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).
Hannover Re, the German global reinsurance company, has now successfully upsized its latest retro catastrophe bond, securing $140 million of retrocessional cover from the 3264 Re Ltd. (Series 2024-1) issuance.
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Everest Re has has now settled for $200 million in multi-peril per-occurrence retrocessional reinsurance from its new Kilimanjaro II Re Ltd. (Series 2024-1) catastrophe bond, securing that coverage at reduced pricing as the spreads settled well-below guidance, Artemis has learned.
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This video features the final insurance-linked securities (ILS) expert panel of the day at our Artemis ILS NYC 2024 conference, which was held in New York on February 9th 2024.
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Hannover Re, the German global reinsurance company, is now aiming to upsize its latest retro catastrophe bond, lifting the target for the 3264 Re Ltd. (Series 2024-1) issuance to as much as $140 million, this publication has learned.
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Signals that catastrophe bond market pricing has stabilised continue, as Everest Re has lifted the target size and lowered the pricing for its new catastrophe bond, with now up to $225 million in multi-peril per-occurrence retrocession sought from the Kilimanjaro II Re Ltd. (Series 2024-1) issuance, Artemis has learned.
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SCOR, the France-headquartered global reinsurance company, has promoted longstanding retrocession and third-party capital partnerships executive Benoît Liot to the new role of Head of Risk Partnerships, which will see him lead on activities with third-party investors, while retrocession will be centralised beneath his leadership.
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We return to London on Tuesday September 3rd for our next insurance-linked securities (ILS) market conference, with Artemis London 2024 our third event held in the city. Registration is open, so you can secure your place at the event today.
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Hannover Re, the German global reinsurance company, has returned to the catastrophe bond market to secure $100 million of named storm and hurricane retrocessional protection for parts of the United States, with a new 3264 Re Ltd. (Series 2024-1) issuance, we’ve learned.
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RenaissanceRe has increased the target size of its new industry-loss trigger Mona Lisa Re Ltd. (Series 2024-1) catastrophe bond for a second time, with $150 million of retrocessional protection now sought, while the price guidance has been fixed below the initially marketed range.
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In another signal that catastrophe bond market conditions have once again become more balanced, RenaissanceRe has raised the target size for its new industry-loss trigger Mona Lisa Re Ltd. (Series 2024-1) cat bond to $125 million, while at the same time the price guidance has fallen.
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