Cat bond news

Having begun reporting reinsurance recoveries from some of its Kilimanjaro Re catastrophe bonds, triggered by industry losses from hurricane Ian, global re/insurer Everest has now extended the maturity of one of the exposed layers of notes, to ensure the coverage remains available in case of any continued development.

Twelve Capital, the Zurich headquartered insurance-linked securities (ILS) and reinsurance investment manager, is forecasting “a longer-lasting heightened pricing environment”, or so-called hard insurance market cycle, with discipline one factor that can help sustain this.

US primary insurer Allstate is now seeking to upsize its latest catastrophe bond, with the target for the Sanders Re III Ltd. (Series 2024-1) issuance rising from the initial $200 million, to now a goal of securing between $300 million and $350 million in reinsurance from the capital markets with this deal.

The threat of loss to investors in mortality catastrophe bonds has increased in recent weeks, with Swiss Re’s Vita Capital VI deal marked down for a near total loss and one of the Matterhorn Re cat bonds sponsored by the reinsurer has seen its maturity extended, as mortality estimates have risen again, Artemis has learned.

GeoVera Insurance Holdings, Ltd., a specialty earthquake-focused residential property insurance company, is back in the catastrophe bond market for the second time, seeking $100 million or more in US earthquake reinsurance via a Veraison Re Ltd. (Series 2024-1) cat bond issuance.

Targeting an expansion of its insurance-linked securities (ILS) and alternative reinsurance capital activities, reinsurance broker Gallagher Re has announced the launch of a Paris based entity named Gallagher Securities Europe SAS, to grow activities in the region.

The Ambassador mutual catastrophe bond fund strategy has continued to grow in the latest quarter of record, adding close to $30 million in assets in the period to October 31st 2023, to reach $127.7 million in net assets under management.

Sasria, the state-owned insurer in South Africa that provides cover for riots, public disorder and other difficult to place risks, is facing a reinsurance market with diminishing appetite for exposure linked to power grid failure, which has led it to consider insurance-linked securities (ILS) such as catastrophe bonds.

There is now just one month left to register and get your ticket to attend our next insurance-linked securities (ILS) conference. ILS NYC 2024 will be held in New York City on February 9th 2024, with hundreds of attendees from the ILS community set to come together for a day of thought-leadership, discussion and valuable […]

Third-party capital in reinsurance, so alternative capital or insurance-linked securities (ILS) market capacity, was more than replenished in 2023, as lost capital was replaced and market growth accelerated to levels beyond expectations at the start of the year, rating agency AM Best has said.