Catastrophe bond news

Specialist insurance-linked securities (ILS) manager Twelve Capital has said that it believes two per-occurrence catastrophe bond structures are likely affected by the loss impact of the Los Angeles, California wildfires at this stage, while the impact of aggregate erosion for other cat bonds is still being assessed.

GeoVera Insurance Holdings, Ltd. has increased the targeted amount of earthquake reinsurance protection it seeks from capital market investors through its new Veraison Re Ltd. (Series 2025-1) catastrophe bond for a second time, with now up to $450 million of coverage being sought, Artemis understands.

RenaissanceRe, the Bermuda based reinsurance company and third-party capital manager, has reported raising almost $238 million in additional third-party capital from investors for some of its ILS structures in time for the 1/1 renewal season, while over the course of 2024 investors benefited from strong earnings from joint-ventures and ILS funds.

The Los Angeles, California wildfires have had a minimal effect on the Plenum CAT Bond UCITS Fund Indices, as the write-downs in value of exposed positions for the sector manifest largely in reduced gains being made, although resulting in a very slight decline for the Index representing the lower-risk cohort of catastrophe bond funds.

Insurance-linked securities (ILS) focused solution provider Jireh Risk Advisors Ltd. has announced a partnership with independent insurance manager Strategic Risk Solutions (SRS) in Bermuda, that will see the pair delivering ILS related services, including risk transformation through a newly launched SPI, Strata ILS Ltd.

Security First Insurance Company, a specialist Florida domestic homeowners insurer, is back in the catastrophe bond market for its sixth sponsorship, seeking $210 million in named storm reinsurance through a First Coast Re IV Ltd. (Series 2025-1) issuance.

Analysts at Fitch Ratings have said that any realised catastrophe bond losses from the Los Angeles wildfires are expected to be small, however these are not anticipated to impede cat bond market issuance.

Artemis has learned that GeoVera Insurance Holdings, Ltd. is now targeting as much as $400 million in earthquake reinsurance protection from capital market investors through its new Veraison Re Ltd. (Series 2025-1) catastrophe bond.

The insurance-linked securities (ILS) and reinsurance investments portfolio of Dutch pension PFZW, which is managed by pension investment firm PGGM, delivered a 15.1% return for full-year 2024, while in asset terms the allocation was a little down year-on-year but flat through the fourth-quarter.

Hannover Re has now secured its upsized target for $200 million of retrocession covering worldwide peak perils on an annual aggregate basis, from its new 3264 Re Ltd. (Series 2025-1) cat bond transaction, Artemis has learned.