Archive for December, 2024

US insurance firm Progressive is the latest to seek an upsized execution from its latest venture to the catastrophe bond market, with the firm now seeking a 53% upsized $345 million in multi-peril reinsurance from this Bonanza Re Ltd. (Series 2024-1) issuance.

US primary insurer Allstate has now finalised one of the largest catastrophe bonds in its history, with its new Sanders Re II Ltd. (Series 2024-3) issuance now priced to provide the company $650 million of reinsurance protection, some 86% more than the initial target for this deal.

There is now less than two months to go until our upcoming Artemis ILS NYC 2025 conference in New York on February 7th next year, and today we are delighted to announce four more expert speakers you can hear from on the day, if you register to attend our event.

The first long-range forecast for the 2025 Atlantic hurricane season was released today, with Tropical Storm Risk (TSR) projecting there could be 15 named storms, 7 hurricanes and 3 major hurricanes next year, which would be roughly aligned with the 30-year norm.

The Board of the Texas Windstorm Insurance Association (TWIA) has today approved a $485 million budget line item for ceded reinsurance and catastrophe bond spend for 2025, which is up 22% on the $397 million spent on protection for 2024.

Global insurance giant Allianz has sponsored a life and annuity focused reinsurance sidecar named Sconset Re Ltd., securing backing from institutional investors to capitalise the structure and partnering with PIMCO as well as other institutions for asset management support.

Having come to market with one unsized tranche of notes, Liberty Mutual’s new Mystic Re IV Ltd. (Series 2025-1) catastrophe bond issuance has now been fully-sized, with a target set for $325 million of indemnity reinsurance on both an occurrence and aggregate basis, Artemis understands.

Insurance and reinsurance broker Aon has promoted Ciaran Healy to the role of Global Captive Leader for the firm’s Commercial Risk Solutions division, a position that will see him also with responsibility for the management of insurance-linked securities (ILS) and protected cell structures as well.

Mapfre Re has now successfully priced its debut catastrophe bond, with the Recoletos Re DAC (Series 2024-1) issuance now secured to provide the reinsurance company with an upsized $125 million of retrocession, with the notes priced below the initial guidance range that had been offered.

Farsight Partners, a specialist UK-based boutique advisory with a focus on life insurance-linked investment opportunities, has agreed a partnership with global alternative investment manager AB CarVal with up to $1 billion of life and health insurance related transactions in scope.