Archive for June, 2021

The $50 million Wrigley Re Ltd. (Series 2021-1) catastrophe bond transaction, that will provide parametric earthquake insurance protection to a real estate captive insurer owned by investment giant Blackstone, has now been priced and its coupon fixed approximately 20% below the initial mid-point of price guidance.

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, is in the capital market for its first ever property catastrophe bond, with an at least $100 million global peak peril focused Claveau Re Ltd. (Series 2021-1) retrocession issuance.

Australian primary insurance group IAG highlighted the potential impacts of recent severe storms and flooding in parts of Victoria, saying that the loss burden is expected to take its net natural peril claims costs over budget and could trigger its stop loss reinsurance cover.

After the US Department of Justice (DOJ) decided to sue in an attempt to block Aon’s acquisition of broking rival Willis Towers Watson (WTW), analysts at KBW said that rather than abandoning the merger, Aon is more likely to offer additional divestitures.

There isn’t any direct participation from insurance-linked securities (ILS) funds or investors in the £650 million reinsurance or retrocession protection Lloyd’s has purchased to cover its Central Fund, despite nearly 70% of it being collateralised.

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, said today that its mortgage insurer arm, Arch Mortgage Insurance Company (Arch MI), has secured $616 million of reinsurance across its latest $523 million Bellemeade Re 2021-2 Ltd. mortgage ILS deal and a direct placement of another $93 million of cover.

US primary insurance carrier Allstate has reported $213 million of estimated pre-tax catastrophe losses for the month of May 2021, which takes the insurers second-quarter total to $757 million before tax.

Vermont Mutual Insurance Company is targeting an increased size for its first Baldwin Re Ltd. (Series 2021-1) catastrophe bond, with the issuance now set to provide it with $150 million of reinsurance cover against losses from multi-peril events in certain north east US states.

Italian and global insurance giant Assicurazioni Generali S.p.A. is aiming to secure its first green catastrophe bond deal, the EUR 200 million Lion III Re DAC cat bond, at tighter spreads, as price guidance has fallen for the issuance.

Japanese primary insurance group Tokio Marine & Nichido Fire Insurance Co. Ltd. is on track to secure its latest catastrophe bond at reduced pricing, as the marketed spreads on the $200 million Umigame Re Pte. Ltd. (Series 2021-1) issuance have all fallen.