reinsurance

The catastrophe bond and related insurance-linked securities (ILS) market saw $7.1 billion of new issuance in the second-quarter of 2023, becoming the biggest single quarter of issuance in the market’s history, Artemis’ latest quarterly report shows.

The pricing of recent industry index catastrophe bond issues have been at levels last seen prior to hurricane Ian, leading broker Aon to suggest “a quantifiable return to pre-Ian pricing dynamics” has occurred.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced a further US $4.7 million in funding from the European Union which will help to subsidise the parametric disaster insurance of its member countries through the 2023 policy year.

While conditions are attractive for insurance-linked securities (ILS) markets right now and as a result ILS fund returns have been impressive, James Vickers, Chairman International, Reinsurance, at Gallagher Re cautioned that managers must be careful not to raise too much new capital.

Securis Investment Partners, the London-headquartered insurance-linked securities (ILS) investment manager, has entered into a distribution agreement with Swiss private bank Union Bancaire Privée (UBP).

Reinsurance firms took the opportunity to deploy more capital at the mid-year renewals, while the ILS market is seeing increasing interest, as returns improved and investor appetite recovers, according to broker Gallagher Re’s CEO Tom Wakefield.

The insurance and reinsurance industry loss estimate for the Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February 2023 has been pegged at $5 billion by CRESTA, making it the largest international insured catastrophe loss event of 2023 so far.

Here are the ten most popular news articles, week ending July 2nd 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, saw its dedicated mutual insurance-linked securities (ILS) fund assets under management (AuM) remain relatively flat in the last quarter of record, but the manager started adding catastrophe bonds and sidecar investments to another alternatives fund.

With significant new issuance volumes seen of late, the catastrophe bond market is tracking towards a record year in 2023, Aon Securities has said.