Catastrophe bonds and insurance-linked securities news

The market for 144A catastrophe bonds is on-track to set a stunning new issuance record for the first-half of the year, with more than $11.4 billion of new cat bonds already lined up to be issued during H1 2024, data from Artemis’ Deal Directory shows.

Palomar Insurance Holdings has now finalised its largest catastrophe bond ever, with the Torrey Pines Re Ltd. (Series 2024-1) issuance priced to secure $420 million in California earthquake reinsurance from the capital markets for the company, Artemis has learned.

The SureChoice and Elevate reciprocal exchanges, that are linked to expansive coastal MGU SageSure, are back for what will be their third catastrophe bond of the year, seeking another up to $100 million in named storm reinsurance from a Gateway Re Ltd. (Series 2024-3) cat bond issuance.

Beazley has successfully sponsored a second 144A cyber catastrophe bond, securing a further $160 million in cyber reinsurance from a PoleStar Re Ltd. (Series 2024-2) issuance, which takes its total cyber cat bond cover to $300 million, Artemis has learned.

Appleby, the specialist global law firm and fiduciary services provider, has announced the hiring of Cathryn Minors, a lawyer with experience across insurance-linked securities (ILS), insurance and reinsurance in offshore domiciles, as a new Counsel in its Bermuda office.

With the cyber insurance market size projected to increase in the near future, members of the Neuberger Berman ILS team have said that insurance-linked securities (ILS) will “likely play a crucial role” in providing additional capital to support said growth.

US primary insurer Allstate has begun the new annual aggregate loss year for its catastrophe bonds with a costly $494 million of pre-tax catastrophe losses reported, as severe weather and tornadoes impacted the company.

SafePoint Insurance Company is back in the catastrophe bond market seeking $75 million or more in reinsurance from a Nature Coast Re Ltd. (Series 2024-1)  cat bond issuance, that is designed to provide broader coverage across more coastal US states and this is the first cat bond we’ve ever seen the Acrisure Re name appear […]

With the successful issuance of the $175 million IBRD CAR Mexico 2024 (Pacific) named storm catastrophe bond, on the heels of the $420 million IBRD CAR Mexico 2024 that provides Atlantic named storm and earthquake protection, Mexico now has $110 million more in disaster risk financing to support its resilience, Héctor Santana Suárez of the […]

The catastrophe bond market has seen plenty of “well-informed” capital which has helped to drive volumes this year, while rates in the cat bond market are now a little less “frothy” than they had been at times over the last year or so, Swiss Re’s CFO John Dacey said this morning.