Insurance linked securities news, ILS news

The SureChoice and Elevate reciprocal exchanges, that are linked to expansive coastal MGU SageSure, are back for what will be their third catastrophe bond of the year, seeking another up to $100 million in named storm reinsurance from a Gateway Re Ltd. (Series 2024-3) cat bond issuance.

Beazley has successfully sponsored a second 144A cyber catastrophe bond, securing a further $160 million in cyber reinsurance from a PoleStar Re Ltd. (Series 2024-2) issuance, which takes its total cyber cat bond cover to $300 million, Artemis has learned.

Appleby, the specialist global law firm and fiduciary services provider, has announced the hiring of Cathryn Minors, a lawyer with experience across insurance-linked securities (ILS), insurance and reinsurance in offshore domiciles, as a new Counsel in its Bermuda office.

US primary insurer Allstate has begun the new annual aggregate loss year for its catastrophe bonds with a costly $494 million of pre-tax catastrophe losses reported, as severe weather and tornadoes impacted the company.

SafePoint Insurance Company is back in the catastrophe bond market seeking $75 million or more in reinsurance from a Nature Coast Re Ltd. (Series 2024-1)  cat bond issuance, that is designed to provide broader coverage across more coastal US states and this is the first cat bond we’ve ever seen the Acrisure Re name appear […]

The catastrophe bond market has seen plenty of “well-informed” capital which has helped to drive volumes this year, while rates in the cat bond market are now a little less “frothy” than they had been at times over the last year or so, Swiss Re’s CFO John Dacey said this morning.

Palomar Insurance Holdings now looks set to secure its largest catastrophe bond ever, as the Torrey Pines Re Ltd. (Series 2024-1) issuance is likely to secure the company $415 million in California earthquake reinsurance from the capital markets, Artemis has learned.

Third-party investor capital under management in reinsurance joint-ventures and insurance-linked securities (ILS) funds managed by RenaissanceRe’s Capital Partners division has now eclipsed the $7 billion mark, to reach $7.17 billion at the end of the first-quarter, while the managers cat bond fund surpassed $2 billion for the first time.

Citizens Property Insurance Corporation, the property insurer of last resort for the state of Florida, has now finalised its new catastrophe bond, in the end securing $1.1 billion of reinsurance from the Everglades Re II Ltd. (Series 2024-1) deal, so the size fell slightly short of its upper-target, Artemis has learned.

Twelve Capital, the Zurich-headquartered catastrophe bond, insurance-linked securities (ILS) and reinsurance linked investment fund manager, announced this morning that the firm’s management have bought a 30% equity stake in the business back from strategic partner Swiss cantonal bank, Graubündner Kantonalbank.