Cat bond news

Inigo, the London headquartered specialty insurance and reinsurance underwriter with a Lloyd’s syndicate, has returned to the catastrophe bond market for its second issuance, seeking $100 million or more in aggregate retro reinsurance protection from this Montoya Re Ltd. (Series 2022-2) deal.

Reinsurance giant Swiss Re has appointed long-standing insurance-linked securities (ILS) focused senior executive Jean-Louis Monnier as the CEO of its US broker-dealer arm, Swiss Re Capital Markets Corporation.

Florida’s property insurer of last resort Citizens Property Insurance Corporation has provided a modelled estimate of its ultimate losses from recent hurricane Nicole, pegging the total at just $62.5 million.

The seventh session at our Artemis London 2022 conference featured a panel of experts speaking about the future evolution of the catastrophe bond, potential niche use-cases for the cat bond structure, and more generally how catastrophe bond and insurance-linked securities (ILS) activity can expand its remit.

Build America Mutual Assurance Company, the financial guarantee and municipal bond specialist, has returned to the insurance-linked securities (ILS) market and secured another $150 million of collateralized reinsurance through a new Fidus Re Ltd. (Series 2022-1) securitization and note issuance.

Florida’s property insurer of last resort Citizens Property Insurance Corporation has significantly increased its loss estimate for hurricane Ian, raising it to $3.8 billion, a level at which some private market reinsurance capacity will likely come into play, but leading it to believe its catastrophe bonds won’t be triggered.

The secondary market for catastrophe bonds has again demonstrated that timing can be everything when it comes to trading in liquid markets, or conversely that some investors may get proven to have been prescient with their trade selections, when it comes to catastrophe bond market losses from hurricane Ian.

At the COP27 climate change conference in Egypt yesterday the Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) officially launched the Global Shield against Climate Risks, while the World Bank officially launched its Global Shield Financing Facility.

Catastrophe bond funds, as measured by the Plenum CAT Bond UCITS Fund Indices, have gained further ground in the last week of reported data, jumping more than one percent on average at the last available calculation point of November 4th.

Senior, long-standing Japan-based Aon Securities executive Shinji Yamamoto has departed the company to launch his own venture, in the form of KEYSTONE ILS Capital, a boutique consultancy focused on catalysing more active use of insurance-linked securities (ILS) in Japan.