Catastrophe bonds and insurance-linked securities news

USAA, the most prolific and consistent sponsor of catastrophe bonds, has returned for what will be the 43rd issuance we have listed from the company, seeking $175 million or more in aggregate multi-peril US reinsurance from the capital markets through a Residential Reinsurance 2024 Limited (Series 2024-1) issuance.

Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, has returned to the catastrophe bond market aiming to secure $225 million of collateralized named storm reinsurance through a Bayou Re Ltd. (Series 2024-1) issuance.

The Government of Mexico has increased the target size for its latest catastrophe bond, with now up to $420 million of parametric disaster insurance protection for earthquake and hurricane events being sought from the World Bank facilitated IBRD CAR Mexico 2024 transaction.

The Texas Windstorm Insurance Association (TWIA) is now targeting sponsorship of what could be the second largest catastrophe bond issuance the market has ever seen, as the size of its new Alamo Re Ltd. (Series 2024-1) issuance has doubled to $1.2 billion, with the pricing narrowed towards the lower-end for each tranche of notes.

Full-stack homeowners property insurtech Slide is now targeting a 40% increase in the size of its latest catastrophe bond, with the Purple Re Ltd. (Series 2024-1) transaction now expected to reach $210 million.

Broking giant Aon has noted a buyers market for property catastrophe reinsurance at the April renewals, with flat to slightly down pricing and an environment where there has been a “dramatic shift” towards ample capacity, within which ILS market growth is a key factor.

SageSure linked underwriting partners the SureChoice and Elevate reciprocal exchanges’ have now secured the upsized $130 million of second and subsequent event reinsurance from their latest  Gateway Re Ltd. (Series 2024-2) catastrophe bond issuance.

Florida Peninsula Insurance Company, one of the latest first time sponsors to enter the catastrophe bond market, is now seeking an upsized up to $150 million of named storm reinsurance from its debut Palm Re Ltd. (Series 2024-1) cat bond deal.

The first-quarter of 2024 has seen records fall in the catastrophe bond market and the period is the first time that the starting months of the year have ever seen over $4 billion of 144A catastrophe bond issuance, according to Artemis’ data.

According to Artemis’ sources, Swiss Re now looks likely to make just under $151 million in reinsurance recoveries from its mortality catastrophe bonds, with a 100% recovery anticipated for the $120 million Vita Capital VI deal and a recovery already thought made under the Matterhorn Re mortality cat bond notes.