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Hartford Fire Insurance Co’s recently closed catastrophe bond issued by their Cayman based SPV Foundation re III Ltd. has received its rating from Standard & Poor’s. The $135m of catastrophe bond notes provide Hartford and certain subsidiaries with four years of cover against U.S. hurricanes on a per-occurrence basis.

Hartford Fire Insurance Co. has reportedly closed its latest catastrophe bond transaction under their Foundation Re III Ltd. special purpose vehicle which is domiciled in the Cayman Islands. Bloomberg reports here that the deal closed on February 15th and secured $135m of U.S. hurricane catastrophe bond cover for Hartford and certain group companies.

The Hartford is once again returning to the catastrophe bond market with its latest issuance in the Foundation Re series of deals. Active in cat bond issuance since 2004 when it issued its first Foundation Re transaction, The Hartford has become a regular issuer of insurance-linked securities to provide it with multi-peril reinsurance protection. This […]

The Hartford’s upcoming catastrophe bond, Foundation Re III Ltd., has been upsized to $180m during the marketing phase. The notes have been well received by investors we hear and the Hartford is taking advantage of this to raise the deal from its initial size of $100m. Full details on Foundation Re III Ltd. are available […]

The Hartford Fire Insurance Company is getting prepared to launch a $100m catastrophe bond through its Foundation SPV based in the Cayman Islands. Foundation Re III Ltd. is currently being marketed at a preliminary amount of $100m as a transaction designed to provide the Hartford with reinsurance on a per-occurrence basis over a four year […]

We’ve learned that two catastrophe bond deals that were originally scheduled for issuance in the fourth-quarter of 2022 were delayed by their respective sponsors, as both were being cautious due to the uncertain market conditions and the level of execution risk that might have presented.

Many of the secondary market catastrophe bond trades recorded by FINRA’s TRACE system in the last week have again been at lower price levels. Meanwhile the focus on short-dated bonds continued, with a number changing hands.

Short-dated catastrophe bonds traded in the secondary market last week, as some investors continued to show an appetite to buy these bonds, likely to hold them to maturity. Also of note, the exposed Gator Re cat bond recovered some of its discount.

Rating agency Standard & Poor’s (S&P) said on Friday that it had affirmed its ratings for 29 natural peril catastrophe bond tranches, issued by 13 different special purpose vehicle issuers, after the cat bonds had their annual resets of probability of attachment.

Another initial loss estimate from one of the larger U.S. primary insurers for damage caused by hurricane Sandy has emerged after the CEO of Hartford Financial Services Group suggested that its losses could reach $350m, which is the point at which their reinsurance coverage is triggered. The Hartford is a smaller insurer than others whose […]