Insurance linked securities news, ILS news

The US weather service NOAA and the UK’s Met Office have both issued forecasts that join others in suggesting the 2024 Atlantic hurricane season will be a very active one, with each opting for storm numbers well above the average and NOAA saying it looks likely to be an “extraordinary” year.

Despite the slowdown in the collateralised reinsurance marketplace in recent years, global reinsurer Hannover Re continues to place more limit on behalf of investor and ILS fund partners, growing this segment of its business again in full-year 2023.

Private investment firm Gallatin Point Capital LLC is persisting with a $150 million target for Florida hurricane protection from its debut Marlon Ltd. (Series 2024-1) catastrophe bond issuance, but the pricing has been raised for both of the tranches of notes on offer, Artemis has learned.

With catastrophe reinsurance pricing expected to be largely flat to slightly down at the upcoming June 1st reinsurance renewals and little change expected to terms and attachments, analysts from KBW said the industry can expect “slightly less-excellent” returns ahead, implying still-strong expected underwriting profitability.

Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has made two key hires, bringing former Horseshoe and Artex expertise back together, with Yulanda Francis and Shehan Ranasinghe joining the firm.

Artemis has learned that French reinsurance company SCOR has adjusted some terms of its new Atlas Capital DAC (Series 2024-1) catastrophe bond issuance, as the company has reduced the risk somewhat in an effort to manage pricing, while also lifting the target size to $175 million.

Issuance of new catastrophe bonds and related insurance-linked securities (ILS) has already reached $10.9 billion in 2024 and has now broken the record for the first-half, while the amount of cat bond and related ILS risk capital outstanding has reached another new high as the market continues to grow.

Slide Insurance Company, the full-stack property insurtech company founded by Bruce Lucas in Florida, has successfully placed a $1.86 billion catastrophe reinsurance tower for 2024, of which some $410 million in collateralized reinsurance for the higher layers comes from the cat bond market, sourced by its three Purple Re issues.

The staff of the Texas Windstorm Insurance Association (TWIA) is set to recommend lawmakers consider a variety of ways to reduce its reinsurance purchases going forwards, primarily by amending the rules to allow other areas of statutory funding to be increased.

We are delighted to announce four more expert speakers who will join us and share their insights with attendees 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.