Archive for February, 2023

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market and for the first time the residual market insurer for the state is seeking reinsurance on an industry loss trigger basis, with a $200 million target for this Lightning Re Ltd. (Series 2023-1) issuance.

The U.S. Federal Emergency Management Agency (FEMA) has now finalised its latest catastrophe bond for the National Flood Insurance Program (NFIP), securing an upsized $275 million of flood reinsurance from the FloodSmart Re Ltd. (Series 2023-1) deal, while the notes were priced at the low-end of guidance.

Here are the ten most popular news articles, week ending February 26th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Attendees at Artemis’ annual insurance-linked securities (ILS) conference in New York City heard from industry leaders and experts about where the sector should go next, as it continues to explore new lines of business amid a hardening catastrophe marketplace.

Chile’s new catastrophe bond will sit as a key component of a new catastrophe risk management strategy that the country is putting into place, with the proposed $150 million or greater parametric IBRD – Chile 2023 cat bond transaction set to play a key financing role for less frequent, but more severe earthquake events, Finance […]

Global insurance and reinsurance giant AXA has expanded its quota share reinsurance protection across its property book, which compensates for a reduction in excess-of-loss reinsurance protection as the firm saw its retentions and the attachment points rising across multiple perils at the renewals.

Insurance origination and distribution specialist Amwins has pointed out that, despite the strong increase in pricing and tightening of terms at the “turbulent” January 1 2023 reinsurance renewals, some reinsurers remain cautious on property catastrophe pricing, while others are facing aggregate issues having loaded up on peak zone premiums.

The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there.

Direct-to-consumer and fast-growing insurtech company Kin Insurance has returned to the catastrophe bond market to sponsor its second issuance, seeking $100 million or more in Florida named storm protection from a Hestia Re Ltd. (Series 2023-1) transaction.

The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD).