Insurance linked securities news, ILS news

Some $60.5 million of the Seaside Re private catastrophe bond transactions facilitated by global reinsurance firm Hannover Re have now been allowed to mature, reducing the amount outstanding with their maturity dates extended to $78.25 million and those remaining have had their maturity dates pushed further out to October.

Oxbridge Re Ltd., the Cayman Islands based reinsurance company, has announced the successful raising of $2.88 million for its sidecar structure through EpsilonCat Re tokenized reinsurance securities issued by its subsidiary SurancePlus Inc.

The World Bank is reportedly aiming to issue its first drought catastrophe bond over the next 12 – 18 months, which would most likely be focused on Africa, George Richardson, director of the capital markets and investment department at the World Bank Treasury, told Reuters.

Selling pressure in the secondary market for catastrophe bonds appears to have resulted in record levels of trading activity during the month of May, according to Florian Steiger, CEO of specialist cat bond investment fund manager Icosa Investments AG.

A new private catastrophe bond transaction has come to light, as Artemis has learned that Mangrove Risk Solutions Bermuda Ltd., the platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has issued a new $20 million Mangrove Risk Solutions Bermuda Ltd. (Series 2024-D) transaction.

We will be holding our next catastrophe bond and insurance-linked securities (ILS) market conference in London on Tuesday September 3rd, but the Super Early Bird rate for tickets to Artemis London 2024 will end later this week, so we urge you to register soon to secure the best price attendance.

Groupama has now secured its targeted €150 million of multi-year and fully-collateralized windstorm reinsurance protection from the new Quercus Re DAC 2024-1 catastrophe bond issuance, while the coverage has been secured at reduced pricing, as the notes priced at the lower end of initial guidance, Artemis has learned.

Depending on the outcome of the hurricane season and the occurrence of other catastrophes, investors in catastrophe bonds could be on-track to meet or even exceed target returns in 2024, with cat bond market yields still elevated and the fundamentals of the insurance-linked securities (ILS) market strong, analysis from Twelve Capital explains.

Artex, the captive, alternative risk transfer, insurance-linked securities (ILS) facilitation and capital solutions subsidiary of Gallagher, has announced the launch of its first Vermont protected cell company, named Artex Axcell PCC (Vermont), Inc.

Quota share reinsurance focused investment manager Tangency Capital Ltd. has had continued success in raising assets through the first-half and mid-year renewal season, adding $400 million in assets to reach now $1.8 billion in ILS AUM.