Catastrophe bond news

It’s that time of year when the secondary trading market for catastrophe bonds tends to see volumes rise in short-dated names, as insurance-linked securities (ILS) fund managers and investors look to offload cat bonds that are maturing soon to free up capital for reinvestment.

As of December 1st 2016 the California Earthquake Authority (CEA) has grown the size of its reinsurance program to $5.4 billion, an increase of 20% since April 2016 when the program was $4.5 billion in size, and with catastrophe bonds now contributing over 21% of its risk transfer.

Simon Kirby, Economic Secretary to the Treasury (City Minister) at HM Treasury, has stressed that the UK government’s proposed insurance-linked securities (ILS) regulations can help the London insurance and reinsurance market maintain its competitive edge.

Bermuda headquartered reinsurance group RenaissanceRe Holdings Ltd. has announced a number of senior executive changes, one of which will see the companies Ventures unit President Aditya Dutt also taking on the role of RenRe Treasurer.

Nicaragua has benefited from a $1.1 million parametric insurance policy payout from the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) after hurricane Otto triggered a payout to its tropical cyclone insurance coverage.

United Insurance Holdings has added new protection in the form of a quota share reinsurance program effective December 1st 2016 and renewed its aggregate excess of loss catastrophe reinsurance coverage effective January 1st 2017.

European insurance giant Assicurazioni Generali is set to upsize its innovative motor third-party liability ILS deal Horse Capital I DAC, as the targeted transaction size has risen from €180m at launch to a new target of between €210m to €240m (US$255m).

Tokio Solution Management Ltd., the collateralised reinsurance, insurance-linked securities (ILS) and third-party capital arm of reinsurer Tokio Millennium Re, has re-arranged its senior leadership and announced the departure of Co-CEO Susan Lane.

Amundi, the largest European asset manager in terms of AuM, has acquired Pioneer Investments, a global asset manager with a strong focus on insurance-linked securities (ILS) and over $1.65 billion invested in insurance and reinsurance linked assets.

Here are the ten most popular news articles, week ending 11th December 2016, 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.