Catastrophe bonds and insurance-linked securities news

The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.

Palomar Insurance Holdings is the latest to upsize its ambitions for its latest catastrophe bond, with the catastrophe-exposed property insurer now seeking $200 million of US earthquake reinsurance from this Torrey Pines Re Ltd. (Series 2023-1) issuance.

As it seeks to secure its reinsurance needs for the coming wind season in the most economic manner, Florida’s Citizens Property Insurance Corporation has upsized its target for its latest catastrophe bond issuance for a second time, with now up to $775 million of protection sought from the dual-series issuance of Everglades Re II Ltd. […]

SageSure, the expansive catastrophe exposed property underwriting specialist managing general underwriter (MGU), has received significant backing from two prime companies in the re/insurance and investments space, insurance origination and distribution specialist Amwins and private investor Flexpoint Ford.

A tranche of FloodSmart Re catastrophe bond notes that provide reinsurance to the US Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) have now been deemed safe from potential loss due to hurricane Ian, with the notes redeemed and capital to be returned to investors, Artemis has learned.

Global reinsurance group SCOR has slashed the price guidance for its new Atlas Capital DAC (Series 2023-1) multi-peril retrocession focused catastrophe bond issuance, with updated spread guidance indicating a roughly -11.5% fall.

The third session of the day at our Artemis ILS NYC 2023 conference, held in New York on February 10th 2023, saw industry leaders discussing the Florida insurance and reinsurance market, exploring the state of play and how it come overcome some of the challenges that are faced.

Investors are inching back to the catastrophe bond market as issuance volume reached about $2 billion in April despite rising cat losses, AM Best said in a recent webinar. Cat bonds could be on course for a record quarter, having recorded $2.05 billion in April 2023 compared to $490 million in 2022 and $1.33 billion […]

Florida’s Citizens Property Insurance Corporation is looking to upsize its latest catastrophe bond issuance significantly, with now up to $600 million of one-year collateralized reinsurance sought from the dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes.

Munich Re, the global reinsurer, has now successfully secured the tripling in size of its new Queen Street 2023 Re dac catastrophe bond transaction to $300 million, becoming the biggest cat bond ever sponsored by the company.