Reinsurance News
catastrophe bonds
Catastrophe bonds are an insurance-linked securities (ILS) instrument, where insurance and reinsurance related risks are transferred to the capital markets in Rule 144A securitized formats.
Read our catastrophe bond news and analysis below.
TWIA advised to commence 2024 reinsurance placement as soon as possible
5th December 2023
The Texas Windstorm Insurance Association (TWIA) has been advised by its reinsurance broker to begin the planning and purchase of its reinsurance as soon as possible, with the state's insurer of last resort potentially needing to buy more than $3 billion in limit for 2024 as exposure growth continues and ... Read the full article
Florida Citizens could purchase as much as $5.5bn of reinsurance for 2024
5th December 2023
Citizens Property Insurance Corporation, Florida's property insurer of last resort, could obtain as much as $5.5 billion of reinsurance and catastrophe bond risk transfer next year, as the insurer prepares to merge its three accounts ahead of the 2024 wind season. For 2023, Florida Citizens secured approximately $5.38 billion of ... Read the full article
AXIS successfully closes market’s first 144A cyber catastrophe bond
29th November 2023
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, today announced the closing of the market’s first 144A cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. transaction which provides the firm's subsidiaries with fully collateralized indemnity reinsurance for systemic cyber events on a per-occurrence basis. The $75 million of Series ... 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
AXIS sponsors first ever 144a cyber catastrophe bond
18th October 2023
As first reported by our insurance-linked securities (ILS) focused sister site, Artemis, Bermuda-based insurer and reinsurer AXIS Capital Holdings has sponsored the world's first full 144a cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. (Series 2023-1) transaction. Artemis sources confirmed that this cyber cat bond will provide ... Read the full article
Bermuda remains the ILS jurisdiction of choice
12th October 2023
With the outstanding catastrophe bond and related insurance-linked securities (ILS) market at an all time high on the back of a record-breaking first half of the year, the industry is meeting in Bermuda over the next two days for the annual Convergence event to discuss the market ... Read the full article
Catastrophe bond market on track for record year despite muted Q3: Report
4th October 2023
Catastrophe bond and related insurance-linked securities (ILS) issuance in the first nine months of 2023 increased approximately $2 billion year-on-year to $10.9 billion, with $549 million of new risk capital brought to market in the third-quarter, according to the latest Artemis report. The Artemis Q3 2023 cat ... 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
Swiss Re structures Blackstone’s first indemnity cat bond
20th July 2023
Swiss Re Capital Markets has successfully structured and placed the issuance of USD 250 million of insurance-linked securities issued with respect to certain real estate funds managed or controlled by affiliates of Blackstone Inc. under Wrigley Re Ltd. This Wrigley Re Ltd. (Series 2023-1) transaction is Blackstone's first indemnity cat ... Read the full article
Catastrophe bond market reaches new heights in Q2 2023: Report
6th July 2023
A huge $7.1 billion of catastrophe bond and related insurance-linked securities (ILS) issuance featured in the second-quarter of 2023, taking first-half issuance to a record of more than $10.3 billion, according to the latest quarterly report from our ILS-focused sister publication, Artemis. Data from the ... Read the full article
Cat bond market sees strong growth, setting pace for record year: Aon
4th July 2023
The catastrophe bond market has experienced a remarkable surge, with an 8%, or $2.8 billion increase in outstanding notional value since the beginning of the year, according to Aon's Reinsurance Market Dynamics report. With robust new issuance volumes, industry experts anticipate that 2023 is poised to become a record-breaking year, with ... Read the full article
Groupama secures €100m of reinsurance via Aon’s Randolph Re private cat bond platform
20th June 2023
Aon's Randolph Re has structured and placed a cat bond on an indemnity basis on behalf of Paris-based Groupama, which protects against adverse deviation of climatic losses in France. The Groupama Group is one of the leading mutual insurers in France and carries out its insurance and service business activities in ... Read the full article
Climate Resilient Development Bond proposed by Guy Carpenter
8th June 2023
Guy Carpenter, in collaboration with Dr Franziska Arnold-Dwyer from Queen Mary University of London, has announced the proposal of a Climate Resilient Development Bond (CRD Bond), a new re/insurance structure designed to address climate risk at scale. In a recently published briefing document, the reinsurance broker outlines a CRD Bond structure, ... Read the full article
Hippo completes $110m debut catastrophe bond
1st June 2023
Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings Inc., has announced the successful sponsorship of Mountain Re Ltd. Series 2023-1 catastrophe bond. As part of the transaction, Spinnaker is entering into a reinsurance contract with Mountain Re that offers protection against a variety of perils, including named storms, fire ... Read the full article
Toka Tū Ake EQC renews record reinsurance program, gets first cat bond
31st May 2023
New Zealand’s state-owned residential property disaster insurance entity, Toka Tū Ake EQC, has completed a renewal for a record level of reinsurance of just under $8.2 billion for New Zealand homeowners, including reinsurance via catastrophe bonds, which it has secured for the first time. Toka Tū Ake EQC Chief Executive, Tina ... Read the full article
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