cat bond lite

The catastrophe bond market saw a lower than average $1.6 billion of issuance in the fourth-quarter of 2022, but the full-year total still reached $10.5 billion, while investors secured much higher pricing as cat bond spreads rose amid the hardening of reinsurance rates, Artemis’ latest quarterly report shows.

Isosceles Insurance Ltd., the Bermuda-domiciled private insurance-linked securities (ILS) and catastrophe bond platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has completed another private cat bond note issuance, with an $18.48 million Isosceles Insurance Ltd. (Series 2022-H) deal.

Many of the Seaside Re private catastrophe bond transactions that were issued by German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd. have seen their maturities extended and the entire Series 2022 group of cat bonds have now been extended for the first time.

Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform owned and operated by Artex Capital Solutions, has listed three more private cat bond issues totalling roughly $29.54 million of notes in Bermuda.

The global market for catastrophe bond issuance slowed down dramatically in the third-quarter of 2022, resulting in below-average issuance for the period. But still the outstanding cat bond market stands $4.7 billion bigger than at the same time a year earlier, Artemis’ latest quarterly report shows.

Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform owned and operated by Artex Capital Solutions, has completed two more issuances of private cat bond notes, totalling $76 million of new risk capital issued.

Aon’s private catastrophe bond issuance and placement platform Randolph Re has completed a $25 million Randolph Re (Series 2022-1) private cat bond deal, the third from the issuer and we suspect again for California headquartered property casualty insurer Mercury Insurance.

The maturity dates have been extended again for some of the Seaside Re private catastrophe bond transactions that were issued by German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd., while two series of previously extended notes have now been allowed to mature.

The global market for catastrophe bonds expanded by almost 2% during the second-quarter of 2022, as demand from sponsors drove strong issuance and helped to grow the outstanding cat bond market to $38.2 billion at June 30th 2022.

Isosceles Insurance Ltd., the Bermuda-domiciled private insurance-linked securities (ILS) and catastrophe bond platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has completed the issuance of three new series of cat bond notes, totalling $90.5 million of capital markets backed capacity secured for clients.