reinsurance

We understand that the price guidance for French mutual insurance and reinsurance company Groupama’s new €150 million windstorm reinsurance focused Quercus Re DAC 2024-1 catastrophe bond has been narrowed towards the lower end.

Hurricane Beryl is estimated to have caused insurance industry losses of $2.7 billion in the United States, losses of close to $510 million in the Caribbean, and $90 million in Mexico, according to catastrophe risk modelling specialists at Karen Clark & Co (KCC).

Coastal property managing general underwriter, SageSure, has hailed the structure of its latest catastrophe bond issuance, the $60 million county-weighted Gateway Re Ltd. (Series 2024-4) transaction, and expressed gratitude to the insurance-linked securities (ILS) investor base for its continued support.

Broking giant Aon has facilitated the issuance of a new $45.5 million Randolph Re (Series 2024-1) private catastrophe bond that we believe could be a renewal of its wildfire deal for Mercury Insurance, but this time it has been issued out of Guernsey using the firm’s protected cell company White Rock Insurance Company PCC Limited.

Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, has completed its reinsurance renewals for 2024, but only purchased $3.564 billion of coverage across its traditional reinsurance and catastrophe bond arrangements, despite experiencing a softer market environment and lower pricing than a year ago.

Aeolus Capital Management Ltd., the reinsurance and insurance-linked securities (ILS) investment fund manager, has announced the hiring of Dia Bhatia from investment bank J.P. Morgan, who joins the firm as an Associate in its Business Development and Investor Relations team.

The Colorado State University tropical meteorology team has raised its forecast for an extremely active  2024 Atlantic hurricane season to now call for 25 named storms, 12 hurricanes and 6 major hurricanes to occur, explaining that conditions are particularly conducive to hurricane formation and intensification.

Catastrophe bond funds in the UCITS format saw their combined assets under management grow to $12.2 billion by the end of the first-half of 2024, rising 4% in the second-quarter and 11% in the first-half. Impressively, as a share of the outstanding cat bond market, these UCITS fund strategies now make up 25% of risk […]

According to sources, after hurricane Beryl came very close to triggering Jamaica’s $150 million IBRD CAR Jamaica 2024 catastrophe bond, there has been a slight decline in where it is marked on some pricing sheets, but this is thought only to account for minor uncertainty related to the potential for its track and meteorological data […]

With reports suggesting a more balanced and stable retrocession renewal at the mid-year, broker Aon’s Reinsurance Solutions unit has said that a number of major ILS markets successfully raised new capital to deploy into mid-year retro deals.