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The cedant’s current deal is due to mature at the end of January 2026. -
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 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.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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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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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.
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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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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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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.
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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.
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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.
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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.
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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.
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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.
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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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