Reinsurance News
insurance-linked securities
Insurance-linked securities (ILS) are a specialist asset class where capital market investors allocate to instruments exposed to insurance and reinsurance risks.
Read our insurance-linked securities news and analysis below.
Strong ILS performance in 2023 to be reflected in European reinsurers’ results: JP Morgan
19th January 2024
Analysts at JP Morgan have suggested that the strong performance in the insurance-linked securities (ILS) asset class in 2023 is likely to be reflected in the results of European reinsurers. JP Morgan's analysts said that following several difficult years for the asset class, ILS produced a record return in 2023 of ... Read the full article
Inigo gets additional $100m of catastrophe bond capacity
3rd January 2024
Inigo Limited has issued its third catastrophe bond for $100 million via Montoya Re Ltd which will cover North American named storms and earthquakes. The bond will be fronted by Hannover Re and Inigo’s Syndicate 1301 at Lloyd’s will remain the beneficiary of the coverage. This is the third Montoya Re Ltd. ... Read the full article
Allianz issues €250m European windstorm catastrophe bond
19th December 2023
Insurance giant Allianz has returned to the catastrophe bond market for the first time in over a decade with a new deal which will provide it with a multi-year risk transfer capacity of €250 million to protect against European windstorms. According to Allianz, this reinsurance agreement with Blue Sky Re DAC, ... 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
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
Enact completes sixth mortgage insurance-linked note transaction
16th November 2023
Enact Holdings' flagship legal entity, Enact Mortgage Insurance Corporation, has secured $248 million of fully collateralized excess of loss reinsurance coverage through the issuance of an insurance-linked note transaction with Triangle Re 2023-1 Ltd. According to Enact, the transaction provides coverage on a portfolio of existing seasoned mortgage insurance policies written ... Read the full article
Arch gets $233m+ of mortgage reinsurance through latest Bellemeade Re deal
1st November 2023
Arch Mortgage Insurance Company (Arch MI) has obtained over $233 million of indemnity reinsurance on a pool representing approximately $32.4 billion of mortgages from Bellemeade Re 2023-1 Ltd., a special purpose reinsurer. The coverage was obtained by issuing approximately $186 million in bonds and $46 million in direct reinsurance, Arch explained. "This ... Read the full article
Mortgage ILS issuance on the rise as incumbents turn to capital markets for reinsurance
20th October 2023
The issuance of mortgage insurance-linked securities (ILS) transactions appears to be gaining traction after a muted 18 months, as major US mortgage insurers turn to the capital markets for reinsurance protection. Data from Artemis, our ILS-focused sister site, reveals that mortgage ILS issuance hit an annual high of roughly $6.3 ... 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
Radian closes $353m mortgage insurance-linked notes transaction
6th October 2023
Radian Group Inc.'s wholly owned subsidiary, Radian Guaranty, has obtained $353 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2023-1 Ltd. covering eligible mortgage insurance policies written by Radian Guaranty from April 1 to December 31, 2022. Eagle Re has funded its reinsurance obligations by issuing four ... 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
PwC Bermuda offering ‘completely integrated’ because of ILS: Megan Green
17th August 2023
The growth and influence of the insurance-linked securities (ILS) space has led to a convergence of the service offering PwC Bermuda provides to its clients, according to Megan Green, a Partner in the PwC Bermuda Asset Management Assurance Group. In a recent interview with our ILS focused ... 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
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