Cat bond news

Beazley, the London headquartered specialty insurance and reinsurance underwriter, has successfully sponsored its second cyber catastrophe bond, Artemis has learned from sources, with the firm topping up its debut cyber cat bond using a second segregated cell to add $20 million of fresh reinsurance cover, through a Cairney II issuance.

The target size has been lifted to $100 million for coastal property managing general underwriter SageSure’s latest catastrophe bond, with the Gateway Re Ltd. (Series 2023-2) cat bond now positioned to provide a larger than originally cited slice of reinsurance for the SureChoice and Elevate reciprocal exchanges.

Spinnaker Insurance Company has now secured $110 million of multi-year and collateralized reinsurance from the capital markets as its debut Mountain Re Ltd. (Series 2023-1) catastrophe bond issuance has now been priced.

Hard reinsurance market pricing conditions are anticipated to begin to decelerate in 2024, with capital expected to continue flowing in and insurance-linked securities (ILS) capital raises starting to get easier, analysts at BMO Capital Markets said in a recent report.

According to our sources, the Vita Capital VI Limited (Series 2021-1) mortality catastrophe bond transaction that was sponsored by global reinsurance firm Swiss Re, is viewed as at-risk of attaching after preliminary data showed an increase in weighted mortality rates in 2022 for the US and the UK.

The catastrophe bond investment opportunity remains very attractive, even after considering the recent moderation in pricing that has been seen, with the risk-adjusted yield of the cat bond market remaining significantly higher than in the past, according to Twelve Capital.

We’re delighted to announce that the Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority, will join us at our upcoming ILS Asia 2023 conference on July 13th and deliver an opening keynote speech.

The Texas Windstorm Insurance Association (TWIA) has now secured the reinsurance and risk transfer it wanted for 2023, with its tower placed to the targeted $4.508 billion and $1.2 billion of that provided by catastrophe bonds.

Catastrophe bond and insurance-linked securities (ILS) market conditions improved somewhat for sponsors during the first-quarter of 2023, with tightening of pricing welcomed by re/insurers, Aon Securities has said.

The London market’s attempt to challenge other insurance-linked securities (ILS) domiciles in winning ILS business to the UK has “failed”, the Chief Executive of the London Market Group has told the Financial Times.