Titania Re Ltd. Series 2023-1

PCS worked with Ariel Re and the structurer, Howden Tiger Capital Markets & Advisory, of the reinsurer’s Titania Re catastrophe bond issuance to create the innovative carbon offset feature, discusses Tom Johansmeyer, Head of PCS, a Verisk business.

Having recently completed the placement of a new catastrophe bond, the slightly upsized to $125 million Titania Re Ltd. (Series 2023-1) issuance, the leadership of global reinsurance company Ariel Re have hailed the fact the cat bond is the first to have an embedded carbon offset feature.

Global reinsurance company Ariel Re has now secured its new catastrophe bond, the Titania Re Ltd. (Series 2023-1) issuance, to provide a slightly upsized $125 million of retro reinsurance cover, while pricing settled at the low-end of already reduced pricing.

In a sign that the catastrophe bond market has indeed found an equilibrium and that pricing levels have potentially peaked, at least for issuers with strong underwriting track records, global reinsurance company Ariel Re is seeking to secure even lower pricing for its latest Titania Re Ltd. (Series 2023-1) cat bond.

Global reinsurance company Ariel Re is looking to slightly upsize its latest Titania Re Ltd. (Series 2023-1) catastrophe bond deal and, in a rare occurrence for recent months, the cat bonds price guidance has been reduced, so it now has the potential to price at or below the low-end of the initially marketed range.

Global reinsurance firm Ariel Re has returned to the catastrophe bond market for its third Titania Re deal, seeking $115 million of multi-peril industry-loss triggered retrocession, via a Titania Re Ltd. (Series 2023-1) deal.