Private cat bond news

The latest private catastrophe bond issued through insurance, reinsurance and capital markets broker and advisory Willis Towers Watson’s platform has now completed, in the form of a $173 million Resilience Re Ltd. (Series 1741A) zero coupon transaction.

Catastrophe losses suffered by primary insurer The Cincinnati Insurance Companies (Cincinnati) during the first-quarter of 2017 have now reached approximately $106 million (pretax), according to the insurer, which will have eroded some of the buffering layers and retention beneath its $180 million Skyline Re Ltd. (Series 2017-1) private cat bond.

The Cincinnati Insurance Companies has significantly increased the size of its catastrophe bond and collateralised reinsurance protection with the successful issuance of a privately placed $180 million Skyline Re Ltd. (Series 2017-1) issuance with the help of Jardine Lloyd Thompson Capital Markets (JLTCM).

Another private catastrophe bond has been issued through the platform owned by insurance, reinsurance and capital markets broker and advisory Willis Towers Watson, a $63 million Resilience Re Ltd. (Series 1711A) transaction.

The $5 million Alpha Terra Validus I private catastrophe bond transaction, completed recently by AlphaCat Managers Ltd. the third-party reinsurance capital unit of Validus, features Latin American risks from cedent Terra Brasis Resseguros S.A. (Terra Brasis Re).

AlphaCat Managers, the insurance and reinsurance linked investment unit of Validus Group has completed a $5 million Alpha Terra Validus I private catastrophe bond transaction, which we understand is designed to source risk in securitised form for one of its mandates.

Aon Insurance Managers appears to be readying a new private catastrophe bond and private ILS vehicle in Bermuda, with the listing of an ILS program through its White Rock segregated account transformer vehicle.

A new private catastrophe bond, or cat bond lite, issuance has been completed and listed in Bermuda using the Artex SAC Limited Note Program II, in the form of $50.227 million of Artex SAC Limited – Series DX Notes.

Twelve Capital, the Zurich headquartered specialist insurance and reinsurance linked investment and ILS fund manager, has completed a $19.5 million Dodeka XI private catastrophe bond issuance, its thirteenth cat bond lite transaction to date.

A new $86.5 million Seaside Re (Series 2017-1) private catastrophe bond, or cat bond lite, transaction, has been issued by German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd.