Insurance linked securities news, ILS news

Taking into account the needs of insurance-linked securities (ILS) investors was a critical component of the work to get the industry’s first cyber catastrophe bond to market, and it was important to ensure the sponsor AXIS Capital’s coverage needs were also met, Kyle Freeman told Artemis in an interview.

Today, we are delighted to reveal the first wave of speakers confirmed for our next insurance-linked securities (ILS) conference. ILS NYC 2024 will be held in New York City on February 9th 2024, with around 400 attendees from the ILS community expected to come together for a day of thought-leadership, discussion and valuable networking.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, is aiming to significantly increase the size of its debut 144A cyber catastrophe bond issuance,  with the PoleStar Re Ltd. (Series 2024-1) now targeted to secure the company $130 million of cyber reinsurance, a 73% upsizing from the initial offering size.

Having returned to the catastrophe bond market last month, global insurance giant Allianz is still on track to secure at least €250 million in European windstorm reinsurance protection with its Blue Sky Re DAC (2023-1) cat bond issuance, while the price guidance has been narrowed towards the upper-end of the marketed range.

The recently completed issuance of a debut Taranis Reinsurance DAC 2023 catastrophe bond for Crédit Agricole subsidiary insurer Pacifica was part of a drive to add more diversification to its reinsurance program, the company said this morning.

Insurer Liberty Mutual has raised its target size for its new Mystic Re IV Ltd. (Series 2024-1) industry-loss triggered catastrophe bond, with now $300 million of reinsurance sought from the issuance.

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).