Archive for November, 2024

RenaissanceRe has increased the target size for its latest catastrophe bond, with the company now seeking $300 million in multi-peril retrocession from the Mona Lisa Re Ltd. (Series 2025-1) issuance, while the price guidance has fallen for both tranches of notes.

Talanx has now successfully secured the targeted $100 million of parametric earthquake protection from its debut catastrophe bond, as the $100 million of Maschpark Re Ltd. (Series 2024-1) notes have now been priced at the low-end of initial guidance.

As losses from natural catastrophe and severe weather continue to rise around the world, analysts at investment bank Berenberg believe this means there is “no excess capital buildup among the traditional reinsurers,” leading them to anticipate a “strong-for-longer” reinsurance cycle.

It’s official. If the current pipeline of new deals all complete before year-end, at their current targeted sizes or larger, then the catastrophe bond market will set a new record for primary issuance in 2024 of roughly $16.54 billion, according to Artemis’ Deal Directory data.

New global reinsurance start-up Oak Reinsurance (OAK Re) has been approved to begin underwriting in the Lloyd’s market through its Syndicate 2843 from 1/1 2025 and is launching with private equity backing from Bain Capital and private capital support from Hampden Agencies.

We’ve now published the full video of our recent ILS Market Outlook 2025 live webinar, that was held on October 31st 2024, featuring insurance-linked security (ILS) industry experts who joined us to discuss the state of the catastrophe bond and ILS market and provide their outlook for the next year.

US insurance firm Progressive is back in the catastrophe bond market and seeking $225 million or more in protection against losses from multiple perils, with a Bonanza Re Ltd. (Series 2024-1) issuance that will provide it with both aggregate and occurrence property catastrophe reinsurance, Artemis understands.

Spain headquartered global reinsurance company Mapfre Re has entered the catastrophe bond market for the first time, with a target to secure $100 million in annual aggregate US named storm retrocession from the capital markets with its debut Recoletos Re DAC (Series 2024-1) issuance, Artemis has learned.

A new roughly US $4 million private catastrophe bond has been issued, Artex Axcell Re (Series FE0001), and the notes of the issuance are denominated in Japanese Yen, suggesting it covers catastrophe perils in that country and likely provides a capital markets backed source of reinsurance to an unknown Japanese sponsor.

Making adjustments to the exposure of insurance-linked securities (ILS) portfolios based on inputs gleaned from the early July hurricane season forecast can drive opportunities to generate excess returns in reinsurance, according to a study from Euler ILS Partners and Tropical Storm Risk (TSR).