Archive for May, 2024

The North Carolina Joint Underwriting Association (NCJUA) has raised the target for its first catastrophe bond since 2013, now seeking up to $140 million in aggregate named storm reinsurance from this Longleaf Pine Re Ltd. (Series 2024-1) issuance, but with the pricing set to be at the top-end of guidance or higher.

Global reinsurance giant Munich Re has noted a slight increase in market pressure after the April round of renewals, but believes that the overall market environment will remain positive at the next major reinsurance renewals in July.

Global reinsurance firm Ariel Re is back in the catastrophe bond market for a fourth issuance in the Titania Re series of deals, targeting $100 million or more in multi-peril industry-loss triggered retrocession, through this Titania Re Ltd. (Series 2024-1) transaction.

The European Securities & Markets Authority (ESMA) has now launched a formal call for evidence to support a review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD), including what assets should be eligible, with catastrophe bonds one class of assets named.

Having already secured its largest ever catastrophe bond issue this year, the Texas Windstorm Insurance Association (TWIA) is now ready to sign lines for its reinsurance renewal, with support secured for the rest of its capacity needs, according to staff and broker Gallagher Re’s executives.

RenaissanceRe secured additional retrocessional protections at the 1/1 renewals this year, ceding more in the way of its property catastrophe premiums than it had a year earlier.

Reinsurance broker Acrisure Re’s entry into the catastrophe bond space was driven by strong client demand, and as the offering continues to gain traction less than a year after inception, there’s anticipation that new, different sponsors will enter the market.

The year has begun strongly for Mt. Logan Re Ltd., the Everest Group owned and operated third-party investor capitalised reinsurance sidecar-like investment structure, as it received 64% more in ceded premium from its parent through the first-quarter.

The Board of Directors of the Pensionskasse Basel-Stadt have elected to dissolve the pensions insurance-linked securities (ILS) investment portfolio, opting to allocate more to domestic real estate opportunities and fixed income instead.

Amid a range of promotions, Hudson Structured Capital Management Ltd. (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has appointed Gokul Sudarsana as the Chief Investment Officer for HSCM’s life insurance investment strategy.