Archive for December, 2022

ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, has returned to the catastrophe bond market in search of a $125 million or larger Bonanza Re Ltd. (Series 2023-1) deal that will provide it both occurrence named storm and aggregate multi-peril coverage.

Liberty Mutual, the U.S. primary insurance giant and global reinsurance player, is hoping to upsize its new Mystic Re IV Ltd. (Series 2023-1) catastrophe bond transaction to as much as $150 million in size, but with pricing that has lifted to the top-end of guidance.

Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform owned and operated by Artex Capital Solutions, has listed three more private cat bond issues totalling roughly $29.54 million of notes in Bermuda.

Some new reinsurance capital could begin to flow in advance of the Florida focused June renewal season at June 1st 2023, according to Chris Dittman, Head of Florida Strategy at Aon’s Reinsurance Solutions.

The current re/insurance market dislocation provides a unique opportunity for the insurance-linked securities (ILS) space to influence the development of a more sustainable industry for the benefit of all parties, according to Kathleen Faries, Chief Executive Officer (CEO), Artex Capital Solutions.

Alternatives and re/insurance focused investment firm Vida Capital has been rebranded as Obra Capital and has added a new strategy of relevance to our readers, called Insurance Special Situations investing and it includes a specialty reinsurance focus.

Accelerant, the insurtech that helps members exchange and transfer risk more effectively, while also connecting them with long-term capital, has hired experienced insurance-linked securities (ILS) industry executive Tim Tetlow as the CEO of its Cayman Islands based reinsurer, Accelerant Re (Cayman) Ltd.

Inigo, the Lloyd’s syndicate owner and specialty insurance and reinsurance underwriter, is pleased with the execution of its second catastrophe bond transaction, the $110 million Montoya Re Ltd. (Series 2022-2) deal, especially given its successful placement in a “turbulent” market.

The January 2023 treaty reinsurance renewals are running far behind their usual schedule, with only around 5% of the treaty market reportedly having cleared so far, and rate increase indications seemingly rising, analysts at KBW found after a trip to meet with re/insurance executives in Bermuda.

Florida’s property insurance reform Bill continues to make speedy progress through this week’s Special Session of the legislature, with it now having passed the Senate, as a largely party-lines vote approved the measures.