Archive for April, 2017

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World Bank’s IFC partners on Indonesian parametric climate insurance

The World Bank Group’s global development institute, International Finance Corporation (IFC), will collaborate with Indonesia’s PT Reasuransi MAIPARK to develop parametric insurance solutions for the country’s agribusinesses against the increasing threat and costs of natural disaster and climate events.The IFC and MAIPARK, a specialist risk reinsurance firm owned by all read the full article →

Robust start to 2017 cat bond issuance, on track for $8bn: Aon Securities

The catastrophe bond market got off to a "robust start" in 2017, with high issuance managing to outpace the maturities in the quarter, suggesting that the brisk start to the year could continue and help the total cat bond limit placed in 2017 reach the forecast $8 billion, according to read the full article →

ILS funds return above average 0.23% in March, monitor Debbie loss

Insurance-linked securities (ILS), pure catastrophe bond and reinsurance-linked investment funds reported an above average return of 0.23% for March 2017, thanks to global catastrophe events having little immediate impact on ILS funds, although a number of ILS managers are monitoring the developing cyclone Debbie market loss.The March average return of read the full article →

NFIP flood cat bonds called for in reauthorisation proposal

A newly proposed draft piece of legislation which calls for the National Flood Insurance Program (NFIP) to be reauthorised for a 10 year period also clarifies the authority of the administrator FEMA to issue flood catastrophe bonds.With the legislation authorising the NFIP coming up for expiry on September 30th 2017 read the full article →

Citizens set for $300m Everglades Re II 2017 cat bond

According to sources, Florida’s Citizens Property Insurance Corporation’s latest catastrophe bond transaction, the Everglades Re II Ltd. (Series 2017-1) deal,  is set to upsize to $300 million in size before it completes.The transaction launched as a $250 million cat bond offering, on which the pricing has tumbled as our source read the full article →

Florida Citizens board approves $1.33bn reinsurance renewal for 2017

The board of governors of Florida's Citizens Property Insurance Corporation has approved the purchase of $1.33 billion of reinsurance coverage in its upcoming 2017 renewal, with a combination of traditional reinsurance and capital markets coverage provided by the Everglades Re II Ltd. (Series 2017-1) catastrophe bond deal.This is the smallest read the full article →

AXIS sees higher fee income from third-party capital partners in Q1

Bermuda based insurance and reinsurance group AXIS Capital Holdings Limited has recognised a significant increase in the fee income it earned from its work with what it terms "strategic capital partners" in the first-quarter of 2017 and ceded significantly more premiums to third-party capital as well.AXIS has been steadily building read the full article →

Nationwide’s Caelus Re 2017 cat bond grows to $375m as pricing drops

The latest catastrophe bond from Nationwide Mutual Insurance Company is set to increase in size by 25% to $375 million, while at the same time pricing has dropped on the four tranches of the Caelus Re V Ltd. (Series 2017-1) cat bond.When the Caelus Re V 2017 catastrophe bond was read the full article →

AlphaCat ILS assets hit $2.9bn on new third-party capital growth

Insurance-linked assets under management by AlphaCat Managers Ltd., the insurance-linked securities (ILS) and third-party reinsurance capital arm of Validus Holdings, grew once again in the first-quarter of 2017, reaching $2.9 billion as at April 1st.The growth in ILS assets managed at AlphaCat was driven by new inflows of third-party investor read the full article →

Price guidance drops for Citizens new Everglades Re II 2017 cat bond

The coupon price guidance has been lowered on Florida’s Citizens Property Insurance Corporation's latest catastrophe bond transaction, the Everglades Re II Ltd. (Series 2017-1) deal, signalling continued strong appetite for new risk from investors despite the recent brisk issuance.Florida Citizens returned to the cat bond market earlier this month, launching read the full article →