Archive for November, 2023

Risk modelling specialist Moody’s RMS has estimated that the insurance and reinsurance market loss from recent major hurricane Otis and its devastating impacts on Mexico’s Pacific coast in the Acapulco area will be in the range of US $2.5 billion to US $4.5 billion.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, has now entered the 144A catastrophe bond market with its first cyber deal, seeking $75 million in reinsurance from this PoleStar Re Ltd. (Series 2024-1) cyber cat bond issuance, Artemis can report.

Porch Group, the software driven financial services group with a homeowners insurance arm that was impacted after a letter of credit (LOC) backing a reinsurance deal it had entered into with insurtech Vesttoo was found to be fraudulent, is intending to pursue damages vigorously and not just against Vesttoo, it seems.

London Innovation Underwriters, the entity established by listed special purpose acquisition company Financials Acquisition Corp, which was launched in 2022 by sector executives William Allen and Andrew Rear, is no more, as the initiative failed to secure the investments required and so is winding down the operation.

Six new private cat bond issuances totalling almost $91.2 million of risk capital have come to light from Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform based in Bermuda, that is owned and operated by Artex Capital Solutions.

Risk modelling company Moody’s RMS has issued an estimate for insurance market losses from recent European windstorm Ciarán, saying it expects the industry loss will fall between €900 million and €1.5 billion (approx. US $1bn – $1.6bn).

Allied World Assurance Company (AWAC) is another sponsor looking to upsize on its original ambitions, as the company is now seeking up to $275 million of reinsurance protection from its 2001 CAT Re Ltd. (Series 2023-1)  renewal transaction.

German domestic market insurance company Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts’ (VKB) has entered the catastrophe bond market for the first time, seeking €150 million in multi-peril reinsurance from the capital markets through a King Max Re DAC 2023 transaction.

The North Carolina Farm Bureau has now upsized its target for named storm reinsurance protection from the capital markets via its debut Blue Ridge Re Ltd. (Series 2023-1) cat bond issuance, with the deal now being offered at a suggested $400 million, evenly split across the two tranches on offer.

Specialty re/insurer AXIS Capital is now aiming to tighten the issuance pricing for the first 144a cyber catastrophe bond to hit the market, targeting a lower than guidance price for its still $75 million Long Walk Reinsurance Ltd. (Series 2024-1) transaction, Artemis has learned.