The average spread across newly issued catastrophe bonds has now reached an all-time-high in 2023, as data recorded by Artemis now shows that both the average coupon and the average spread above expected loss of cat bonds entered in the Artemis Deal Directory this year are at record levels.
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The state of Florida has a new permanent Insurance Commissioner of the Florida Office of Insurance Regulation (OIR), as Michael Yaworsky has now been confirmed by the Financial Services Commission.
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Direct-to-consumer and fast-growing insurtech company Kin Insurance is aiming to reduce the pricing on its new catastrophe bond issuance, with the spread guidance dropping for its Hestia Re Ltd. (Series 2023-1) transaction.
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Catastrophe bond funds in the UCITS format have reported very strong returns year-to-date, with the average return across the main UCITS cat bond strategies now reaching 2.62% as of March 3rd.
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The Danish Red Cross sponsored volcano catastrophe bond is being watched, as Indonesia’s Mount Merapi volcano erupted over the weekend.
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Bermuda’s insurance and reinsurance market is readily taking steps to embrace ESG within their business models, but there is a lot to do and the work can become very technical, according to Marisa Savage at PwC Bermuda.
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We’ve learned that some Florida homeowners and property insurance carriers are using hurricane deductibles as a way to offset some of the costs related to the reinsurance challenges they face at this year’s renewals, with some already imposing specific deductible percentages.
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Alpina Capital, the asset manager that took over the management and distribution of the Falcon Private Bank catastrophe bond funds, has hired Dr. Gregor Gawron, an experienced executive in the insurance-linked securities (ILS) space and a former manager of that cat bond strategy a decade ago.
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The insurance and reinsurance industry loss from the severe flooding that struck eastern regions of Australia in February and March 2022 has now been finalised and lifted 4% higher by PERILS AG, with the event now estimated to have cost the industry nearly AU $6.53 billion (roughly US $4.35bn).
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Florida’s Citizens Property Insurance Corporation looks set to more than double the size of its new catastrophe bond issuance, as the target for its first industry loss trigger cat bond, the Lightning Re Ltd. (Series 2023-1) issuance, has now been lifted to between $400m and $500m, Artemis has learned.
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Here are the ten most popular news articles, week ending March 12th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.
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K2 Advisors, the hedge fund focused investment management unit of Franklin Templeton, is bullish on the outlook for the catastrophe bond market in 2023, but longer-term believes investor needs must continue to be met.
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Hannover Re, a major player in facilitation of insurance-linked securities (ILS) arrangements, via its fronting and risk transformation services using its balance-sheet, believes that trapped ILS capital amounted to between US $5 billion and $10 billion at the end of last year.
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As the California Earthquake Authority (CEA) fast approaches one of its major reinsurance renewals for the year at April 1st, the earthquake insurer has seen the risk transfer program shrink a little further to just under $8.1 billion by January 31st.
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