Cat bond news

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.

Des Potter, a Special Advisor for Lloyd’s and a former Guy Carpenter executive and ILS specialist, has asserted that Lloyd’s has “a pivotal role to play” in restoring investor confidence in the ILS class via its London Bridge 2 platform.

In the current hard reinsurance market, the multi-year nature of insurance-linked securities (ILS) such as catastrophe bonds is likely to drive increasing interest from sponsors in Japan, Aon Securities has said.

Global reinsurance giant Munich Re is returning to the catastrophe bond market to sponsor its first issuance since 2016, seeking $100 million or more in US named storm retrocession with a Queen Street 2023 Re dac transaction.

The Chief Executive Officers (CEOs) of both SageSure and SafePort Insurance Company have highlighted strong insurance-linked securities (ILS) investor support for the recently completed Gateway Re II Ltd. (Series 2023-1) catastrophe bond, which provides SafePort and SafeChoice Insurance Company with $125 million of capital markets-backed named storm reinsurance protection.

Heritage Insurance Holdings, Inc. is looking to expand its new catastrophe bond, with the target for the Citrus Re Ltd. (Series 2023-1)  deal now lifted to as much as $235 million.

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market with a dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, seeking collateralized reinsurance for both its Coastal and Personal Lines Accounts for the upcoming wind season only.

USAA, the primary military mutual insurance company, could double the targeted size of its 40th catastrophe bond under the Residential Re name, now seeking up to $400 million in multi-peril reinsurance protection from the Residential Reinsurance 2023 Limited (Series 2023-1) issuance.

Following a number of challenging years for insurance-linked securities (ILS) managers, current market conditions now look more positive, which has led White Mountains CEO Manning Rountree to explain of the ILS manager it has an ownership stake in, Elementum Advisors, that “tailwinds” are now emerging.