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The worlds largest reinsurance firm Munich Re played a number of key roles in the issuance of the recently completed $500m Tar Heel Re Ltd. (Series 2013-1) catastrophe bond. Munich Re acted as co-structuring agent and co-lead manager on the transaction which effectively secured a $500m source of fully-collateralized North Carolina hurricane protection for the North […]

Another catastrophe bond has settled and completed today, securing a source of hurricane reinsurance protection for the two North Carolina wind pools, the North Carolina Joint Underwriters Assn. (NCJUA) and the North Carolina Insurance Underwriters Assn. (NCIUA). The successful completion of the Tar Heel Re Ltd. (Series 2013-1) cat bond brings another $500m of risk […]

The trend for recent catastrophe bonds to see very attractive terms and pricing continues with North Carolina wind pools, the North Carolina Joint Underwriters Assn. (NCJUA) and the North Carolina Insurance Underwriters Assn. (NCIUA), Tar Heel Re Ltd. (Series 2013-1) cat bond. As insurance linked securities (ILS) investors demonstrate once again their strong appetite for […]

The primary issuance catastrophe bond market sprung back to life this week as two new deals began marketing. We now have details on the first to share, a new transaction designed to support the North Carolina wind pools, the North Carolina Joint Underwriters Assn. (NCJUA) and the North Carolina Insurance Underwriters Assn. (NCIUA), with a […]

As our readers will be aware there have been some movements in catastrophe bond bid and offer prices both as hurricane Sandy approached the U.S. coastline on Friday and so far this week. Trading was relatively light to begin with, according to various sources, as bid and offers were rarely close enough to find a […]

The potential size of the exposure faced by U.S. residual market property insurers of last resort has risen to new highs as total exposure of these types of insurers nears the $900 billion mark. While these are supposed to be insurers of last resort, the Insurance Information Institute (I.I.I.) says in a recent report that […]

Reinsurer Swiss Re has issued a press release discussing the completion of the Combine Re Ltd. catastrophe bond which priced, was rated and listed in the Caymans recently. Combine Re Ltd. is cited as a first for the market as it combines two reinsureds parties risks into a single cat bond transaction. Of as much […]

The secondary market for outstanding insurance-linked securities and catastrophe bonds showed a dramatic tightening of prices in February, according to Swiss based investment manager and private bank Clariden Leu in their latest fund performance report. This is notable for this market, say Clariden Leu, given that it is generally quite stable except for when responding […]

2011 has been a very interesting year for the catastrophe bond and insurance-linked securities market. We’ve seen cat bond defaults as a number of deals became a total loss, uncertainty as issuance stalled after the new RMS risk model was released, continuing financial market turbulence and other disasters which threatened exposed cat bonds. Despite all […]

As hurricane Irene approached the U.S. eastern seaboard catastrophe bonds changed hands rapidly showing liquidity in the marketplace. we wrote about this before here just after the event, but an interesting graph from Guy Carpenters recent Q3 ILS market report really shows the fluctuation in secondary market cat bond prices much more vividly.