reinsurance

Spinnaker Insurance Company, the personal and commercial lines program and fronting specialist, is progressing its debut catastrophe bond issuance and the target size for the market for Mountain Re Ltd. (Series 2023-1) issuance has increased slightly to $125 million, we’re told.

The New Zealand Earthquake Commission, or Toka Tū Ake EQC, remains on-track to secure its debut slice of catastrophe bond backed reinsurance protection from the capital markets,  with the Totara Re Pte. Ltd. (Series 2023-1) issuance looking set to price at the upper-end of initial guidance, we understand.

Conduit Re, the Bermuda headquartered global reinsurance company that launched for the 2021 underwriting year, has now entered the catastrophe bond market with a debut issuance, sponsoring a $100 million Stabilitas Re Ltd. (Series 2023-1) deal to secure retrocession from the capital markets, we can report.

Here are the ten most popular news articles, week ending May 21st 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has become the latest company to establish a collateralized insurer class of company in Bermuda, named Arbol Re Ltd.

The economic losses and cost associated with the ongoing severe flooding event in Europe that has particularly affected the Emilia-Romagna Region of Italy is expected to be significant, rising into the billions of Euros, but the insured losses will be lower as a “significant protection gap” for flood risk persists, broker Aon has said.

As we’ve been reporting, Palomar Insurance Holdings has been in the catastrophe bond market and secured $200 million in earthquake reinsurance with a Torrey Pines Re Ltd. (Series 2023-1) issuance.

Reflecting the elevated spreads of catastrophe bonds, after just a few months of this year the return of the Swiss Re catastrophe bond index, perhaps the most widely used benchmark in the insurance-linked securities (ILS) space, is already at its highest level since 2013.

Heritage Insurance Holdings, Inc. has now finalised its catastrophe excess-of-loss reinsurance renewal for the coming year and hurricane season, with continued diversification away from Florida evident, as for the first time the insurers southeast reinsurance tower is now shorter than its northeast one.

Florida’s Citizens Property Insurance Corporation has now secured $750 million of named storm reinsurance protection for the 2023 hurricane season with this dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, with the prices fixed within the initial guidance.