Retrocession news

Pool Re, the UK government-backed mutual terrorism reinsurance facility, continues to target UK £100 million in retrocessional protection from its third terrorism catastrophe bond, but we’re told the price guidance for the new Baltic PCC Limited (Series 2025-1)  issuance has now been updated towards the upper-end.

With all the insurance-linked securities (ILS) funds tracked by the ILS Advisers Fund Index now having reported their returns for January 2025, it’s become clear that there was a significant performance gap for the month due to the California wildfire losses.

AXIS Capital, the global specialty insurance and reinsurance underwriter, has now successfully priced its latest catastrophe bond issuance, securing the 33% upsized $200 million in North American named storm and earthquake protection from the Northshore Re II Ltd. (Series 2025-1) issuance, Artemis has learned.

HP Reinsurance SPC Ltd. (HP Re), a Cayman Islands based reinsurer, and Hale Partnership Capital Advisors has announced the hiring of Matt Walters as Chief Operating Officer (COO) of HP Re, as the firm continues to expand in both the reinsurance and retrocession markets.

Sven Althoff, Member of the Executive Board for Property & Casualty (P&C) of large European reinsurer Hannover Re said this morning that catastrophe bonds have been the main area of expansion for the company within the insurance-linked securities (ILS) space, noting that it is a “nicely growing part” of the firm’s business.

Fidelis is set to benefit from a roughly $98 million additional retrocessional reinsurance recovery from its aggregate industry-index trigger Herbie Re Ltd. (Series 2021-1) catastrophe bond, as losses from the California wildfires, added to those from hurricanes Helene and Milton earlier in the risk period, have eaten into the remaining principal of these notes.

AXIS Capital, the global specialty insurance and reinsurance underwriter, has now upsized its target for its latest catastrophe bond, increasing it to now seek $200 million in North American named storm and earthquake protection from the Northshore Re II Ltd. (Series 2025-1) issuance, Artemis has learned.

Pool Re, the UK government-backed mutual terrorism reinsurance facility, has returned to the catastrophe bond market as anticipated, seeking UK £100 million or more in protection from a second renewal of its landmark terror catastrophe bond, with a Baltic PCC Limited (Series 2025-1)  issuance.

Paul Gregory, Chief Underwriting Officer (CUO) of insurance and reinsurance firm Lancashire Holdings Limited, has revealed that the company wrote a smaller retro book at the January 1st 2025 reinsurance renewals, which according to the CUO, resulted in a marginally better outcome for the organisation.

Speaking during Hiscox’s full-year 2024 earnings call, Joanne Musselle, Group Chief Underwriting Officer (CUO), said the company made significant savings on its retrocession placement at the 1/1 renewals, then allocated some of those savings to support its recent $200 million Ocelot Re Ltd. (Series 2025-1) catastrophe bond.