Catastrophe bonds and insurance-linked securities news

MS&AD Insurance Group Holdings has lifted the target size for its latest catastrophe bond slightly, with now up to $200 million of multi-year and multi-peril Japanese catastrophe reinsurance protection sought for its two main Japanese insurance carriers, through this Tomoni Re Pte Ltd. (Series 2024-1) issuance.

Tokio Marine Holdings, Inc., through its subsidiary Tokio Marine & Nichido Fire Insurance Co. Ltd., has become the first Japanese insurer to make use of a SOFR-based World Bank Sustainable Development Bond as a permitted investment within its latest catastrophe bond issuance, the company highlighted today.

Heritage Insurance Holdings, Inc., the nationally expansive and Florida headquartered property and casualty insurer, has now secured its target for $100 million in collateralized US named storm reinsurance from a new Citrus Re Ltd. (Series 2024-1) catastrophe bond issuance.

Brookfield Corporation, the alternative investment manager and multinational from Canada, is now aiming to secure its debut catastrophe bond at lower pricing, with the still $100 million Aragonite Re Ltd. (Series 2024-1) deal seeing its risk interest spread guidance reduced.

This video features an expert panel discussing trends in insurance-linked securities (ILS) investor sentiment and appetites at our Artemis ILS NYC 2024 conference, held in New York on February 9th 2024.

High-net worth insurance specialist unit and member of the Tokio Marine Group, PURE, has now secured its debut catastrophe bond at the slightly upsized $105 million, while the Ashera Re Ltd. (Series 2024-1) notes have been priced below the initial guidance, Artemis has learned.

Italian primary insurance company UnipolSai Assicurazioni S.p.A. has now secured its targeted €100 million in collateralized earthquake reinsurance from the Azzurro Re II DAC (Series 2024-1) catastrophe bond with pricing finalised at the top-end of initial guidance, Artemis has learned.

AXIS Capital, the Bermuda based specialty insurance and reinsurance company, has announced the promotion of Kyle Freeman to the role of Head of ILS, as the company elevates him to oversee all third-party capital activities.

After Florida Governor Ron DeSantis claimed on television that the states Citizens Property Insurance Corporation “is not solvent”, the CEO of the insurer of last resort has responded saying that Florida Citizens financial structure means it “will always be able to pay claims”.

Rating agency AM Best has explained that the expansion of named peril lists on reinsurance and retrocession arrangements at the January 2024 renewals, is not expected to make a material difference in terms of the risk covered.