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In September 2006, Catlin issued a catastrophe bond through SPV Bay Haven Ltd to protect itself against a range of natural catastrophe risks (US hurricanes, US earthquakes, UK and European windstorms, Japanese typhoons and Japanese earthquakes). The $200m deal was structured in two tranches of Class A and Class B notes. Standard & Poor’s has […]

Catlin Group has returned to the catastrophe bond market to seek at least $200m of reinsurance cover with the issue of Galileo Re Ltd. (Series 2015-1). Interesting the deal covers a significantly higher level of risk than the firms last cat bond.

Specialist Lloyd’s focused insurance and reinsurance firm Beazley has clearly seen the attractive pricing and spread compression in the insurance-linked securities space as its financial director recently told analysts that it would consider issuing a catastrophe bond.

The recent completion of the Galileo Re Ltd. catastrophe bond, which saw demand from investors boost its size by 71% while at the same time pushing down pricing , shows the insurance-linked securities (ILS) markets continued appetite for catastrophe risk, according to Willis Capital Markets & Advisory (WCMA).

The completion yesterday of global specialty property casualty insurer and reinsurer Catlin’s latest catastrophe bond transaction, the $300m Galileo Re Ltd. (Series 2013-1), has taken 2013 catastrophe bond issuance to $6.54 billion, past the total seen in 2012 for the first time.

Global specialty property and casualty insurance and reinsurance firm Catlin is returning to the catastrophe bond market in search of capital markets backed reinsurance cover for the first time since 2008 with a new multi-peril cat bond deal, Galileo Re Ltd. (Series 2013-1).

Florida’s property insurance market continues to be beset by challenges from losses, loss cost inflation (social inflation) and litigation, which is persistently driving a need for more rate, but also affecting property owners as insurers non-renew in a number of cases.

In order for insurance-linked securities (ILS) and capital market investors to increase their prominence in Asia education remains a key issue, as too does the ability for the symbiotic relationship between traditional and alternative to be fostered in order to help regional cedents understand the relevance of ILS to their risk transfer needs.