Insurance linked securities news, ILS news

Catastrophe bond funds in the UCITS format experienced significant growth in assets under management in the final quarter of 2023, growing by 10.5% that period, to end the year with almost $11 billion of assets across this group of cat bond funds.

Tower Hill Insurance Exchange, a Florida homeowners and commercial property insurance underwriter, has entered the catastrophe bond market with its debut transaction, seeking $200 million or more in Florida named storm reinsurance from this Winston Re Ltd. (Series 2024-1) issuance.

The City National Rochdale Select Strategies Fund, a US mutual insurance-linked securities (ILS) fund focused on investments into industry-loss warranties (ILW’s) and industry-index trigger catastrophe bonds, has continued to grow, to reach almost $218 million as of October 31st 2023.

Having begun reporting reinsurance recoveries from some of its Kilimanjaro Re catastrophe bonds, triggered by industry losses from hurricane Ian, global re/insurer Everest has now extended the maturity of one of the exposed layers of notes, to ensure the coverage remains available in case of any continued development.

Twelve Capital, the Zurich headquartered insurance-linked securities (ILS) and reinsurance investment manager, is forecasting “a longer-lasting heightened pricing environment”, or so-called hard insurance market cycle, with discipline one factor that can help sustain this.

US primary insurer Allstate is now seeking to upsize its latest catastrophe bond, with the target for the Sanders Re III Ltd. (Series 2024-1) issuance rising from the initial $200 million, to now a goal of securing between $300 million and $350 million in reinsurance from the capital markets with this deal.

The threat of loss to investors in mortality catastrophe bonds has increased in recent weeks, with Swiss Re’s Vita Capital VI deal marked down for a near total loss and one of the Matterhorn Re cat bonds sponsored by the reinsurer has seen its maturity extended, as mortality estimates have risen again, Artemis has learned.

GeoVera Insurance Holdings, Ltd., a specialty earthquake-focused residential property insurance company, is back in the catastrophe bond market for the second time, seeking $100 million or more in US earthquake reinsurance via a Veraison Re Ltd. (Series 2024-1) cat bond issuance.

Targeting an expansion of its insurance-linked securities (ILS) and alternative reinsurance capital activities, reinsurance broker Gallagher Re has announced the launch of a Paris based entity named Gallagher Securities Europe SAS, to grow activities in the region.

The Ambassador mutual catastrophe bond fund strategy has continued to grow in the latest quarter of record, adding close to $30 million in assets in the period to October 31st 2023, to reach $127.7 million in net assets under management.