Catastrophe bond news

We’re told that US primary insurer Allstate has for a second time increased the target size for its new Sanders Re II Ltd. (Series 2025-1) catastrophe bond issuance, with a further increase to one of the tranches of notes and the overall deal now targeting $750 million in collateralized catastrophe reinsurance for the company.

Pool Re, the UK government-backed mutual terrorism reinsurance facility, has returned to the catastrophe bond market as anticipated, seeking UK £100 million or more in protection from a second renewal of its landmark terror catastrophe bond, with a Baltic PCC Limited (Series 2025-1)  issuance.

Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, is aiming to purchase $2.94 billion of new traditional reinsurance and catastrophe bonds for the 2025 hurricane season, which would take its total risk transfer to $4.54 billion this year.

Jamaica’s holistic disaster risk financing (DRF) strategy provided enough access to funding following the impacts of Hurricane Beryl, according to Conor Meenan, Lead Risk Finance Adviser at the Centre for Disaster Protection, despite the World Bank facilitated $150 million parametric IBRD CAR Jamaica catastrophe bond not being triggered.

Catastrophe bond fund strategies in the UCITS format averaged another month of positive returns in February 2025, but the difference between lower-risk strategies that tended not to have as much exposure to the recent California wildfires and higher-risk funds that tended to be more exposed to the loss event, was clear.

Lockton Re, the reinsurance arm of the global independent broker, has announced the hiring of senior reinsurance executive and advocator for insurance-linked securities (ILS) in Latin America, Rodrigo Botti, as its new Treaty Country Head of Brazil.

Flood Re, the state-backed flood reinsurance pool in the United Kingdom, has now secured the targeted £140 million in fully-collateralized UK flood retrocessional reinsurance from its debut catastrophe bond, the London Bridge 2 PCC Limited (Vision 2039 – 2025-1) issuance, with the notes priced at the top-end of initial guidance.

Brit Limited, the specialty insurance and reinsurance player and part of the Fairfax group, has returned to the catastrophe bond market for the first time since 2020, seeking $100 million or more in protection from a Lapis Series 2025-1 arrangement that is being issued using the Lloyd’s ILS structure London Bridge 2 PCC, Artemis has […]

Having increased its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene, we’re told that FEMA has gone ahead with the partial repayment of principal and also extended the maturity dates for two of its FloodSmart Re catastrophe bond tranches.

The catastrophe bond market has seen very attractive execution on behalf of sponsors so far this year, with a number of factors driving this that have all resulted in abundant capital being available to settle new cat bond issuances, typically at larger sizes and lower pricing.