Archive for November, 2023

With the fourth-quarter of the year an important time for the property insurance market, not least as the peak reinsurance renewal season approaches, broking giant Aon has made considering catastrophe bonds the top recommendation for insurers looking to navigate what can be a challenging time.

Howden Tiger, the reinsurance broking and risk capital management arm of Howden, has strengthened its property retrocession broking team with the addition of Martin Ford, a long-standing specialist in the retro space.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, is sponsoring its first ever Rule 144A property catastrophe bond, seeking $100 million or more in protection through a Fuchsia 2023-1 issuance using the Lloyd’s owned ILS structure London Bridge 2 PCC Limited.

Here are the ten most popular news articles, week ending November 19th 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.

NN Group, or Nationale-Nederlanden, has now finalised its new Orange Capital Re DAC (Series 2023-1) catastrophe bond at €75 million in size, while the notes have been priced at the top-end of the initial spread guidance.

For global insurance and reinsurance player Everest Group, using its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure is seen as preferable to sponsoring catastrophe bonds or hedging with ILW’s, according to CFO Mark Kociancic.

Property catastrophe reinsurance capacity is expected to remain relatively flat at the January 2024 renewals according to a survey from broker Gallagher Re, which also suggests that reinsurer appetite for writing aggregate coverage and lower-layers remains limited.

Marcel Grandi, Head of ILS Sourcing at insurance-linked securities (ILS) and reinsurance asset manager, Twelve Capital, expects price increases to be limited in 2024, but is positive for the future as reinsurers continue to cede a sizeable portion of their exposure to the retrocession market.

U.S. primary insurer Safepoint Insurance Company has now priced its latest catastrophe bond issue, with the Nature Coast Re Ltd. (Series 2023-1) issuance now fixed to provide the company $195 million in named storm reinsurance protection.

Global insurance giant Allianz is back in the catastrophe bond market seeking a €250 million or larger group-wide source of European windstorm reinsurance protection with a Blue Sky Re DAC (2023-1) issuance.