Archive for May, 2023

The California Earthquake Authority (CEA) has returned to the catastrophe bond market in search of a further $300 million or more in collateralized California earthquake reinsurance protection from the capital markets, sponsoring a Sutter Re Ltd. (Series 2023-1) cat bond.

France-headquartered global reinsurance firm SCOR has achieved a strong pricing result in the catastrophe bond market, as its new Atlas Capital DAC (Series 2023-1) multi-peril retrocession deal has now been priced roughly 17% below the initial mid-point of spread guidance.

Accessing the catastrophe bond market as an alternative form of retrocession, is something Bermuda-headquartered reinsurance company Conduit Re is “actively considering”, according to Trevor Carvey, CEO.

The current hard reinsurance market environment is exactly the right time to expand in natural catastrophe risks, according to Munich Re CFO Christoph Jurecka, who explained today that the reinsurer is growing its nat cat exposure within risk tolerances, to capitalise on higher pricing.

The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.

The insurance and reinsurance industry loss estimate for Cyclone Gabrielle’s impacts in New Zealand has been lifted by 25% to NZ $1.925 billion by PERILS AG.

Palomar Insurance Holdings is the latest to upsize its ambitions for its latest catastrophe bond, with the catastrophe-exposed property insurer now seeking $200 million of US earthquake reinsurance from this Torrey Pines Re Ltd. (Series 2023-1) issuance.

After a first-quarter and April reinsurance renewals of growth, global player Munich Re now says the chance it surpasses its full-year guidance for 2023 has increased.

As it seeks to secure its reinsurance needs for the coming wind season in the most economic manner, Florida’s Citizens Property Insurance Corporation has upsized its target for its latest catastrophe bond issuance for a second time, with now up to $775 million of protection sought from the dual-series issuance of Everglades Re II Ltd. […]

Bermuda-based insurer and reinsurer Everest Re Group sees a clear opportunity for expansion at the upcoming reinsurance renewals, launching an equity capital raise that was quickly upsized and could provide the firm close to $1.5 billion in new firepower.