Archive for May, 2024

Nectaris Re Ltd., the Class 3A Bermuda-based rated reinsurance underwriting platform backed by London headquartered specialist insurance linked securities (ILS) and reinsurance related investments manager Leadenhall Capital Partners LLP, reported “solid” underwriting results for both 2022 and 2023, according to AM Best.

The loss ratio of Lumen Re, the main reinsurance underwriting vehicle of LGT ILS Partners, has reduced significantly again in 2023, while the reinsurer is becoming increasingly efficient for the ILS manager as it has earned reciprocal jurisdiction recognition in 37 US states, according to rating agency AM Best.

Citizens Property Insurance Corporation has increased the targeted amount of reinsurance it is seeking from its latest catastrophe bond to as much as $1.25 billion, while at the same time focusing on securing three-years of coverage across the transaction, with one series of notes now dropped and only the Everglades Re II Ltd. (Series 2024-1) […]

Here are the ten most popular news articles, week ending May 12th 2024, 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.

France-headquartered global reinsurance company SCOR is back in the catastrophe bond market in search of more peak catastrophe peril retrocession, looking to secure $125 million or more in North America focused coverage from an Atlas Capital DAC (Series 2024-1) issuance.

Isosceles Insurance Ltd., a Bermuda-domiciled platform operated by Marsh McLennan and reinsurance broker Guy Carpenter that has been used for the issuance of private insurance-linked securities (ILS) and catastrophe bonds, has been renamed to Mangrove Risk Solutions Bermuda Ltd.

Aon has again called for fronting specialist Clear Blue Insurance’s lawsuit against it, related to the reinsurance letter of credit (LOC) fraud perpetrated by Vesttoo, to be dismissed, calling it an attempt to distract from the depth of Clear Blue’s involvement with the insurtech and its own financial distress.

Thanks to the recent successful issuance of its latest catastrophe bond, American Coastal Insurance (AmCoastal) has extended the top exhaustion point of its main catastrophe reinsurance tower to roughly $1.2 billion for 2024, according to CEO Dan Peed.

The North Carolina Joint Underwriting Association (NCJUA) has successfully secured an upsized $145 million in aggregate named storm reinsurance from its new Longleaf Pine Re Ltd. (Series 2024-1) catastrophe bond issuance, but its first cat bond since 2013 is now set to price at the top-end of raised guidance, Artemis understands.

White Mountains has reported that its investment into the Outrigger Re collateralized reinsurance sidecar, that supports its re/insurer subsidiary Ark, generated the company slightly more in pre-tax income through the first-quarter of 2024, despite the firm’s investment in the sidecar being smaller this year.