Archive for May, 2024

Palomar Insurance Holdings, the speciality California-headquartered insurer that offers largely catastrophe exposed property products, has completed its reinsurance renewal for 2024 and lifted the top of its tower to $3.06 billion, with its largest catastrophe bond yet contributing to the coverage growth.

Dutch headquartered Europe-focused insurance group Achmea is back in the catastrophe bond market, seeking €75 million in collateralized European windstorm reinsurance protection from a Windmill III Re DAC (2024-1) issuance, that looks set to at least partially renew its maturing cat bond from 2020, Artemis has learned.

The Artex Capital Solutions managed Eclipse Re Ltd. structure has issued a new private catastrophe bond transaction, a $25 million Eclipse Re Ltd. (Series 2024-2A) deal.

Records continue to be broken in the catastrophe bond market in 2024 and it’s now clear that May is set to become the biggest single month of new catastrophe bond issuance on-record, with a chance of becoming the first time any month has surpassed $4 billion of newly issued cat bonds.

The catastrophe bond market underwent a further phase of spread widening in the last week, with industry-loss index trigger cat bonds leading the way again and now, the wider spreads are being cited as an opportunity for investors to enter the market by Icosa Investments.

New rules have been implemented in the United States by the Securities and Exchange Commission (SEC) that shorten the standard settlement cycle for most broker-dealer transactions from the current “T+2” to “T+1”, but in our discussions with catastrophe bond trading desks and market participants, the general feeling is one of readiness.

The government of Puerto Rico is seeking $75 million in parametric insurance protection against the financial impacts of named storms and earthquakes from the capital markets, through a new Puerto Rico Parametric Re Ltd. (Series 2024-1) catastrophe bond transaction, Artemis has learned.

Here are the ten most popular news articles, week ending May 26th 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.

Fermat Capital Management, one of the largest specialist investment managers of catastrophe bonds and insurance-linked securities (ILS) assets, launched a new UCITS cat bond fund strategy earlier this year in February, which we’ve learned has already grown above $530 million in assets.

This weeks severe weather across parts of the United States, made up of thunderstorms, hail, convective storms, tornadoes and a derecho event that struck Houston, Texas, is all anticipated to result in losses in the billions for the insurance and perhaps reinsurance market.