Archive for December, 2024

MetLife has effectively provided reinsurance capacity, while Zurich has acted as intermediary insurer, for a UK £340 million pension longevity swap for the Airways Pension Scheme.

Beazley has secured what will become its largest natural catastrophe bond yet, as the company successfully priced the notes from its new London Bridge 2 PCC Limited (Fuchsia 2 – 2024-1) deal to provide it with the one-third upsized target of $200 million of reinsurance protection, Artemis has learned.

Catastrophe data aggregator PERILS has now raised its insurance industry loss estimate for the severe flooding experienced across parts of Central Europe in September 2024 due to storm Boris, increasing the total by 10% to €2.08 billion.

A proposal published by the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) calls for a natural catastrophe insurance system that includes pooling private risks, strengthening disaster risk management, and the use of catastrophe bonds to support catastrophe reinsurance availability for Europe.

Commenting on the recent announcement from MetLife, Inc. that it plans to launch Chariot Reinsurance, a new Bermuda based company that will initially act as a kind of sidecar for the company, S&P Global Ratings has highlighted how these structures provide efficient access to “on-demand” capital for their sponsors.

Fidelis Insurance has now secured its biggest catastrophe bond issuance, as the $375 million of Herbie Re Ltd. (Series 2024-2) notes have now been priced to provide the company multi-peril annual aggregate retrocessional reinsurance protection.

As the running-off of the exchange listed CATCo Reinsurance Opportunities Fund, the stock exchange listed retrocessional reinsurance strategy operated by Markel CATCo, completed this year, the company has now revealed that the net asset value of the shares rose 52% just this year as additional positive loss development was experienced.

After a field trip to Bermuda analysts at TD Cowen have concluded from their discussions with reinsurance and insurance-linked securities (ILS) market participants on the island that property catastrophe rates are coming under some pressure from retained earnings in the sector, as well as from the catastrophe bond and ILS market.

Today we have four more expert speakers to announce for our upcoming Artemis ILS NYC 2025 conference in New York on February 7th next year, but we also want to remind you that the Early Bird rate expires in just over one week, so please register soon to secure your ticket to attend the event.

Liberty Mutual has now secured the upsized target of $325 million of fully collateralized reinsurance protection through its new Mystic Re IV Ltd. (Series 2025-1) catastrophe bond, while the insurer benefited from high investor demand and strong cat bond execution to price the deal largely below initial guidance.