Private cat bond news

Artex Risk Solutions, the insurance and reinsurance management unit of broker Arthur J. Gallagher & Co., has continued its expansive ambitions and has acquired Quest Holdings (Gibraltar) Ltd., the largest insurance manager in Gibraltar, which of course is another domicile with ILS ambitions.

Artex Risk Solutions, an insurance and reinsurance management unit of broker Arthur J. Gallagher & Co., has renamed the private catastrophe bond, ILS and segregated accounts company it inherited through the acquisition of Kane, to Artex SAC Limited.

The new $85m private catastrophe bond, or cat bond lite, transaction Resilience Re Ltd. (Series 1642B), which was issued using the platform owned by broker Willis Towers Watson, does feature California earthquake risk sourced from the California Earthquake Authority (CEA).

An $85m private catastrophe bond, or cat bond lite, transaction has been issued using the platform owned by broker Willis Towers Watson, with the completion and listing of a Resilience Re Ltd. (Series 1642B) deal.

Independent insurance and reinsurance manager Kane has confirmed that its insurance-linked securities (ILS) and insurance management and administration business is to be sold to broker Arthur J. Gallagher & Co.’s insurance management unit Artex Risk Solutions.

According to an update from the Bermuda Stock Exchange (BSX) a $50.2m private catastrophe bond transaction issued through the Kane SAC Limited Note Program was redeemed early in January and has now been delisted from the exchange.

According to reports, which seem to confirm a rumour that has been doing the rounds of the ILS and reinsurance convergence space for some weeks, ILS and captive management firm Kane Group is set to be sold to Artex Risk Solutions.

Two of the LI Re private catastrophe bond deals, issued through reinsurance firm Hannover Re’s segregated accounts vehicle Kaith Re Ltd., have had their maturity dates extended, possibly signalling the potential for losses.

Private insurance-linked securities (ILS) transactions have flourished in recent times, underlined by the consistent growth of the collateralized reinsurance and cat bond lite sub-sectors, where investors can access higher yields, according to Twelve Capital.

This is our first in a series of articles featuring the thoughts of leading figures in insurance-linked securities (ILS) and reinsurance on the market as we move into 2016. The first piece features Rick Miller and Michael Popkin, Co-heads of Insurance Linked Securities at Jardine Lloyd Thompson Capital Markets.