We’ve learned that the European Commission has now directed financial regulator the European Securities & Markets Authority (ESMA) to study eligible assets for UCITS investment fund strategies, to ensure their suitability, with catastrophe bonds explicitly mentioned.
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Global insurance and reinsurance group AXA has increased its appetite for European windstorm reinsurance protection through the new Eiffel Re Ltd. (Series 2023-1) catastrophe bond issuance, with the deal now targeted at up to €150 million in size.
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The recently launched and still in the market Acorn Re Ltd. (Series 2023-1) parametric earthquake catastrophe bond transaction has had its target lifted to now as much as $175 million, while at the same time the pricing has been slashed.
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Zurich and Prudential Financial, Inc. have combined to deliver a £1.7 billion pension longevity swap and reinsurance risk transfer arrangement for the UK’s Nationwide Pension Fund.
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Vortex Insurance Agency, a specialist insurtech that offer parametric insurance and weather risk transfer products, backed by MS&AD group’s Mitsui Sumitomo and a subsidiary of MSI GuaranteedWeather, has taken its parametric supplemental hurricane insurance product online.
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Financials Acquisition Corp, a special purpose acquisition company launched in 2022 by sector executives William Allen and Andrew Rear, is in talks on a deal to launch a £1 billion capacity listed Lloyd’s underwriting investment vehicle, that will use ILS structure London Bridge 2 PCC Ltd. to channel institutional capital into the market.
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Insurance and perhaps reinsurance market losses from a spate of Severe Convective Storm (SCS) activity that struck the Central and Southern United States between June 10th and 19th are now estimated at around $5.5 billion, according to catastrophe modeller Karen Clark & Company (KCC).
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Tropical storm Bret formed in the Atlantic yesterday, becoming perhaps the earliest storm to form so far east, which experts are saying has been fuelled by the exceptional sea surface temperatures seen in the basin.
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Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has teamed up with the Institutes RiskStream Collaborative to put parametric reinsurance trigger data processes and validation on a blockchain, claiming a first.
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Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, has launched its awaited New York initial public offering (IPO), as the company seeks new capital to fund additional expansion into the hard market conditions.
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The impact of climate change has the potential to increase hurricane losses in the U.S. by at least 10% over two decades in certain scenarios, according to insurance and reinsurance broker Aon’s work with Columbia University.
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Two tranches of the Caelus Re catastrophe bonds sponsored by US primary insurance giant Nationwide Mutual Insurance Company that have been considered at-risk of facing a complete loss since 2021 have now had its maturity date extended by one month, as the carrier looks to finalise its reinsurance recoveries from prior years, we understand.
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Raising capital into collateralized reinsurance investment fund opportunities continues to be a much slower segment of the insurance-linked securities (ILS) market than catastrophe bonds, which is buoying hopes the hard reinsurance market could be prolonged well into 2024.
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BMS Re, the reinsurance arm of the international broking group, has hired former Nephila Capital employee Brendan O’Brien to further build out its Bermuda reinsurance and retro offering, as well as to support its secondary catastrophe bond trading plans.
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