Insurance linked securities news, ILS news

German domestic market insurance company Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts’ (VKB) has lifted the target size for its debut King Max Re DAC 2023 catastrophe bond issuance to provide it as much as €175 million of multi-peril reinsurance.

The California Earthquake Authority (CEA) increased the size of its overall risk transfer and reinsurance program up to November 1st, hitting that date with $9.26 billion in-force, as part of which the CEA’s catastrophe bonds had increased their share.

Issuance of Rule 144A property catastrophe bonds has now officially set a new annual record for 2023, as the total issued surpassed $12.6 billion with the settlement of the latest transactions today.

Howden Tiger, the reinsurance broker and risk capital advisory, has promoted two capital markets focused executives, Michael Forman and John Stamatis, who have been named Co-Heads of North America for Howden Tiger Capital Markets & Advisory (HTCMA).

Specialty insurance and reinsurance underwriter the Canopius Group has hired well-known insurance-linked securities (ILS) focused executive Brent Slade in Bermuda, who will become the firm’s new Head of ILS and have a remit to expand ILS activities for the Group, Artemis has learned.

American Family Mutual Insurance Company, or AmFam as it is abbreviated, is the latest company to lift the target size of a new catastrophe bond, with it now seeking $175 million in capital market backed multi-peril catastrophe reinsurance, from the Four Lakes Re Ltd. (Series 2023-1)  cat bond issuance.

For insurance-linked securities and reinsurance-linked investment manager Twelve Capital, while 2023 has been another year of above average global insured catastrophe losses, the managers ILS and catastrophe bond fund strategies have been largely insulated from impacts.

US primary property and casualty insurer The Hartford is back in the catastrophe bond market for the first time since 2011, seeking a new $200 million source of multi-peril catastrophe reinsurance through sponsorship of a Foundation Re IV Ltd. (Series 2023-1) cat bond issuance.

Private catastrophe bond issuance for 2023 has now reached $642 million, as a new issuance of privately placed insurance-linked securities (ILS) has been completed by the Eclipse Re vehicle, a nearly $100 million Eclipse Re Ltd. (Series 2023-9A) deal.

New technologies can serve as a bridge between the re/insurance industry and the world’s most vulnerable, and alongside the use of insurance-linked securities (ILS) and innovative solutions such as parametrics, can help to close the global protection gap, according to the Insurance Development Forum (IDF).