Cat bond news

Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, has returned to the catastrophe bond market aiming to secure $225 million of collateralized named storm reinsurance through a Bayou Re Ltd. (Series 2024-1) issuance.

The Government of Mexico has increased the target size for its latest catastrophe bond, with now up to $420 million of parametric disaster insurance protection for earthquake and hurricane events being sought from the World Bank facilitated IBRD CAR Mexico 2024 transaction.

The Texas Windstorm Insurance Association (TWIA) is now targeting sponsorship of what could be the second largest catastrophe bond issuance the market has ever seen, as the size of its new Alamo Re Ltd. (Series 2024-1) issuance has doubled to $1.2 billion, with the pricing narrowed towards the lower-end for each tranche of notes.

Full-stack homeowners property insurtech Slide is now targeting a 40% increase in the size of its latest catastrophe bond, with the Purple Re Ltd. (Series 2024-1) transaction now expected to reach $210 million.

Here are the ten most popular news articles, week ending March 31st 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.

SageSure linked underwriting partners the SureChoice and Elevate reciprocal exchanges’ have now secured the upsized $130 million of second and subsequent event reinsurance from their latest  Gateway Re Ltd. (Series 2024-2) catastrophe bond issuance.

Florida Peninsula Insurance Company, one of the latest first time sponsors to enter the catastrophe bond market, is now seeking an upsized up to $150 million of named storm reinsurance from its debut Palm Re Ltd. (Series 2024-1) cat bond deal.

According to Lloyd’s Chief Financial Officer (CFO), Burkhard Keese, the London Bridge 2 PCC insurance-linked securities (ILS) structure is targeted to see around $1 billion of capital flow in 2024, so has the potential to surpass the activity seen through the structure in 2023.

The first-quarter of 2024 has seen records fall in the catastrophe bond market and the period is the first time that the starting months of the year have ever seen over $4 billion of 144A catastrophe bond issuance, according to Artemis’ data.

According to Artemis’ sources, Swiss Re now looks likely to make just under $151 million in reinsurance recoveries from its mortality catastrophe bonds, with a 100% recovery anticipated for the $120 million Vita Capital VI deal and a recovery already thought made under the Matterhorn Re mortality cat bond notes.