Cat bond news

Seasonal forecasts for tropical storm and hurricane activity issued at this time of year are often seen as needing to be taken with a large pinch of salt, but another early forecast from the ECMWF is seen as particularly aggressive and so worth highlighting, in calling for 17 named storms and 9 hurricanes in the […]

Another first-time catastrophe bond sponsor has come to market, as Texas headquartered Allied Trust Insurance Company looks to secure $100 million in fully-collateralized named storm reinsurance protection from the capital markets through this Sabine Re Ltd. (Series 2024-1) issuance, Artemis has learned.

The nascent cyber catastrophe bond and insurance-linked securities (ILS) market must grow to support the need for cyber insurance coverage, as traditional reinsurance risk tolerances are reached and the capital markets provides the perfect alternative, speakers at our recent ILS NYC 2024 conference explained.

See updates in this article for the latest outlook for the quarter. Catastrophe bond issuance recorded by Artemis so far in 2024 has already surpassed $2.8 billion and when we include all the remaining cat bonds that are still being marketed and are scheduled to settle before the end of March, the first-quarter 2024 total […]

As per analysis from broker Acrisure Re, the 2023 catastrophe bond issuance season helped to demonstrate the role that the market’s resilience played in stabilising the global reinsurance landscape.

MS&AD Insurance Group Holdings is back in the catastrophe bond market and seeking a $175 million or bigger multi-year source of multi-peril Japanese catastrophe reinsurance protection for its two main Japanese insurance carriers, through a Tomoni Re Pte Ltd. (Series 2024-1) issuance, Artemis has learned.

Commenting this morning alongside his firm’s results announcement, Beazley Chief Executive Officer (CEO) Adrian Cox said that a “deep pool of capital” is required to support growing demand for cyber insurance, while the company’s CUO Bob Quane noted that the capital markets are now stepping up in support.

Allstate reported a massive toll from severe weather related wind and hail events in 2023 and has booked a $36 million catastrophe reinsurance recoverable against one of its exposed Sanders Re II catastrophe bonds for the year.

Jamaica is looking to renew its catastrophe bond cover that expired at the end of 2023 and the country’s Finance Minister Nigel Clarke said yesterday that a longer-term of protection will be sought with a new cat bond deal, with four hurricane seasons of cover to be the target.

The target size for the Gateway Re Ltd. (Series 2024-1) catastrophe bond issuance that will benefit the SageSure linked SureChoice and Elevate reciprocal exchanges has now been increased, with up to $250 million of capital markets backed reinsurance now targeted from the deal.