settled 11% below guidance.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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Former Teneo M&A head Alexander Schnieders will lead the unit.
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The shift in market dynamics reflects $1.8bn of maturities last week.
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The bond is split across Class A and Class B notes that have different levels of risk.
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Totara Re, placed last year, provides part of the reinsurance protection.
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The cat bond market was very active in April as spreads began to widen.
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The Icosa Cat Bond Strategy now stands at $130mn in AuM.
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Tanja Wrosch joins Twelve after more than a decade at Credit Suisse ILS.
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Market sources are speculating on the reasons behind the spread widening on index-based deals.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker says.
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The bond is offering investors a spread range of 1,050-1,150 bps.
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The carrier is returning to the cat bond market for the first time since 2020.
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Rich had spent 13 years at the firm where he began his career and oversaw a cat bond and ILS portfolio.
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The Swiss Re veteran left her former employer last year.
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The company increased its full year 2024 adjusted net income guidance.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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Torrey Pines, Atlas Capital and Marlon priced and sized up.
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The fund has been badged with the Fermat name.
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The Class A notes are offering pricing in the range 850-950 basis points.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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The bond provides named US storm coverage and US and Canada quake protection.
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The hires represent a reunion of colleagues from Horseshoe/ Artex.
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The proposals include increasing either statutory or CRTF funds.
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The program includes all perils coverage and third-event protection.
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The four-year deal will be the second Nature Coast Re bond issuance.
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The multiple on the Class A notes is lower compared with last year.
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Florida Citizens' Everglades Re bond priced up by 6% across three tranches.
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CEO Wagstaff said the LMG must "compete with other markets".
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The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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Minors has experience working on insurance and reinsurance matters
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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Spreads on all tranches of notes settled above the initially guided range.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The former Neuberger Berman managing director confirmed the new role in a LinkedIn post.
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Longleaf Pine Re priced, while spreads on Everglades Re deal moved higher.
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Spreads could continue widening throughout the rest of the year.
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Cession ratios declined at three of the four publicly listed Floridians.
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The company plans to reduce its quota share to 20% from 40%.
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The sponsor was targeting between $850mn-$1.1bn of coverage in the latest mega-bond to hit the ILS market.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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The index-based coverage will be for the benefit of Lloyd’s Syndicate 1910.
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Combined AuM of UCITS funds stood at $11.3bn as of 26 April 2024.
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The Mexican government’s IBRD quake bond priced 4% ahead of guidance.
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The flat growth is a result of multiple forces influencing capital flows in both directions.
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The new Marlon bond offers multiples of 7.4x and 8.9x on the Class A and Class B notes respectively.
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Sanders Re cat bond coverage attaches higher than last year at $5.46bn.
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The Class D notes offer a spread of 1200bps with a multiple of 2.9x.
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California is the initial covered area but, following a reset, all US states will be covered.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.
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The pricing fell 13.7% on the Class A notes and 6.5% on the Class B notes.
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Diversification in perils and regions can help the market grow.
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The parametric bond provides coverage for named storms.
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Its Class 13 and 14 notes priced roughly at the midpoint of expectations.
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The World Bank’s Michael Bennett was speaking at the Insurance Insider ILS conference.
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The deal will expand the region and perils covered by Merna Re bonds.
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The fund has a strong focus on cedant quality and transaction structures.
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Pricing increased by 28% on the Class A notes and 22% on the Class B notes.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier currently has $1.15bn of Merna Re cat bond limit on risk.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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The Class A notes priced well below the midpoint of initial guidance.
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The final pricing has settled toward the midpoint of the initially guided range of 225-250bps.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The carrier’s Armor Re deal upsized by 33%.
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The bond will cover named storms, North American earthquakes and European windstorms.
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The World Bank-backed deal is structured with a parametric trigger.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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The coverage will be for named storm and quake.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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The sponsor’s debut cat bond upsized by 25%.
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The bond is the second transaction from the sponsor to target per occurrence coverage.
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The bond will cover named storms in the state of Florida.
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The mega bond has upsized to more than twice its initial target.
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The coverage will be parametric based on the central pressure of the storm.
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The final pricing is as the top end of the recently updated estimate.
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Initially, the government sought $360mn of coverage.
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ILS returns in 2023 sparked a flurry of enquiries from hedge funds.
-
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This is up from the recent increase to $1.2bn.
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The cover will be triggered on an indemnity, annual aggregate basis.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
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Proceeds from the sale will be used to fund sustainable development projects.
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The carrier’s mega bond is seeking coverage for Texas named storm.
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The carriers are seeking $130mn of Class C named storm coverage.
-
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The carrier has updated the pricing guidance to 8.75%-9%.
-
The bond will cover named storms in the state of Florida.
-
Drop-in capital has now largely left the cat bond market.
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The multi-peril coverage was due to expire in June 2026.
-
The platform distributed ~$50mn to investors for 2023.
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The carriers are seeking $130mn of Class C named storm coverage.
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The bond is Allied Trust’s debut issuance.
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The cedant’s Namaka Re bond is offering a spread range of 225-250bps.
-
The two classes of notes are sponsored by separate insurers.
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The carrier has priced the Class A tranche at 525 bps.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The carrier also narrowed the pricing guidance for the two types of notes.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.
-
The carrier has priced the Class A tranche at 500 bps.
-
Pricing on the Class A notes is at the lower edge of guidance.
-
The pricing guidance is now 550-575 basis points.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The RfP covers the CEA and/or the California Wildfire Fund.
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The carrier has added $5mn to the target limit bringing it to $105mn.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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Pockets of new capital will not shift pricing at mid-year.
-
Pricing on the Class A notes moved toward the lower edge of guidance.
-
The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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-
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The carrier is seeking to raise $100mn of coverage.
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The carrier is seeking named storm coverage in the state of Texas.
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The carriers are seeking up to $130mn of named storm coverage.
-
The coverage is for any named-storm loss event in Florida.
-
The state pool is seeking indemnity, annual aggregate cover.
-
Sources are expecting multi-billion new limit to be placed.
-
The bond will provide named storm coverage in southern US states.
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The bond will provide named storm coverage in some US states.
-
The bond will provide parametric cover for earthquake and windstorms.
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The cat bond now has a pricing spread of 250-275 bps.
-
The cat bond will initially cover named storms in Florida and South Carolina.
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The cat bond will cover earthquake and named storm events.
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Some $415mn of capacity entered the market last year.
-
Pricing guidance has also been updated to between 8%-8.25%.
-
Estimates were revised from $845mn to $740mn.
-
The bond will provide protection against Japanese flood and quake events.
-
Sabine Re marks Allied Trust’s entry to the market.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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The bond will provide named storm coverage in southern US states.
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All funds tracked returned a positive performance.
-
Exposure updates played a greater role than expected.
-
The bond offers earthquake cover for several European countries.
-
The cover will include the 50 US states, District of Columbia and Canada.
-
The bond is structured into four tranches of notes.
-
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Class A notes are priced at 1,400bps, Class B at 1,725bps.
-
Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
-
Pricing and sizing details were provided for the Class C notes.
-
The spread guidance on both notes has moved lower.
-
The bond will insure against named storms in eight US states.
-
The vast majority of 2023 recoveries were from events in prior years.
-
The notes were further marked down after a year-end Ian loss update.
-
The state pool is seeking indemnity, annual aggregate cover.
-
The bond provides three-year aggregate earthquake coverage in Japan.
-
The cover will include the 50 US states, District of Columbia and Canada.
-
The rise was helped by performance fees at DaVinci.
-
Twia’s actuarial and underwriting committee made the recommendation last week.
-
The expected spend is around 33% higher than Twia had budgeted.
-
Sponsors still secured terms that were favourable relative to traditional cover.
-
Pricing for both falls at the lower end of the recently updated estimates.
-
Pricing settled toward the lower end of guidance.
-
Monthly cat losses were driven by two major events.
-
The bond is trading at 70c-75c in the dollar in the secondary market.
-
The carrier is targeting annual aggregate cover with a PCS index trigger.
-
The increase in limit reflects the carrier’s growing exposure.
-
The issuer is seeking aggregate and per occurrence coverage.
-
The pricing guidance on the Class A notes has moved to 1,025-1,075 basis points.
-
The bond is seeking per occurrence, state-weighted industry loss-based coverage.
-
Aside from the one-year view, 2023 remixes the track record.
-
The manager’s conservative strategy posted returns of 7.61%.
-
The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
-
The guide pricing offers similar multiples to last year’s issuance.
-
The claw-back is anticipated after PCS revised down its Ian loss estimate.
-
The index posted a positive return in each of the 12 months of last year.
-
The client lacked options in the conventional insurance market.
-
-
The bond is currently trading at around 65c in the dollar on the secondary market.
-
The Bermudian said its third-party vehicles were “sufficiently capitalised”.
-
Fourth quarter inflows also included $111mn for its retro platform Upsilon
-
The deal is a large expansion on last year’s cat-bond coverage.
-
The Medici cat bond fund experienced the largest growth in AuM.
-
The $175mn bond is priced lower than the original range set out in January.
-
The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
-
The firm told investors yields in the cat bond market are 'still very attractive'.
-
The transformer vehicle issued $209mn worth of cat bond lites in 2023.
-
Pricing is now targeted for 30 January, and closing on 6 February.
-
Market softening likely to being in 2025 as new capital is tempted in.
-
The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
-
Pricing on Class A notes has reduced for a second time.
-
The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The health insurer now expects to secure the lowest-risk tranche of its health bond for under a 3% spread.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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