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Swiss Re reports surge in new cat bond sponsors in 2023
29th February 2024
In Swiss Re’s recent report highlighting key insights from the insurance-linked securities (ILS) market in 2023, the firm observed a surge in new sponsors entering the catastrophe bond market, alongside the return of several sponsors after a period away. Throughout 2023, the market witnessed the entry of 13 first-time cat ... Read the full article
Fidelis sponsors new cat bond securing $150m of reinsurance protection
23rd February 2024
Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond in the fifth series of notes issued by its Bermuda-based special purpose insurer Herbie Re Ltd., which will provide Fidelis Insurance Group with $150 million of collateralized reinsurance protection. The Series 2024-1 notes issued will reportedly be exposed to ... Read the full article
Gallagher Re expects more cyber cat bonds in 2024
21st February 2024
Gallagher Re, a reinsurance broker, anticipates a surge in investments in cyber catastrophe bonds in 2024, following the successful launch of PoleStar Re Ltd. (Series 2024-1) in December 2023. PoleStar Re was the first full 144A cyber catastrophe bond for specialty re/insurer Beazley. Gallagher Securities’ served as the sole structuring ... Read the full article
Reinsurance capital rebounds strongly in 2023, cat bond issuance hits record high: Fitch
24th January 2024
According to Fitch Ratings, reinsurance capital is estimated to have surged by 11%, reaching approximately USD 535 billion by the end of 2023, partially offsetting the losses incurred in the previous year. The global reinsurance industry witnessed a robust recovery in capital during 2023, driven by strong earnings, financial market stabilisation, ... Read the full article
Travelers increases catastrophe XoL reinsurance cover by over $1.5bn at 1.1 renewal
19th January 2024
US primary insurer Travelers decided to increase the size of its catastrophe excess-of-loss (XoL) reinsurance treaty at its January 1st, 2024, renewal, with the 2024 tower extending up to $3.525 billion of qualifying losses, compared with $2 billion in 2023, while the retention is unchanged year-on-year. Alongside the release of its ... Read the full article
Beazley ‘delighted’ to sponsor first 144A cat bond via the Lloyd’s London Bridge platform
8th January 2024
The world's oldest insurance and reinsurance marketplace, Lloyd's, has confirmed the issuance of the first 144A catastrophe bond transaction via London Bridge 2 PCC Limited, the Beazley sponsored $100 million transaction. The deal, which is listed in the Artemis Deal Directory, is the first 144A property catastrophe bond sponsored ... Read the full article
Alternative capital surpasses $100bn in 2023, cat bond market hits all-time high: Aon
4th January 2024
Aon's Reinsurance Market Dynamics report reveals that 2023 witnessed an unprecedented surge in the utilisation of alternative capital, marking the sector's best performance in over two decades. The report underscores the increasing reliance on alternative capital, with a notable milestone of crossing the $100 billion threshold for the first time, signaling ... Read the full article
Record cat bond issuance in 2023 signals stability in transfer of peak risks: Swiss Re
14th December 2023
In a year marked by unprecedented challenges, the catastrophe bond (cat bond) market has reached a historic high, with issuance hitting a staggering USD 15 billion in 2023, according to Swiss Re Institute. This surge not only reflects attractive conditions for investors but also underscores the increasing demand for transferring peak ... Read the full article
Crédit Agricole’s Pacifica places first €160m cat bond
8th December 2023
Crédit Agricole Assurances' P&C insurance subsidiary Pacifica has made its debut venture into the insurance-linked securities (ILS) market with the sponsoring of a €160 million catastrophe bond issued by Taranis Re DAC, a special purpose vehicle incorporated in Ireland covering Metropolitan France, Monaco and Andorra. According to Pacifica, the cat bond ... Read the full article
Beazley sponsors debut two cat bonds in tandem, one cyber one nat cat
22nd November 2023
Specialist insurer Beazley is tapping the capital markets for reinsurance protection against cyber risks and named storm and earthquake losses with its first two Rule 144a catastrophe bond transactions. After sponsoring three private cyber cat bonds earlier this year, London headquartered Beazley has returned with its debut full 144a issuances, both ... Read the full article
Reinsurers mostly view global catastrophe risks as well priced, says KBW
19th September 2023
Following meetings with executives at the recently held 2023 Rendez-Vous de Septembre (RVS) in Monte Carlo, KBW has reported that the majority of reinsurers view global catastrophe risks as well priced, with overall risk-adjusted rates expected to be flat to up modestly at the January 1st, 2024, renewals. Flat to modestly ... Read the full article
First half cat bond issuance levels likely to drive future ILS market growth, says Moody’s
18th September 2023
A recent Moody’s report highlights the record level of issuance seen in the catastrophe bond market during the first half of the year, which at $10.3 billion, is expected to drive future growth in the insurance-linked securities (ILS) asset class. Cat bond issuance by the middle of August had exceeded the ... Read the full article
Reinsurance industry navigates changing landscape of alternative capital and cat bonds: Goldman Sachs
13th September 2023
Goldman Sachs, a prominent player in the financial industry, has offered insights into the evolving landscape of reinsurance structures, which are seeing primary retentions shift higher, and the growing interest in alternative capital funding, signifying significant changes in the reinsurance market. One key trend identified by Goldman Sachs is the shift ... Read the full article
Acrisure Re names Kriesch & Witteveen as Managing Directors for Cat Bond Solutions
10th September 2023
Acrisure Re, the reinsurance division of global fintech Acrisure, has announced the appointment of Sandro Kriesch and Patrick Witteveen as Managing Directors of Catastrophe Bond Solutions within its Corporate Advisory and Solutions (ARCAS) division, effective immediately. Based in Zurich, they will report to Ben Canagaretna, the Global Managing Director of ARCAS. Kriesch ... Read the full article
Record cat bond issuance boosts ILS market: AM Best
6th September 2023
In a recent market analysis, AM Best's report reveals that the insurance-linked securities (ILS) market is experiencing favourable conditions, resulting in advantageous terms and conditions for renewed and new programs. This has led to a significant surge in yields for both ILS funds and catastrophe bonds. The report, titled "Cat Bonds ... Read the full article