Insurance linked securities news, ILS news

Progressive, the US insurance group, has now secured the upsized target of $345 million of reinsurance protection from its new Bonanza Re Ltd. (Series 2024-1) catastrophe bond issuance, while the notes were priced at the bottom of lowered guidance in the case of all three tranches, we understand.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, is now looking to upsize its second natural catastrophe bond, with the London Bridge 2 PCC Limited (Fuchsia 2 – 2024-1) deal now targeted to provide $200 million of protection to the company.

Hamilton, the Bermuda based insurance and reinsurance holding company, has continued to earn positive performance fees from activities under its Ada Capital Management third-party capital platform and its Ada Re collateralized reinsurance and retrocession underwriting vehicle, in the third-quarter of this year.

TD Insurance, part of Canada’s TD Bank group, is seeking C$150 million in reinsurance from the capital markets through its debut MMIFS Re Ltd. (Series 2025-1) catastrophe bond deal, which would be the first natural cat bond to solely cover perils in that country, Artemis has learned.

Specialist investment manager Twelve Capital has highlighted another stunning year for the catastrophe bond market, pointing out that the Swiss Re cat bond Index has returned 40% in just two years, but also sharing a note of caution that further spread tightening is possible with investor demand elevated for the asset class.

According to reports, the US state of Colorado is exploring whether catastrophe bonds may be a suitable risk transfer mechanism to help it deal with growing wildfire related risks and address insurance affordability.

Pricing has tightened further for two of the tranches of notes being issued as part of Liberty Mutual’s new Mystic Re IV Ltd. (Series 2025-1) catastrophe bond, as the insurer looks set to be another to benefit from strong investor demand and strong cat bond execution in the primary market.

Here are the ten most popular news articles, week ending December 15th 2024, 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.

US insurance firm Progressive is targeting even more favourable price execution for its latest venture to the catastrophe bond market, with the spread guidance for its new $345 million Bonanza Re Ltd. (Series 2024-1) issuance having fallen further in the latest update, we understand.

The market should expect Swiss Re to continue building out its capabilities across insurance-linked securities (ILS) and alternative reinsurance capital, as the company is benefiting from their growth, while investors in Alternative Capital Partners (ACP) structures have been enjoying “very strong performance”, CFO John Dacey said today.