cat bond lite

Broking giant Aon has facilitated the issuance of a new $45.5 million Randolph Re (Series 2024-1) private catastrophe bond that we believe could be a renewal of its wildfire deal for Mercury Insurance, but this time it has been issued out of Guernsey using the firm’s protected cell company White Rock Insurance Company PCC Limited.

Twelve Capital, the Swiss headquartered insurance-linked securities (ILS) and reinsurance investment manager, has successfully completed a new $15 million Dodeka 2024-1  private catastrophe bond, which is the manager’s twenty seventh issuance in the Dodeka series.

Catastrophe bond and related insurance-linked securities (ILS) market activity levels accelerated in the second-quarter of 2024, with a record $8.4 billion of new risk capital issued that propelled the market to a record size of $48 billion, Artemis’ just-released new quarterly market report details.

The Artex Capital Solutions managed Eclipse Re Ltd. structure has issued a new private catastrophe bond transaction, a $25 million Eclipse Re Ltd. (Series 2024-2A) deal.

Isosceles Insurance Ltd., a Bermuda-domiciled platform operated by Marsh McLennan and reinsurance broker Guy Carpenter that has been used for the issuance of private insurance-linked securities (ILS) and catastrophe bonds, has been renamed to Mangrove Risk Solutions Bermuda Ltd.

Some $131.25 million of Hannover Re’s Seaside Re private catastrophe bonds have had their maturity dates extended further into 2024, as uncertainty continues over many of the 2021, 2022 and 2023 vintage deals.

The arrival of the world’s first cloud outage catastrophe bond was viewed very positively, and provides investors with a new avenue into the cyber insurance-linked securities (ILS) space, according to Henning Ludolphs, Managing Director Retrocession and Capital Markets at Hannover Re.

Global reinsurance firm Hannover Re has successfully sponsored a $13.75 million Cumulus Re (Series 2024-1) parametric cloud outage catastrophe bond that was privately issued and placed using the firm’s Kaith Re Ltd. vehicle, with modelling of the cyber risks undertaken by Parametrix.

While the pricing of cat bond notes stabilised somewhat in the final quarter of 2023, persistently firm reinsurance and retrocession rates saw investors achieve higher risk-adjusted pricing throughout the year, according to Artemis’ data.

The catastrophe bond and related insurance-linked securities (ILS) market has continued to set new records in the first-quarter of 2024, with an impressive $4.23 billion of new issuance recorded, Artemis’ new quarterly market report explains.