reinsurance

Colorado State University’s tropical meteorology team led by Phil Klotzbach have issued their first forecast for the 2024 Atlantic hurricane season, estimating that 23 named storms, 11 hurricanes and 5 major hurricanes will be seen, while landfall probabilities are also forecast to be elevated.

In a fresh analysis of the catastrophe bond market, consultancy Lane Financial LLC takes a look at loss expectations and concludes once again that actual cat bond losses are lower than the amount of principal losses risk modelling suggests should have occurred over the market’s history, as a result of which the market has outperformed.

Florida Peninsula Insurance Company has now finalised details for its debut and upsized $150 million named storm reinsurance catastrophe bond deal, Palm Re Ltd. (Series 2024-1), with the notes pricing at a level almost 11% below the mid-point of initial guidance.

Target allocation ranges have been adjusted for some of the investments that make up the giant insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client the Dutch pension PFZW.

The Government of Jamaica has returned to the catastrophe bond market as anticipated, with an initial target to secure at least $150 million in parametric named storm disaster insurance protection from the capital markets through this IBRD CAR Jamaica 2024 cat bond, to cover the country over four hurricane seasons.

American European Insurance Company is now aiming to reduce the pricing further for its first catastrophe bond deal, with the guidance on the $125 million of Charles River Re Ltd. (Series 2024-1) catastrophe bond notes lowered for a second time.

Ascot Group, the specialist global insurance and reinsurance underwriter owned by CPP Investments, the investment arm of the Canada Pension Plan, has announced the hiring of former Canopius executive Charles Craigs as its new Managing Principal overseeing the firm’s Third-Party Capital initiatives in Bermuda.

According to Aon Securities, the insurance-linked securities (ILS) and investment banking arm of Aon’s Reinsurance Solutions, the amount of alternative capital in the reinsurance industry ended 2023 at a new high of $108 billion, a figure the broker expects to grow as interest investor is growing across the range of ILS instruments.

The Government of Mexico has now secured the upsized target of $420 million of parametric disaster insurance protection against earthquakes and Atlantic hurricane through its new World Bank facilitated IBRD CAR Mexico 2024 catastrophe bond transaction, Artemis can report.

Risk modelling company Moody’s RMS has partnered with reinsurance brokerage firm Augment Risk to help serve clients looking to benefit from parametric reinsurance solutions, including large corporates with captives, Lloyd’s syndicates, and insurance-linked securities (ILS) funds.