All of our news and analysis on the retrocessional reinsurance marketplace.
Retrocession is effectively reinsurance for reinsurers, so a tertiary layer of risk transfer away from the original risk, if you consider primary, reinsurance and then retrocession.
As reinsurance is insurance for insurers, retrocessional, or retro, protection is reinsurance for reinsurers.
The retrocession reinsurance market has increasingly come to depend on the capital markets and insurance-linked securities (ILS).
As of mid-year 2022, global retrocession capacity has been estimated to be as high as $60bn, around $20bn of which is indemnity based and the rest in other formats.
The alternative capital markets and ILS funds, or investors, play a significant role in global retrocession, as too do instruments such as catastrophe bonds and industry-loss warranties (ILW).
White Mountains reported that the Outrigger Re collateralized reinsurance sidecar, which supports its P&C insurance and reinsurance subsidiary Ark, continued to deliver positive income through the first-quarter of 2026, as even without having made a fresh sidecar investment for this year, benefits still flow for the company.
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Global reinsurer SCOR has reported starting the year with higher net income and return on equity, while the company continues to prune in certain liability classes, but maintains its stance on price adequacy in property catastrophe risks by growing into what it acknowledges is a competitive marketplace.
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We are delighted to announce that registration is now open for our next catastrophe bond and insurance-linked securities (ILS) market conference, Artemis London 2026. We return to London on September 1st, for another full-day of in-depth discussion and debate about the ILS market, as well as valuable networking. Register to attend here.
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Insurance-linked securities investment strategies across catastrophe bonds and private ILS clearly demonstrated the valuable diversification the asset class can deliver in March 2026, with the ILS Advisers Fund Index rising 0.67% for the month.
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SCOR, the France-headquartered global reinsurance company, is back in the catastrophe bond market initially targeting $75 million of multi-peril fully-collateralized retrocession through sponsorship of an Atlas Capital DAC (Series 2026-1) issuance, Artemis has learned.
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Global reinsurance giant Swiss Re is back in the catastrophe bond market to sponsor its second issuance of the year, with an initial target to secure $250 million of US named storm per-occurrence based retrocessional protection through a Matterhorn Re Ltd. (Series 2026-2) transaction, Artemis can report.
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Ariel Re has now successfully priced its latest catastrophe bond, securing the targeted $125 million of US multi-peril retrocession through its London Bridge 2 PCC Limited (Titania Re 2026-1) issuance that is the reinsurers’ first to utilise the Lloyd’s insurance-linked securities structure, Artemis can report.
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Artex Capital Solutions, the insurance-linked securities market service provider and insurance management specialist has partnered with legacy and run-off reinsurance specialist Enstar to introduce structured exit options embedded within Artex’s ILS vehicles.
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Convex Group, the expansive global specialty insurance and reinsurance underwriter, has returned to the catastrophe bond market and has an initial target to secure $200 million or more in retrocession from its fourth catastrophe bond sponsorship, a Hypatia Ltd. (Series 2026-1) issuance, Artemis can report.
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While Hannover Re has expanded its range of insurance-linked securities services and facilitation, responding to market demand, the company sees collateralised fronting as the centrepiece of this capital market focused aspect of its global reinsurance operations, executives Silke Sehm and Patrick Horstmann told us in an interview.
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