Private cat bond news

We can now report that it was Toa Re Europe, the Switzerland-based European reinsurance arm of Japanese group Toa Reinsurance Company Ltd., that sponsored the recent $25 million Artex SAC Limited – Silver Crane Notes private catastrophe bond transaction, as it looks to expand its relationships with ILS investor markets.

For the first time on-record, annual issuance of privately placed catastrophe bond transactions has surpassed $1 billion in 2021, as these more streamlined insurance-linked securities (ILS) arrangements continued to play an important role for some protection buyers, ILS funds and investors.

German reinsurance company Hannover Re has facilitated issuance of two new private catastrophe bond transactions, a $15 million California quake focused LI Re (Series 2022-1) and $24 million Seaside Re (Series 2022-1) covering unknown U.S. property catastrophe risks.

The Artex Risk Solutions owned segregated account reinsurance transformer platform, Artex SAC Limited, has completed issuance of a new private catastrophe bond, with a $25 million Artex SAC Limited – Silver Crane Notes transaction coming to market.

The market for catastrophe bonds and related insurance-linked securities (ILS) saw records broken once again in 2021, as annual issuance surpassed the previous high set a year ago and reached $14 billion across pure property cat bonds, other line of business cat bonds and private deals, according to Artemis’ data.

Arthur J. Gallagher (AJG) has taken ownership of another private catastrophe bond issuance platform and insurance-linked securities (ILS) transformer vehicle, with the previously Willis Towers Watson owned Resilience Re Ltd. passing across to the company as part of its recently completed acquisition of Willis Re’s treaty reinsurance operations.

Eclipse Re Ltd., the Horseshoe managed private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform, has issued four more private cat bond series of notes, together totalling $277 million, which now take private cat bond issuance above $1 billion so far in 2021.

Sources have told us that the recently issued $21.5 million Isosceles Insurance Ltd. (Series 2021-H) private catastrophe bond transaction provides reinsurance coverage for a motor insurance portfolio.

Eclipse Re Ltd., the Horseshoe managed private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform, has issued four new tranches of cat bond notes, totalling roughly $45.2 million, with the four tranches potentially part of the same reinsurance or retrocession program arrangements.

Isosceles Insurance Ltd., the private insurance-linked securities (ILS) and catastrophe bond issuance platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has completed another transaction, with a $21.5 million Isosceles Insurance Ltd. (Series 2021-H) issued.