Archive for December, 2023

Over the second-half of 2023, the catastrophe bond market has continued in its shift away from providing aggregate cat bond coverage, with the percentage of the outstanding cat bond market that aggregate deals contribute falling below 42% for the first time in years.

Hiscox Group has now successfully secured its first catastrophe bond in over two decades upsized by 25% to provide $125 million in reinsurance cover, while the Ocelot Re Ltd. (Series 2023-1) cat bond notes priced around 10% below the mid-point of initial guidance.

At the January 2024 renewals, reinsurance markets are not budging on the higher retentions and tighter terms and conditions they have fought had to install over recent years, according to JMP Securities analysts.

Ark Insurance Holdings Limited, a property and casualty insurance and reinsurance subsidiary of the White Mountains Insurance Group, Ltd., has successfully sponsored a renewal of its $250 million collateralized reinsurance sidecar, Outrigger Re Ltd. for the 2024 calendar year.

Plenum Investments AG, the Zurich-based specialist insurance-linked securities (ILS) and catastrophe bond investment manager, believes that performance for catastrophe bond funds should remain in the double-digits in 2024, at least for USD denominated cat bond fund strategies.

We’re told that the price guidance has been raised for the first industry-loss triggered cyber catastrophe bond deal, which is being sponsored by reinsurance firm Swiss Re, while the size of the Matterhorn Re Ltd. (Series 2023-1) transaction remains at $50 million so far.

DeNexus, a specialist provider of cyber risk quantification tools and software, has announced the hiring of George Mawdsley as the firm’s first Head of Risk Solutions, joining from his most recent role at ILS manager Securis Investment Partners.

Chubb has now successfully secured the 50% upsizing of its first cyber catastrophe bond Artemis has learned, with the East Lane Re VII Ltd. (Series 2024-1) transaction now priced to provide the company $150 million in cyber reinsurance protection.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by New Paradigm co-founder Bradley Meier, is on-track to launch a dedicated parametric syndicate at Lloyd’s.

The plan of reorganisation under Chapter 11 for the bankruptcy of beleaguered insurtech Vesttoo has been conditionally approved by the Delaware court judge and can now go to a vote, but documents show that the eventual recovery for unsecured creditors may be minimal.