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).
Market conditions remained generally favourable for buyers of non-marine retrocession at the July renewals, according to reinsurance broker Gallagher Re, who highlights in its latest 1st View report, that catastrophe rates fell by up to 20% for loss free accounts.
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Hannover Re has now successfully priced its latest catastrophe bond sponsorship, securing a 60% upsized $200 million of additional North American peak peril retrocessional reinsurance from the new 3264 Re Ltd. (Series 2026-1) issuance, with both tranches of notes pricing below guidance, Artemis understands.
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In the current softening market environment where reinsurance capital is abundantly available, primary carriers are benefiting from a greater diversity of protection options, across traditional reinsurance, insurance-linked securities and a growing availability of aggregate covers, rating agency KBRA has explained.
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Today we have added four more expert speakers to the Artemis London 2026 website, our next catastrophe bond and insurance-linked securities (ILS) market conference. Join us in London on September 1st for a full-day of in-depth discussion about the ILS market and valuable networking, register to attend the conference here.
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Swiss Re has now priced its latest catastrophe bond sponsorship, securing the upsized target of $345 million of broad North American peak peril retrocessional protection through its new Matterhorn Re Ltd. (Series 2026-3) issuance, while the notes all priced at the lowest-ends of twice reduced guidance, Artemis has learned.
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We reported last month that AXA XL had secured $67.5 million of retrocessional protection from a new Galileo Re Ltd. (Series 2026-1) catastrophe bond issuance. We’ve now learned this deal was particularly innovative and set some new market firsts, including becoming the first US terrorism cat bond ever.
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Insurance-linked securities investment fund strategies, across catastrophe bonds and private ILS, delivered another positive month of performance in May 2026, averaging a return of 0.43%, according to the ILS Advisers Fund Index
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Leadenhall Capital Partners LLP, the specialist insurance-linked securities investment manager, has now secured an upsized $75 million of US named storm and earthquake protection for rated reinsurance platform Nectaris Re, as the firm’s debut Arthur Re Ltd. – Tranquil Re 2026-1 catastrophe bond has now been priced at the low-end of initial guidance, Artemis can […]
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The recently settled $75 million Arthur Re Ltd. – Woody Re 2026-1 catastrophe bond represents an “important step” for The Fidelis Partnership in building out reinsurance capacity to support its Syndicate 3123 at Lloyd’s as it grows, according to David Woods, Head of Portfolio & Exposure and Ireland Chief Executive Officer.
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Swiss Re is now aiming to secure as much as an upsized $345 million of broad North American peak peril retrocessional protection through its new Matterhorn Re Ltd. (Series 2026-3) catastrophe bond offering, while the price guidance for the notes has now been lowered twice, Artemis can report.
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