Cat bond news

Signals that catastrophe bond market pricing has stabilised continue, as Everest Re has lifted the target size and lowered the pricing for its new catastrophe bond, with now up to $225 million in multi-peril per-occurrence retrocession sought from the Kilimanjaro II Re Ltd. (Series 2024-1) issuance, Artemis has learned.

Today we wanted to give you an idea of who can meet at our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre. Register to attend.

Florida’s Citizens Property Insurance Corporation now only has catastrophe bonds in-force that occupy layers of its newly-combined single account reinsurance tower, after the last Everglades Re cat bond that provided coverage solely for the old Personal Lines Account has been redeemed.

As anticipated, US primary insurer Allstate has reported a significant month of catastrophe losses for May 2024, with $1.4 billion announced pre-tax, some 58% up on the previous year.

The Healthcare of Ontario Pension Plan (HOOPP), a large Canadian institutional retirement fund, put additional capital into insurance-linked securities (ILS) in 2023, lifting its investments in the space above US $1 billion for the first time and growing them over 40% year-on-year.

With numerous forecasters predicting a very active hurricane season for the months ahead, the distribution of catastrophe bond fund returns over the year and the fact spreads remain elevated, means that now is a very good time to invest in the cat bond product, according to Plenum Investments, the Zurich-headquartered manager of insurance-linked securities (ILS) […]

Analysts at BMO Capital Markets are forecasting that US insurance giant Allstate will disclose around $2.65 billion in catastrophe losses for the entire second-quarter of 2024, suggesting the disclosure for the month of May that will be available later this week will be high.

With just a few weeks to go, we’re delighted to reveal the agenda and timings for our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre.

For the catastrophe bond market, the 2024 Atlantic hurricane season could result in zero impact or significant losses, depending on where storms form, where they head towards, how much they intensify and where they make landfall, while the forecast data suggests a wide-range of possible loss outcomes, catastrophe bond investment manager Icosa Investments has said.

We’ve learned that the proposed up to $100 million Gateway Re Ltd. (Series 2024-3) named storm catastrophe bond issuance, to provide reinsurance to the SureChoice and Elevate reciprocal exchanges, has been cancelled and won’t be issued in response to current market conditions.