Catastrophe bond news

The target size for the second renewal of the parametric catastrophe bond that provides earthquake related workers compensation protection to benefit the Kaiser Permanente health group has been increased, with the Acorn Re Ltd. (Series 2021-1) transaction now expected to secure $475 million of capital market-backed capacity for the covered parties.

With the world attempting to speed a transition to lower carbon economies and the key Conference of Parties (COP 26) beginning at the end of this month, it was interesting to hear Maria Rapin, CEO of Nephila Climate explain that a key focus for the company is now on product development.

According to our sources, an early estimate of the National Flood Insurance Program’s (NFIP) losses from hurricane Ida suggests that its reinsurance program and catastrophe bonds are less likely to face any impact from the catastrophic event.

During the third-quarter of 2021, global asset manager GAM Investments benefited from continued inflows to its flagship catastrophe bond fund strategy, which is managed by insurance-linked securities (ILS) specialist Fermat Capital Management.

As much as $1.5 trillion of pension fund and private capital could be unlocked to cover climate related risks and perils according to broking group Howden, which is calling on the risk transfer industry to  “change insurance for (social) good.”

Elementum Advisors, LLC, the insurance-linked securities (ILS) fund management and collateralised reinsurance underwriter, has announced the hiring of former Hudson Structured Capital Management (HSCM) employee Jacqueline Muschett to the role of Managing Director, Head of Actuarial & Valuations.

The New Zealand Superannuation Fund (NZ Super Fund), one of the government pension investment providers, has added to its insurance and reinsurance linked investments again in the last year, with a doubling of its allocation to investment manager Elementum Advisors, seemingly all in catastrophe bonds.

Electrical utility Sempra Energy looks set to secure its third slice of catastrophe bond backed wildfire insurance protection at the minimum targeted issuance size of $180 million, while pricing for its new SD Re Ltd. (Series 2021-1) transaction is on-track to settle at the mid-point of guidance.

Here are the ten most popular news articles, week ending October 17th 2021, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Florida’s homeowners insurance market is experiencing “unsutainable” conditions and the consistency of loss across the marketplace is seen as “staggering”, according to the CEO of Florida’s Citizens Property Insurance Corporation Barry Gilway.