Insurance linked securities news, ILS news

Hiscox CFO Paul Cooper said today there remains “healthy interest” in catastrophe bonds at higher layers of the reinsurance tower, but also noted that the effect of the California wildfires could weigh on ILS fund performance fee income in both the organisation’s H1’25 and FY’25 results.

US primary insurer Allstate has lifted the top of its main occurrence Nationwide Excess Catastrophe Reinsurance Program to a new high of $9.5 billion at its recent renewal, with catastrophe bond coverage a growing component, while its retention has also increased to now $1 billion across the tower.

We’ve learnt that insurer USAA is aiming to upsize its latest catastrophe bond to provide as much as $425 million of annual aggregate reinsurance protection, an increase from the initial $400 million target, for this new Residential Reinsurance 2025 Limited (Series 2025-1) deal.

New York domiciled US Coastal Insurance Company and Florida domiciled US Coastal Property & Casualty Insurance Company, have an upsized target for their first 144A catastrophe bond, increasing it to now seek $330 million of named storm reinsurance coverage from the Chartwell Re Ltd. (Series 2025-1) issuance, Artemis has learned.

The Massachusetts Property Insurance Underwriting Association (MPIUA) is back in the catastrophe bond market with an initial target to secure $150 million or more in multi-peril reinsurance protection from the capital markets through a new Mayflower Re Ltd. (Series 2025-1) issuance, Artemis has learned.

Italian and global insurance giant Assicurazioni Generali S.p.A. is looking to renew its soon to mature green catastrophe bond with a new EUR 200 million Lion Re DAC transaction now in the market, that targets European windstorm and Italy earthquake reinsurance for the company, Artemis can report.

Hannover Re is back in the catastrophe bond market with an initial target to secure $100 million or more in retrocession covering US and North American peak perils on an industry-loss basis, from a 3264 Re Ltd. (Series 2025-2) transaction that is now in the market and being offered to investors, Artemis can report.

Hiscox Group has reported that assets under management (AUM) at Hiscox ILS, the dedicated insurance-linked securities (ILS) management arm of the global re/insurer, dipped by $100 million to $1.3 billion in the first-quarter on the effects of the California wildfires.

Florida’s Citizens Property Insurance Corporation is now targeting what could become the largest catastrophe bond issuance ever, as its target has lifted to between $1.4 billion and $1.525 billion of reinsurance from the new Everglades Re II Ltd. (Series 2025-1) issuance, Artemis has learned.

Fund management revenues earned through the activities of its insurance-linked securities (ILS) investment management business Nephila Capital rose 33% for owner Markel in the first-quarter of 2025, with the company reporting they reached the highest level in at least three years for the period, at $25.5 million.