Archive for April, 2024

Florida Peninsula Insurance Company has for a second time lowered the price guidance for its new $150 million debut named storm reinsurance catastrophe bond deal, Palm Re Ltd. (Series 2024-1).

According to the Eurekahedge ILS Advisers Index, the average return of the catastrophe bond and insurance-linked securities (ILS) funds it tracks was the second strongest on record for February, coming in at 1.04% for the month.

Global reinsurance company Swiss Re has announced a succession plan for the position of Group CEO this morning, as incumbent Christian Mumenthaler is leaving the company after 25 years, and in his place Andreas Berger is being promoted to the role from July 1st.

Full-stack homeowners property insurtech Slide has now successfully priced its latest catastrophe bond, securing the 40% upsized target so that the new Purple Re Ltd. (Series 2024-1) transaction will provide the company with $210 million of named storm reinsurance.

A developing situation in the corporate bond market has the potential to drive a significant increase in interest in insurance-linked securities (ILS) and has the potential to drive more inflows to the catastrophe bond market, analysts at Jefferies have suggested.

The 2024 Atlantic hurricane season could result in an above average number of direct impacts to the United States, with the Texas coast, Florida Panhandle, South Florida and the Carolinas all facing a higher-than-average risk this year, AccuWeather has said.

It is hard to see anything other than further small price improvements for reinsurance cedents given the strong state of both traditional and alternative reinsurance markets at this time, Tom Wakefield, CEO of broker Gallagher Re has said.

The catastrophe bond and related insurance-linked securities (ILS) market has continued to set new records in the first-quarter of 2024, with an impressive $4.23 billion of new issuance recorded, Artemis’ new quarterly market report explains.

American European Insurance Company is now seeking up to $125 million in named storm reinsurance protection for a coastal property book that is originated via MGA ShoreOne, through its debut Charles River Re Ltd. (Series 2024-1) catastrophe bond issuance.

USAA, the most prolific and consistent sponsor of catastrophe bonds, has returned for what will be the 43rd issuance we have listed from the company, seeking $175 million or more in aggregate multi-peril US reinsurance from the capital markets through a Residential Reinsurance 2024 Limited (Series 2024-1) issuance.