Cat bond news

The catastrophe bond market recently suffered one of its most significant weekly declines outside of the US hurricane season, with industry-index trigger cat bonds leading the way and almost all pricing down, Florian Steiger, CEO of Icosa Investments has said.

Florida’s Citizens Property Insurance Corporation, the insurer of last resort that is currently in the catastrophe bond market with a new issuance that could approach $1.25 billion in size, is set to increase its budget for reinsurance and risk transfer spend for 2024 to a maximum of $750 million.

With our ILS Asia 2024 conference in Singapore being held in less than two months, on July 11th, we are now delighted to announce that the Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority, will join us again to start the day.

As spread widening in the catastrophe bond market accelerated in recent weeks, the Plenum CAT Bond UCITS Fund Indices recorded their first negative week since back in December 2022, ending a 73 week long-run of positive average returns across the tracked cat bond funds.

Citizens Property Insurance Corporation has increased the targeted amount of reinsurance it is seeking from its latest catastrophe bond to as much as $1.25 billion, while at the same time focusing on securing three-years of coverage across the transaction, with one series of notes now dropped and only the Everglades Re II Ltd. (Series 2024-1) […]

Here are the ten most popular news articles, week ending May 12th 2024, 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.

France-headquartered global reinsurance company SCOR is back in the catastrophe bond market in search of more peak catastrophe peril retrocession, looking to secure $125 million or more in North America focused coverage from an Atlas Capital DAC (Series 2024-1) issuance.

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.

Thanks to the recent successful issuance of its latest catastrophe bond, American Coastal Insurance (AmCoastal) has extended the top exhaustion point of its main catastrophe reinsurance tower to roughly $1.2 billion for 2024, according to CEO Dan Peed.

The North Carolina Joint Underwriting Association (NCJUA) has successfully secured an upsized $145 million in aggregate named storm reinsurance from its new Longleaf Pine Re Ltd. (Series 2024-1) catastrophe bond issuance, but its first cat bond since 2013 is now set to price at the top-end of raised guidance, Artemis understands.