reinsurance

Another first-time sponsor has entered the catastrophe bond market and it is the second farm bureau sponsor of recent weeks, with the Texas Farm Bureau Insurance Companies seeking a $200 million source of named storm reinsurance through a Fish Pond Re Ltd. (Series 2024-1) issuance.

AXA XL, the global specialty insurance and reinsurance unit of the AXA Group, has increased the target size for its new Galileo Re Ltd. (Series 2023-1) catastrophe bond issuance, with now up to $400 million in protection sought from the deal.

The Alternative Capital Partners (ACP) division of global reinsurance giant Swiss Re has seen continued success in fundraising in recent months, with third-party capital under management rising to $3.3 billion over the course of the third-quarter.

In a perhaps surprising turn of events, the opening hours of the COP28 climate talks today have seen a landmark agreement to operationalise and provide initial funding for the much-discussed loss and damage fund, that is designed to help the countries that are most vulnerable to the adverse effects of climate change.

Swiss-headquartered fintech Cerchia has continued to build momentum around its capital markets focused direct risk transfer platform, with a particularly notable cyber trade, that saw a cyber industry-loss warranty (ILW) transacted using a PCS Global Cyber industry-loss index trigger.

This video features the first keynote speech and Q&A of the day at our Artemis London 2023 catastrophe bond and insurance-linked securities (ILS) conference, that was held in London on September 5th 2023.

Reinsurance capital supply is set to outstrip demand at certain return periods, according to Howden Tiger’s Head of North America Reinsurance, Wade Gulbransen, who explained that, as a result, the broker is asking clients and markets to look at how frequency cat loss issues can be addressed.

Artemis has learned that the California Earthquake Authority (CEA) has upsized its coverage ambitions for its latest Ursa Re Ltd. (Series 2023-3)  catastrophe bond, with the target size now lifted to between $575 million and as much as $675 million of reinsurance protection.

Hamilton, the Bermuda based insurance and reinsurance holding company, is back in the catastrophe bond market with its second ever issuance, seeking $150 million or more in collateralized multi-peril retrocessional reinsurance from an Easton Re Ltd. (Series 2024-1) transaction.

Selective Insurance, the US property and casualty insurer, appears set to upsize its debut catastrophe bond issuance by at least 50%, with the target increased from $200 million to now up to $325 million in reinsurance being sought from the High Point Re Ltd. (Series 2023-1) deal.