Insurance linked securities news, ILS news

Catastrophe bond new issuance continues apace in 2024 and has reached $12.1 billion including the latest deals to hit the market and settle today, which means the pace of issuance is now running 29% ahead of the prior year, according to the latest data from Artemis.

Having recently secured €100 million of reinsurance protection from its new Windmill III Re DAC (2024-1) catastrophe bond, reinsurer Achmea Re’s MD Ewoud Bom has pointed to the efficiency of the multi-issuance structure, as well as the strong investor reception it felt for what is its second 144A and fourth cat bond deal.

Signals that catastrophe bond market pricing has stabilised continue, as Everest Re has lifted the target size and lowered the pricing for its new catastrophe bond, with now up to $225 million in multi-peril per-occurrence retrocession sought from the Kilimanjaro II Re Ltd. (Series 2024-1) issuance, Artemis has learned.

Today we wanted to give you an idea of who can meet at our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre. Register to attend.

Florida’s Citizens Property Insurance Corporation now only has catastrophe bonds in-force that occupy layers of its newly-combined single account reinsurance tower, after the last Everglades Re cat bond that provided coverage solely for the old Personal Lines Account has been redeemed.

As anticipated, US primary insurer Allstate has reported a significant month of catastrophe losses for May 2024, with $1.4 billion announced pre-tax, some 58% up on the previous year.

Artex Risk Solutions, the captive, alternative risk transfer, insurance-linked securities (ILS) facilitation and capital solutions subsidiary of Gallagher, has hired Irish Aleria as a Vice President of Insurance Management, ILS.

The Healthcare of Ontario Pension Plan (HOOPP), a large Canadian institutional retirement fund, put additional capital into insurance-linked securities (ILS) in 2023, lifting its investments in the space above US $1 billion for the first time and growing them over 40% year-on-year.

With numerous forecasters predicting a very active hurricane season for the months ahead, the distribution of catastrophe bond fund returns over the year and the fact spreads remain elevated, means that now is a very good time to invest in the cat bond product, according to Plenum Investments, the Zurich-headquartered manager of insurance-linked securities (ILS) […]

R&Q Insurance Holdings Ltd. has this morning confirmed that it is filing for a provisional liquidation in Bermuda, raising questions over the future of its collateralised legacy sidecar vehicle Gibson Re.