Cat bond news

The UK’s Prudential Regulation Authority (PRA) of the Bank of England, the main financial regulator, continues to place great emphasis on making its insurance-linked securities (ILS) regulatory regime a success and is now promising “accelerated authorisation” for what it terms “credible” sponsors.

Twelve Capital, the insurance, reinsurance, catastrophe bond and insurance-linked securities (ILS) focused investment manager, has highlighted the importance of impact grading and ESG scoring, while finding in a study that the top-rated companies tend to outperform those that score more poorly.

US primary insurance player Allstate is back in the catastrophe bond market seeking protection for its Florida businesses, with a target for at least $250 million of multi-peril collateralized reinsurance from this Sanders Re III Ltd. (Series 2023-2) issuance.

USAA, the primary military mutual insurance company, has successfully doubled in size its 40th catastrophe bond under the Residential Re name, with the company set to benefit from $400 million in multi-peril reinsurance protection from the Residential Reinsurance 2023 Limited (Series 2023-1) issuance.

France headquartered global reinsurance company SCOR has returned to the catastrophe bond market to boost its retrocession arrangements, targeting at least $75 million of multi-peril protection from an Atlas Capital DAC (Series 2023-1) issuance.

New York transport operator the Metropolitan Transportation Authority (MTA) is back in the catastrophe bond market with what will be its fourth issuance, seeking a $75 million or larger renewal of its parametric storm surge protection from a new MetroCat Re Ltd. (Series 2023-1) transaction.

Inver Re, the Ardonagh Group’s reinsurance broking arm, has made a key hire in taking well-known industry executive Tom Johansmeyer from Verisk’s PCS unit, to become the brokers’ new Global Head of Index products, Artemis has learned.

Here are the ten most popular news articles, week ending April 30th 2023, 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.

Heritage Insurance Holdings, Inc. has now priced its latest catastrophe bond, securing the upsized target of $235 million of reinsurance protection from the Citrus Re Ltd. (Series 2023-1)  named storm deal.

Spinnaker Insurance Company, a personal and commercial lines program and fronting specialist, has entered the catastrophe bond market for the first time, seeking $100 million or more in US multi-peril collateralized reinsurance from a Mountain Re Ltd. (Series 2023-1) issuance.