Insurance linked securities news, ILS news

London’s efforts to develop a market for insurance-linked securities (ILS) has been “hampered by bureaucracy” according to a new report from the market-wide body that represents the London specialist commercial insurance and reinsurance sector.

Insurance giant Allstate’s top-end target for its latest catastrophe bond transaction has been lifted to as much as $200 million, while at the same time price guidance for the Sanders Re II Ltd. (Series 2020-2) cat bond deal has been lifted to the top-end of initial guidance.

Florida’s Citizens Property Insurance Corporation has now pulled the largest $200 million tranche of Coastal Account linked notes from its Everglades Re II Ltd. (Series 2020-1 & 2020-2) catastrophe bond issuance, leaving just a $100 million tranche being marketed.

This week the newest addition to our Artemis Live series of video interviews with leaders of the insurance-linked securities (ILS) and reinsurance markets features Cory Anger, Managing Director of GC Securities, the specialist ILS and capital markets unit of reinsurance broker Guy Carpenter.

Around six weeks into a joint collaboration to offer insurers and reinsurers a new collateralised whole-account reinsurance offering backed by insurance-linked securities (ILS), Hyperion X and Vario Partners LLP told us they are seeing significant interest.

Insurance-linked securities (ILS) fund managers and reinsurance companies managing third-party capital are likely to see continuing volatility in terms of investor inflows and outflows, as the broader implications of the Covid-19 pandemic continue to emerge.

The European Commission (EC) has launched a consultation on sustainable finance, as it plans to “ensure a sustainable and resilient economic recovery following the coronavirus outbreak.”

A new catastrophe bond sponsor is coming to market in the shape of Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, which has launched its first transaction, a $100 million Herbie Re Ltd. (Series 2020-1) multi-peril cat bond deal.

Lumen Re Ltd., the rated, Bermuda domiciled Class 3A reinsurance underwriting vehicle of LGT ILS Partners, has been called out for exhibiting “significant innovation, while its capital adequacy is cited as being “strongest” by rating agency A.M. Best.

Tropical storm Arthur, the first named storm of the 2020 Atlantic hurricane season, formed at the weekend off the coast of Florida as an early reminder of the months to come. Arthur remains a weak tropical storm and is expected to near the North Carolina coast but then curve out to sea.