Ibis Re II and Kibou catastrophe bonds both likely to upsize before close

January 30, 2012

Two of the catastrophe bonds which are still being marketed to investors are likely to upsize before close according to sources in the investor community. Demand has been strong for both the latest cat bond from Assurant, Ibis Re II Ltd. Series 2012-1 and the return to the cat bond market from Zenkyoren with their [...]

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Best of Artemis, week ending 29th January 2012

January 30, 2012

It’s been another busy week in the cat bond, insurance-linked securities and reinsurance markets and we’ve had a lot of new topics to cover. As well as our usual market news and analysis we’ve published some interviews which asked leading market participants for their predictions for the year ahead, unsurprisingly these have proved popular. Here [...]

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Vitality Re III notes list on Cayman Islands exchange

January 30, 2012

The variable rate note programme and securities issued by the Vitality Re III Ltd. special purpose vehicle have been admitted for listing to the Cayman Islands Stock Exchange. The recently completed medical benefit linked insurance-linked security transaction provides insurer Aetna with a source of reinsurance cover against medical benefit claims breaching pre-defined trigger points on [...]

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Hannover Re taps capital market investors for retrocession capacity

January 27, 2012

German reinsurer Hannover Re have again utilised the capital markets for their retrocession renewal through their proportional retrocession programme which they call K Cession. Previously called K6, Hannover Re have been bringing retrocessional risks to capital markets investors since as far back as 1995.

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UK councils look to weather derivatives for winter weather hedge

January 27, 2012

The UK’s Guardian newspaper reports that some of the local councils in the UK (local government authorities) are seriously looking at weather derivatives as a way to hedge the excess costs of severe winter weather. The UK has been hit by two severely cold winters with unusual amounts of snow and ice in recent years, [...]

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$63m of Successor X Ltd. Series 2012-1 notes list on Cayman stock exchange

January 27, 2012

Swiss Re’s latest Successor X Ltd. catastrophe bond transaction appears to have completed as two tranches of notes have listed on the Cayman Islands stock exchange. Initially the Successor X Ltd. Series 2012-1 deal was constructed of three tranches of notes, but just two have listed on the exchange. We’re unsure whether the third tranche [...]

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Aetna completes Vitality Re III Ltd. medical benefit insurance-linked security

January 27, 2012

Aetna have completed their third insurance-linked security transaction which allows them to transfer the risk of catastrophic levels of medical benefit claims hitting the firm. The $150m medical benefit linked ILS issued through Cayman Island domiciled Vitality Re III Ltd. provides catastrophe bond type cover to Aetna subsidiary Health Re Inc. against medical benefits claims [...]

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Bermuda based investment manager Juniperus Capital sold to Aquiline Capital Partners

January 27, 2012

Bermuda based catastrophe, insurance-linked securities and reinsurance-linked investment manager Juniperus Capital (and it’s Juniperus Insurance Opportunity Fund) has been sold to private-equity firm Aquiline Capital Partners who have bought out their existing shareholders. Founded in 2008 by Benfield, Transatlantic Re and the funds managers, this move has been coming for a while as we had [...]

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Risk models (and data) are key to broadening scope of the cat bond and ILS market

January 26, 2012

One of the topics we discuss regularly on Artemis is the potential for the cat bond and ILS market to broaden their scope to include new classes of risk and new geographical locations. Broadening the scope of the market by enabling new risks and locations to be included in transactions is one of the key [...]

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PERILS estimates loss from European windstorm Joachim at €300m

January 26, 2012

PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data and loss indices, has published an initial loss estimate for European windstorm Joachim, which struck western Europe from the 15th to 17th December 2011. PERILS data is used to measure losses for and their indices are used to set trigger points for many [...]

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