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Reinsurance firm Hannover Re has continued to expand its activities in the insurance-linked securities (ILS) transformer space, fronting and working with both existing and new clients in recent months, to secure what the company sees as a source of low risk and attractive margins.

The catastrophe bond and insurance-linked security (ILS) market has reached another milestone as of the 1st June 2017, with issuance for the year now at $8.15 billion which takes the size of the outstanding cat bond market to a new record at over $29 billion.

Insurance-linked securities (ILS) and catastrophe bond investors will be able to take advantage of a robust primary and secondary market in 2017, driven by the expectation of an active start to the year, says Aon Securities.

The Texas Windstorm Insurance Association (TWIA) could potentially save as much as $28 million by shifting its traditional reinsurance cover to the capital markets, although there is yet to be any formal analysis as to the impact of such a transition.

As well as its $1.1 billion of reinsurance cover purchased at its recent 2016 renewal, of which $110m was provided by collateralized markets as Artemis revealed last week, the Texas Windstorm Insurance Association (TWIA) also purchased additional coverage to provide second season protection.

The Texas Windstorm Insurance Association (TWIA) announced the completion of its reinsurance renewal yesterday, confirming the expected $1.1 billion of reinsurance coverage purchased for the 2016 hurricane year and telling Artemis that $110m of it is collateralized by capital markets investors.

The Texas Windstorm Insurance Association (TWIA) is set to purchase an additional $1.1 billion of reinsurance coverage for the 2016 hurricane year, from both traditional and fully-collateralized sources, taking its total reinsurance coverage for the year to $2.2 billion.

The Actuarial Committee of the Texas Windstorm Insurance Association (TWIA), the residual market or last-resort property insurer for Texas, is set to seek approval to purchase slightly less first-event reinsurance protection in 2016, but may add a second-event cover.

Hannover Re increased the volume of ILS and collateralised reinsurance business that it acted as a fronting or transformation service provide for in 2015, saying that this activity is expected to deliver a positive and rising contribution to profits in the future.

German reinsurance firm Hannover Re has facilitated the issuance of $1 billion of catastrophe bonds in recent days, with its work as the transformer reinsurer for recent cat bonds Cranberry Re Ltd. (Series 2015-1) and Alamo Re Ltd. (Series 2015-1).