U.S. insurer Assurant Inc. has added to the current catastrophe bond pipeline by beginning to market its second Ibis Re cat bond transaction Ibis Re II Ltd. Marketing to investors began this week and Ibis Re II is expected to close in May.
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News & Analysis Results
U.S. mutual fund manager Pioneer Investments reports that total net assets for its interval style insurance-linked securities and reinsurance linked investment fund, the Pioneer ILS Interval Fund, have grown 18% to $64.4m.
Multi-year traditional and fully-collateralized protection has grown as a percentage of the reinsurance program of U.S. specialty insurance group Assurant, as the insurer seeks to reduce its financial exposure to catastrophic losses caused by severe weather events.
Short-dated catastrophe bonds traded in the secondary market last week, as some investors continued to show an appetite to buy these bonds, likely to hold them to maturity. Also of note, the exposed Gator Re cat bond recovered some of its discount.
Credit rating agency Standard & Poor’s Ratings Services (S&P) has affirmed the rating for 18 tranches of natural peril catastrophe bonds, from seven issuers, after each tranche of notes went through their annual resets with no issues arising.
U.S. specialty insurance group Assurant has been an end-user of capital markets third-party backed reinsurance capacity for some time, through its catastrophe bonds and use of collateralized coverage. In 2014 Assurant may look to the capital markets again.
The total volume of catastrophe bonds and insurance-linked securities (ILS) issued during 2013 and listed in the Artemis Deal Directory hit $7.6417 billion by the end of the year as a flurry of deals in December closed the year at an all time high of $20.5 billion.
Rating agency Standard & Poor’s (S&P) said on Friday that it had affirmed its ratings for 29 natural peril catastrophe bond tranches, issued by 13 different special purpose vehicle issuers, after the cat bonds had their annual resets of probability of attachment.
Catastrophe bonds and collateralized reinsurance are both growing components of the reinsurance program of U.S. specialty insurance group Assurant, helping the insurer both diversify and expand its reinsurance coverage by 20% this year. The recent completion of the insurers $185m Ibis Re II Ltd. (Series 2013-1) cat bond has helped in this expansion.
2013 catastrophe bond market issuance looks set to reach new highs as the second-quarter brings issuance to record levels for the first six months of the year and leaves the market well on its way to achieving $7 billion plus of issuance by the end of the year. Q2 saw $3.35 billion of issuance and […]