Archive for February, 2025

For the first time since we’ve been tracking the catastrophe bond marketplace, Artemis’ measure for the size of the market, based on our estimate of catastrophe bond risk capital outstanding, has surpassed the $50 billion mark, as 2025 issuance continues to outpace the heavy maturity schedule.

Coastal property managing general underwriter SageSure’s CEO said it is “proud to support” its carrier partners, as its largest catastrophe bond transaction yet closes, the $520 million Gateway Re Ltd. (Series 2025-1), while executives also expressed gratitude to the insurance-linked securities (ILS) community for supporting the Gateway Re series.

Artemis has learned that direct-to-consumer insurtech company, Kin Insurance, has now successfully priced its latest catastrophe bond transaction, securing the 50% upsized target of $300 million of Florida named storm reinsurance protection from the Hestia Re Ltd. (Series 2025-1) issuance, which marks the company’s largest cat bond yet.

Aspen Capital Markets, the third-party, ILS and alternative reinsurance capital management unit of global re/insurer Aspen, has continued to expand its business throughout 2024, with assets under management reaching a new high of $2.2 billion and fee income earned for the year rising by 25%.

The North Carolina Insurance Underwriting Association (NCIUA) has now secured its largest catastrophe bond yet, as the Cape Lookout Re Ltd. (Series 2025-1) issuance has been priced at the almost doubled $600 million issuance size, while pricing of the notes was finalised just below the mid-point of initial guidance, Artemis can report.

With TD Insurance (TDI) successfully sponsoring the first catastrophe bond covering only perils in Canada this year, the debut issuance from the organisation could potentially make cat bonds more attractive to other Canadian insurers in the future, according to analysts at Morningstar DBRS.

Over the twelve months to January 1st 2025, Bermudian global reinsurer and third-party reinsurance capital manager RenaissanceRe added $860 million in third-party assets to its range of joint-venture vehicles and ILS funds, taking overall third-party capital to $7.81 billion.

The government of Hong Kong is budgeting for a further three year extension to its Pilot ILS Grant Scheme, as the Special Administrative Region continues to target bringing catastrophe bond and insurance-linked securities (ILS) issuance to its financial market.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, is planning to further expand the balance-sheet of its DaVinciRe sidecar-like third-party capitalised reinsurance joint-venture through a $300 million private debt issuance.

Hiscox ILS, the dedicated insurance-linked securities (ILS) management arm of the global re/insurer, generated a record level of third-party reinsurance capital related fee income in 2024, helped by strong performance fees and significant new inflows during the year.