Catastrophe bonds and insurance-linked securities news

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.

Palomar Insurance Holdings now looks set to secure its largest catastrophe bond ever, as the Torrey Pines Re Ltd. (Series 2024-1) issuance is likely to secure the company $415 million in California earthquake reinsurance from the capital markets, Artemis has learned.

Third-party investor capital under management in reinsurance joint-ventures and insurance-linked securities (ILS) funds managed by RenaissanceRe’s Capital Partners division has now eclipsed the $7 billion mark, to reach $7.17 billion at the end of the first-quarter, while the managers cat bond fund surpassed $2 billion for the first time.

Citizens Property Insurance Corporation, the property insurer of last resort for the state of Florida, has now finalised its new catastrophe bond, in the end securing $1.1 billion of reinsurance from the Everglades Re II Ltd. (Series 2024-1) deal, so the size fell slightly short of its upper-target, Artemis has learned.

Twelve Capital, the Zurich-headquartered catastrophe bond, insurance-linked securities (ILS) and reinsurance linked investment fund manager, announced this morning that the firm’s management have bought a 30% equity stake in the business back from strategic partner Swiss cantonal bank, Graubündner Kantonalbank.

The fact giant reinsurance buyer Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, has elected to renew a catastrophe bond in Singapore, marking its second transaction located in the country, is a “strong affirmation” of the growing stature of the insurance-linked securities (ILS) hub.

Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort that is currently in the catastrophe bond market with a new issuance that could approach $1.25 billion in size, expects that the rate-on-line across its reinsurance and risk transfer purchases for the 2024 hurricane season could be slightly higher than the prior year.