industry loss trigger

With global political instability spelling a rise in Strike, Riot, and Civil Commotion (SRCC) events, PCS (a division of Verisk) has highlighted the urgent need for a robust risk assessment and transfer tool or, SRCC index.

We’re told by sources that global reinsurance player Ariel Re has opted to pull its latest catastrophe bond issuance as a response to the dynamic and higher cat bond market pricing environment, so the Titania Re Ltd. (Series 2024-1) transaction will not now be issued.

Global reinsurance firm Ariel Re is back in the catastrophe bond market for a fourth issuance in the Titania Re series of deals, targeting $100 million or more in multi-peril industry-loss triggered retrocession, through this Titania Re Ltd. (Series 2024-1) transaction.

Nephila Capital, the insurance-linked securities (ILS) investment manager owned by Markel, has now successfully secured $90 million in aggregate industry-loss index based retrocessional reinsurance for its flagship Lloyd’s syndicate 2357, through its Atela Re Ltd. (Series 2024-1) catastrophe bond issuance.

Artemis understands that the price guidance has been updated at elevated levels for both tranches of the Atela Re Ltd. (Series 2024-1) catastrophe bond that is being sponsored by Nephila Capital to provide retrocession for its flagship Lloyd’s syndicate 2357.

Spreads for industry-loss index trigger catastrophe bond instruments have declined or tightened so much in recent months that indemnity cat bonds now look relatively more attractive for the first time, which necessitates a rethink about how cat bond portfolios are constructed, according to Florian Steiger, of Icosa Investments.

Nephila Capital, the insurance-linked securities (ILS) investment manager owned by Markel, is in the catastrophe bond market seeking $100 million or more in aggregate industry-loss index based retro reinsurance for its flagship Lloyd’s syndicate 2357, through an Atela Re Ltd. (Series 2024-1) cat bond issuance.

According to Artemis’ sources, activity in the industry-loss warranty (ILW) market has increased in the last few weeks, as reinsurance and insurance-linked securities (ILS) markets prepare for what is anticipated to be an active 2024 Atlantic hurricane season.

PCS, a unit of Verisk, has announced an expansion of its insurance industry loss index for terrorism risks, with SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) now being added to the PCS Global Terror Index.

According to the CFO of specialty re/insurer AXIS Capital, the company decided not to renew a catastrophe bond this year and he said he feels better as a result, as doing so removed some of the basis risk from AXIS’ reinsurance arrangements.