Cat bond news

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.

The relatively short time taken for catastrophe bond investments to recover after loss events and crises affecting global markets has been impressive throughout the sector’s history, with cat bonds exhibiting a tendency to recover from draw-downs much faster than other asset classes.

Palomar Insurance Holdings is back in the catastrophe bond market for its fourth issuance, seeking $150 million or more in US earthquake reinsurance from the capital markets with this Torrey Pines Re Ltd. (Series 2023-1) issuance.

Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, is back in the catastrophe bond market, seeking $150 million of named storm reinsurance through a Bayou Re Ltd. (Series 2023-1) deal.

Catastrophe bond, insurance-linked securities (ILS) and reinsurance investment manager Twelve Capital has grown its asset base through the first-quarter of 2023, reaching a new level of $4.2 billion of firm-wide assets under management.

A new paper from the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) highlights the potential for increased use of catastrophe bonds to support the overall supply of catastrophe insurance across the European Union (EU), as climate change threatens to widen the protection gap. According to the joint discussion paper, […]

For a few weeks now we’ve been hearing rumours and receiving messages from contacts related to the fact the European Securities & Markets Authority (ESMA), a financial regulator, had restarted an exploration of catastrophe bonds and whether they should be an eligible asset for UCITS investment funds.