Private cat bond news

Cincinnati Financial Corporation’s aggregated catastrophe and severe weather losses over the first-half of 2019 have been sufficiently severe to reach 74% of the way towards the trigger attachment point of its $180 million Skyline Re Ltd. (Series 2017-1) catastrophe bond.

Aon Securities, the investment banking and insurance-linked securities (ILS) arm of the insurance and reinsurance broking giant, has hired Michael Popkin and Rick Miller in New York, who both join the firm from JLT Capital Markets.

A third private catastrophe bond transaction issued through the Willis Towers Watson owned Resilience Re Ltd. insurance-linked securities (ILS) issuance platform now has its maturity date extended by a further year, likely to allow for development of potential losses.

Insurance and reinsurance broker Aon has further expanded the reach of the protected cell facilities it offers through Aon Insurance Managers under the White Rock Group branding, adding the District of Columbia, U.S. as a seventh domicile location for the vehicle.

A second private catastrophe bond that was issued by German reinsurance firm Hannover Re’s segregated accounts vehicle Kaith Re Ltd. has had its maturity extended.

Privately placed catastrophe bond transactions, also known as cat bond lites, have grown both in terms of size and utilisation since their introduction to the market back in 2011, with almost $2 billion of new risk capital issued over the last two years being privately placed.

The successful completion of the third private catastrophe bond transaction between AIG owned fund manager AlphaCat Managers, Ltd. and reinsurer Terra Brasis Resseguros S.A. demonstrates that ILS has become established in the Latin American region, the pair said. The two firms successfully completed the third issuance of the $5 million private catastrophe bond transaction recently, […]

There has been another successful renewal of the private catastrophe bond sponsored by Latin American reinsurance firm Terra Brasis Re, which is underwritten and invested in by AlphaCat Managers, with a $5 million Alpha Terra Validus III transaction issued for 2019.

Specialist insurance-linked securities (ILS) and reinsurance investments manager Twelve Capital has successfully completed issuance of $76.8 million of new private catastrophe bonds through its Dodeka series of transactions.

Hannover Re has continued its prolific level of private catastrophe bond activity around the reinsurance renewals with the completion and issuance of another two Seaside Re cat bond lites amounting to $40 million in the first week of January.