terrorism

Pool Re, the UK government-backed mutual terrorism reinsurance facility, has returned to the catastrophe bond market as anticipated, seeking UK £100 million or more in protection from a second renewal of its landmark terror catastrophe bond, with a Baltic PCC Limited (Series 2025-1)  issuance.

Artemis can report that GAREAT, the French co-reinsurance pool for terrorism insurance risks, has successfully secured the targeted €100 million of terrorism reinsurance from its debut Athéna I Reinsurance DAC catastrophe bond, with the notes priced within the initial guidance that was offered.

GAREAT, a co-reinsurance pool created for the ceding of compulsory terrorism insurance cover provided in France, has entered the catastrophe bond market for the first time, seeking €100 million or more in terrorism reinsurance from the capital markets from an Athéna I Reinsurance DAC issuance, Artemis can report.

Pool Re, the UK government backed mutual terrorism reinsurer, appears to be set to return to the catastrophe bond market, announcing this morning that it has signed up Aon Securities and Howden Capital Markets & Advisory as its insurance-linked securities (ILS) advisors.

This year, Pool Re, the UK government backed mutual terrorism reinsurer, has reset its £100 million Baltic PCC Limited (Series 2022-1) terrorism catastrophe bond at a higher attachment point which has allowed it to maintain the interest spread at roughly the same level it was at issuance of the notes.

PCS, a unit of Verisk, has announced an expansion of its insurance industry loss index for terrorism risks, with SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) now being added to the PCS Global Terror Index.

The Australian Reinsurance Pool Corporation (ARPC), which administers Australia’s terrorism insurance scheme, has renewed its retrocessional reinsurance program to provide $3.5 billion of coverage for 2023, as a multi-year retro purchase in 2022 proved beneficial as it navigated the harder market this year.

The United States Department of Treasury’s Federal Insurance Office (FIO) is seeking industry input and feedback on how available reinsurance and retrocession support from the capital markets may be for terrorism related risks.

Pool Re, the UK government backed mutual terrorism reinsurer, saw significant interest and appetite from the capital markets for the issuance of its £100 million (USD 131m) Baltic PCC Limited (Series 2022-1) terror catastrophe bond, leading to an increase in the number of investors compared to its 2019 placement.

The cyber-attack threat is elevated this year and as the need for risk transfer grows, the re/insurance and insurance-linked securities (ILS) market would benefit from considering ways to formalise what losses are included under cyber ILS deals, according to Tom Johansmeyer, Head of PCS.