Catastrophe bonds
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The carriers are seeking $130mn of Class C named storm coverage.
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The carrier has priced the Class A tranche at 525 bps.
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A diverse investor base is among market characteristics seen as important for growth.
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Proceeds from the bond will be used to fund IBRD projects.
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The carrier has priced the Class A tranche at 500 bps.
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The pricing guidance is now 550-575 basis points.
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The RfP covers the CEA and/or the California Wildfire Fund.
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Managers are hoping strong returns in 2023 will aid capital raising efforts.
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Pockets of new capital will not shift pricing at mid-year.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The carrier is seeking to raise $100mn of coverage.
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Some $415mn of capacity entered the market last year.
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The bond will provide protection against Japanese flood and quake events.
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Sabine Re marks Allied Trust’s entry to the market.
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Exposure updates played a greater role than expected.
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The cover will include the 50 US states, District of Columbia and Canada.
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Class A notes are priced at 1,400bps, Class B at 1,725bps.
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The spread guidance on both notes has moved lower.
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The bond will insure against named storms in eight US states.
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The vast majority of 2023 recoveries were from events in prior years.
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The state pool is seeking indemnity, annual aggregate cover.
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The bond provides three-year aggregate earthquake coverage in Japan.
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The cover will include the 50 US states, District of Columbia and Canada.
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The issuer is seeking aggregate and per occurrence coverage.
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The guide pricing offers similar multiples to last year’s issuance.
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The client lacked options in the conventional insurance market.
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The bond is currently trading at around 65c in the dollar on the secondary market.
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The transformer vehicle issued $209mn worth of cat bond lites in 2023.
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Pricing is now targeted for 30 January, and closing on 6 February.
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn.
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The bond will provide protection from named storms in Florida for three years.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Nearly 90% of the fund’s allocation is in cat bonds, with a small allocation to other ILS securities and US Treasury Bills.
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The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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The multiple on the deal has settled at 2.3x the sensitivity case expected loss, down from 2.6x, according to initial pricing guidance.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.
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The deal will benefit Lloyd’s Syndicate 1301 and provide annual aggregate cover on a PCS industry loss basis for US named storm and North America quake.
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The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering.
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The $50mn bond provides coverage against systemic cyber events in the US and District of Columbia.
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Sanders Re III will provide coverage for the District of Columbia and all US states apart from Florida.
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The carrier has also extended the redemption period by three years, to 31 March 2029.
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The spread guidance has dropped to 7.75%-8.25% from 8.25%-9%.
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The insurer had initially sought a spread range between 6% and 6.75%.
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The insurer confirmed it would be targeting 77% of the original principal amount.
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The bond will provide coverage for any named storm in Texas.
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The firm’s group reinsurance officer Thorsten Fromhold said the insurer will consider using more cat bond coverage “if the market stays where it is”.
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Foundation Re is the carrier’s first entry into the cat bond market for more than a decade.
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The carrier has also lifted the effective coupon to 29.9%.
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The deal will provide annual aggregate cover on a PCS industry loss basis.
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The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
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The carrier is seeking wind and quake coverage for Lloyd’s syndicates 623, 2623 and 3623, Beazley E&S Inc. and Beazley Insurance.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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The TWIA board has fired the starting gun on the process to place its reinsurance programme incepting June 2024.
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The reinsurer is seeking per-occurrence cover on an industry-loss basis as reported by Perils in the US.
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The company last placed a Foundation Re bond in 2011.
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The deal will provide per-occurrence, Cresta-weighted industry insured loss cover for European windstorm.
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The sponsor had initially sought $150mn of coverage last month.
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VKB is offering EUR175mn of Class A principle at risk variable notes providing indemnity, per-occurrence coverage for windstorm, hailstorm, flood or earthquake in Germany.
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The European insurer has not issued a cat bond for its own benefit since 2013.
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The pricing for the Class A notes has also adjusted to 1300bps.
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The reinsurer is now targeting EUR150mn-EUR175mn for the cat bond.
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American Family had initially sought $150mn of coverage before scaling the bond to $175mn.
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Pricing settled at 7% across the Class A and Class B notes.
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The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.
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The bond provides protection for North American named storms and earthquakes.
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Fish Bond Re will provide coverage for any named storm in Texas on an indemnity, per-occurrence basis.
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The US peak peril cat bond has upsized to $325mn from an initial target of $200mn.
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The authority has placed $1.08bn of limit in the cat bond market across three transactions in 2023.
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The Class A notes sized at EUR110mn and the Class B notes at EUR50mn.
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The pricing on the Class AA and Class D notes has moved to the top end of the initially guided range.
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High Point Re is Selective’s debut cat bond.
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Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
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The amount offered in Class A and B notes has also expanded slightly.
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The $75mn Long Walk Re deal secured broad market support from ILS investors.
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Research by Kepler Absolute Hedge showed that seven out of the 10 best-performing alt credit funds were cat bond strategies.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The bond is being issued via the Lloyd’s London Bridge 2 PCC Limited structure.
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The pricing is up from an initial spread of 6.75%-7.5% and an updated spread of 7.25%-7.5%.
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SafePoint and Cajun had initially sought $150mn of coverage for named storm events in Florida and Louisiana
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The new issuance is offered with pricing guidance at 2.5x the expected loss.
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All 50 US states and the District of Columbia are covered by the bond.
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The Nature Coast Re offering is the first in a new series from SafePoint.
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The three-year instrument provides cover for US named storms and earthquakes and European windstorms.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The Bermuda-based transformer vehicle has issued $109.9mn in 2023 so far..
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The global carrier has expanded its target limit to $250mn-$275mn.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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The bond will provide cover for windstorm, hailstorm, flood and quake.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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The first-time cat bond sponsor is seeking multi-year coverage across two tranches of notes.
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The bond’s Class A notes are priced at 8.5%, while the Class B notes are priced at 16.5%.
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Pricing on the bond has settled at the lower end of initial guidance.
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The bond is offered with price guidance in the range 500-575 basis points.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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The ceding insurer is targeting EUR100mn of Class A reinsurance coverage for windstorm and hail and EUR50mn of Class B cover for windstorm.
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ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.
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Asagao VI is fourth largest private cat bond deal this year.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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Investors will have to wait for official Verisk data before knowing if the bond will trigger.
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The carrier is looking to raise $50mn in zero-coupon Class 2 notes, $100mn of Class 3 notes and $150mn of Class 5 notes.
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The scope of perils covered by new issuance will expand to include flooding and drought.
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The deal includes varying attachment levels for Florida and Louisiana.
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The coverage is triggered on an ultimate net loss per-occurrence basis in France.
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The pricing settled at 925 basis points, which is towards the lower end of the initial guidance of 900-975 basis points.
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Lidia has now largely dissipated after making landfall in Mexico.
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Hannover Re’s Bermuda-based reinsurance transformer Kaith Re has issued a new $15mn private cat bond, a Bermuda Stock Exchange filing confirms.
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Private ILS outperformed cat bonds in August, as hurricane season earnings began to kick up a gear.
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Competition at the upper layers of reinsurance towers could lead to the creation of ‘riskier’ cat bonds, said Swiss Re Capital Markets.
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Ambassador was set up in 2021 with Embassy Asset Management the named investment adviser.
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Earlier this year, the CEA raised $200mn in limit for an Ursa Re cat bond.
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Cat bond investors are sufficiently capitalised to fulfil demand from an anticipated strong pipeline of new issuance in Q4.
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ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
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The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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The Florida hurricane season still has three months to run in a predicted above-average year.
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Outside the cat bond segment, Aon said it was observing rising sidecar interest, putting volumes at $7.1bn from $6.4bn the prior year.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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Swiss Re Capital Markets said there was a ‘strong chance’ of a record-breaking year in size and number of new bonds.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The US pension fund heard pitches from four ILS manager finalists at its board meeting in May in a selection process following a request for proposals issued last October.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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A total of 10 events caused more than $1bn in losses each.
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
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The asset manager cited a strong pricing environment and increased capacity from unlocking trapped capital.
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The $120mn bond, issued in 2021, covers mortality risk in the US, UK, Canada and Australia.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.
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The reinsurer is seeking coverage for named storms across several states, including Alabama, Louisiana, Texas and New York.
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The deal is offered by Blackstone's captive Gryphon Mutual Property and fronted by Hannover Re.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The bond will provide coverage for named storm in Florida and North Carolina.
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The cat bond will cover named storms across several US states including Louisiana, Mississippi, Texas and New York.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
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The new fund will be led by Daniel Ineichen and be open to US investors.
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The Eiffel Re cat bond will provide coverage for European windstorms.
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The bond is the second Purple Re cat bond issued by the rapidly growing Floridian carrier.
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The size of the bond has increased from the initial target of $100mn.
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The northeast bond has priced toward the lower end of guidance across its Class A and Class B tranches.
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Cat bond issuance in H1 at around $8.6bn was almost a match for full-year 2022 volumes at $8.9bn, as the market staged a recovery at a pace that surprised many participants after a challenging second half last year.
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The bond was initially launched as a $175mn cat bond, fronted by Hannover Re.
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The target limit on the deal has expanded from $100mn to $100mn-$175mn.
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The private equity house's previous cat bond raised $50mn of parametric coverage.
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The bond will provide coverage in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.
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The European Commission suggested that its review should include looking at the risks for retail investors of access to instruments including cat bonds and other niche alternatives.
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The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.
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This will be the second Purple Re cat bond from the Floridian carrier.
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The bond will provide cover for US named storm and earthquake events in all 50 US states.
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The bond will provide indemnity, annual aggregate coverage for earthquakes in the state of California.
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The US mutual is seeking named storm coverage for seven north-eastern US states.
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The bond covers European windstorm events across 12 European countries.
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The bond covers named storm, severe thunderstorm and winter storm in the Commonwealth of Massachusetts.
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The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The target limit on the bond was recently expanded by 20% to $150mn.
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The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
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The reinsurer launched the cat bond in late May in a first-time entry to the cat bond market.
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The state authority is seeking annual, aggregate quake coverage in California.
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The offering involves 144A only principal-at-risk variable rate notes.
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The carrier’s reinsurance portfolio is now worth NZ$8.2bn, which includes a NZ$225mn cat bond for the first time.
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The finalised target size is lower than the initial target of NZ$250mn, and pricing guidance has been updated to 8.75%.
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The deal will protect against named storm, quake, severe weather event, fire, volcanic eruption or meteorite impact in Florida.
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The zero-coupon Class C notes upsized by a third while pricing stepped down twice from initial guidance.
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The pricing guidance on the cat bond is 4%-4.5%.
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The final pricing on the bond settled at 17% below the mid-point of initial guidance.
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The bond will provide coverage for US named storms and earthquakes.
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The bond was initially launched as a $100mn cat bond via its issuer Mountain Re, at a price guidance of 6.00%-6.75%.
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The pricing on the bond moved to 90%-91% of the original principal amount.
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The pricing guidance has also been updated to 8.75% from an initial range of 8%-8.75%.
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The carrier is now seeking $100mn-$125mn as price guidance shifts to 6.75%.
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The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro.
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The transaction achieved higher multiples on lower expected losses than last year's issuance.
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The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
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Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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The Bermuda reinsurer is exploring cat bond market options as an alternative to its current retro purchasing.
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The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
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Palomar is now looking to raise $200mn for its Torrey Pines cat bond, up from the initial target of $150mn.
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Scor launched the bond at the beginning of the month with a spread of 8.25%-9.25%.
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The effective rate on the zero-coupon bond has lowered on the series 2023-1 Class A notes and the series 2023-2 Class A notes.
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New York's Metropolitan Transportation Authority (MTA) has secured $100mn of limit to protect against storm surge from named storm events, up by 33% on its initial target of $75mn.
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The deal priced 50 basis points below guidance.
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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn.
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The Class A notes priced at 7% below guidance, while the Class B notes priced at the upper edge of guidance.
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The insurer has switched to an occurrence structure for this multi-peril cat bond, having previously raised aggregate cover under the Caelus series of bonds.
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The development comes after New York MTA sought a $75mn cat bond earlier this month.
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The southern insurance operation has already placed $480mn of named-storm cat bond limit this year.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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It is the first issuance of the year by the Bermuda-based transformer vehicle.
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The reinsurer is looking to raise in excess of $250mn from class A notes and a yet-undisclosed amount of class B notes.
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The insurer has lowered the target pricing on the new deal as cat bond demand proves robust.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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The bond, which was first announced in October 2022, had an initial target size of $195mn.
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The bond will provide coverage for any named storm in the state of Florida.
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Industry loss triggered deals offer a degree of simplicity to investors seeking index-linked exposure.
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The fundraise represents the fourth issuance of the Torrey Pines Re cat bond.
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The state’s insurer of last resort initially sought $200mn of coverage in an issuance at the end of March.
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The EQC has more than doubled the overall limit on its reinsurance programme since the 2010-11 Christchurch earthquake sequence.
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There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.
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Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).
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The coverage is for earthquake in California, on an indemnity, annual aggregate basis.
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The guide pricing across two layers of notes has fallen to the lower range of targets.
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The bond is seeking named storm reinsurance coverage across eight US states.
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The transaction originally offered an Exchange Notes option for investors in anticipation of capacity constraints, but this was dropped.
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The bond is seeking coverage for any named storm or severe thunderstorm in Texas.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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The InsurTech has moved its pricing for the instrument to the top of its initial range.
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The unusual feature was proposed at a time when cat bond market capacity was very constrained.
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The multi-peril bond will cover all 50 US states and the District of Columbia.
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Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.
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The new higher-rate world brings the threat of some investors staying in a risk-off mentality.
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Tremor’s marketplace technology Panorama has supported placement of reinsurance treaties of $25mn to $750mn.
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The cat bond priced at 9.5%, 22% lower than the midpoint of the initially guided range of 11.75%-12.5%.
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The Florida carrier had twice dropped its pricing on the deal during the placement process.
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The two firms are partners of SageSure and have a footprint in south-eastern US states.
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The Class B notes upsized by $25mn to $175mn, while the higher-risk Class C zero-coupon notes were not placed.
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The CEA is offering higher multiples compared with past transactions in line with cat bond market conditions.
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The 2023-1 target limit is below the $330mn achieved last year.
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A trend for slightly riskier bonds has brought with it a rise in the absolute margin on offer.
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The reinsurer is seeking $100mn-$150mn of Class A coverage for named storm and quake across different regions.
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The Floridian has lowered pricing to 900-950bps in a second reduction.
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Merrimack Mutual, Cambridge Mutual and Bay State Insurance have purchased coverage for named storm, thunderstorm, winter storm and earthquake.
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The bond is seeking coverage for Florida named storm.
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The bond will provide coverage for named storm in the US, District of Columbia, Puerto Rico and the US Virgin Islands, and earthquake in North America.
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The carrier is seeking coverage for named storm or severe thunderstorm in Florida.
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The bond is seeking coverage for named storm, thunderstorm, winter storm and earthquake across eight northeastern states including New York.
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The carrier is seeking ex-Florida coverage for named storm, earthquake, severe weather, fire, volcanic eruption or meteorite.
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The bond will provide Florida named storm coverage on an indemnity, per-occurrence basis.
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The bond will provide annual aggregate coverage, based on a reported PCS personal lines industry loss.
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The Florida insurance carrier has grown its book rapidly through acquisition.
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This year’s transaction from the TWIA is structured so that ILS funds can roll forward their investment from the 2020 deal.
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The catastrophe bond coverage will trigger on a parametric, per-occurrence basis.
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The Hestia Re catastrophe bond has twice dropped its pricing from the initial guidance range of 10.5%-11.5%.
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The catastrophe bond will provide protection for named storm, severe thunderstorm, winter storm or earthquake in eight northeastern states.
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The bond will provide coverage for earthquakes affecting the Republic of Chile and its budget.
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Investors have been experiencing inflows while new volumes in Q1 were lower than expected.
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The bond from the International Bank for Reconstruction and Development (IBRD) will provide coverage for quakes, including resulting tsunamis, to the Republic of Chile.
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The bond will trigger on a PCS weighted industry loss, annual aggregate basis.
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The pricing guidance on the catastrophe bond is now 10% below initial guidance.
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The new bond issuance attaches just short of $3bn, 35% higher than the $2.2bn on the last such issuance.
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The Chicago-based carrier is targeting $100mn of Florida named storm coverage.
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The Florida state carrier is seeking named storm coverage for its personal lines account.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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The insurer said it received “significant investor interest in building out additional tranches” since launching the market’s first cyber bond in January.
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The guided pricing on the bond is around 60% higher that the Integrity Re offering of last spring.
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Merrimack Mutual, Cambridge Mutual and Bay State Insurance are seeking to raise $125mn from their debut ILS issuance.
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The reinsurer said it wants to support disaster recovery in a way that reduces environmental harm.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The Chicago-based InsurTech placed its debut cat bond in April 2022 in a private deal.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
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The targeted $275mn of coverage will benefit FEMA’s National Flood Insurance Program.
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The bond will offer stepped payouts of 30-100% depending on the scale of an event.
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Structuring agent Swiss Re Capital Markets said clean structure and transparency on exposure growth drove “impressive result”.
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Kin has ceded 97% of its $175mn expected gross loss and loss adjustment expenses from hurricanes Ian and Nicole to reinsurers, the carrier has said.
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Multiples on the transaction remain much higher than on prior Titania Re bonds.
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The carrier is aiming to raise up to $125mn of retro cover from the transaction.
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The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.
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The bond’s two tranches will provide cover for named storm and quake in the US, District of Columbia, Puerto Rico, the US Virgin Islands and Canada.
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The two top-performing funds in 2022 were interval funds.
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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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The funds will support the country’s post-Covid recovery, including stimulating catastrophe insurance markets.
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An imbalance of capital supply and demand led to strong increases to spreads at issuance for index-linked and indemnity bonds.
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Pricing on the health reinsurance cat bond issuance has been guided higher this year compared with last, in line with market dynamics.
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This year’s Vitality Re issuance has priced higher compared with the equivalent issuance of 2022.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The bonds replace last year’s issuance and are bigger by 35%.
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The federal flood program will have $502.5mn of reinsurance cover for this year, after placing more than $1bn last year.
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Lane Financial said that the cat bond market is suggesting that the early markdowns were an overreaction.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The transaction will provide coverage for Aetna’s commercial insured accident and health business.
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The deal includes $65mn of Class B discounted notes which offer an effective coupon of 25%.
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The notes covering a four-year period were listed on the Bermuda Stock Exchange.
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The Class A notes on the latest deal are offering 250 bps more compared with a similar placement last March.
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The bond includes two layers protecting against annual aggregate and occurrence losses.
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The bond is structured with dual annual aggregate and per-occurrence index triggers.
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The deal has secured $100mn of limit for insurer American Family, rather than pushing out to a $125mn top-end target.
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The insurer will pay a 13.5% coupon for the US coverage.
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
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The new bond is Sompo’s first to feature US risk and uses a dual annual aggregate and per occurrence trigger.
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The deal’s price at 650 basis points is offering a multiple of 12.5x on the sensitivity case expected loss.
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The Liberty Mutual bond has priced at the top end of a range of 8.5%-9.25%.
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The B notes priced above guidance and the A notes at the top end of the initial guidance range.
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The bond will provide named storm and quake coverage in the US, Canada and the Caribbean.
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Price guidance on the Class A notes represents a step change compared to a similar deal placed in March.
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The Texas Windstorm Insurance Association’s board has heeded Gallagher Re’s advice to move fast to replace its expiring cat bond.
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The Class B notes priced 150 basis points above the top end of the initial guide range.
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Quota shares, collateralised re, ILWs and event-linked swaps will also form part of the offer.
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The second Sakura Re will use a dual per occurrence and annual aggregate trigger.
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Inigo earlier trimmed the bond’s scope of perils to exclude Japan typhoon and quake.
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The transaction across two tranches is offering higher multiples compared to the 2021 Mona Lisa issuance, with pricing on the aggregate layer almost 80% up despite carrying a lower risk level.
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Investors are in the driving seat and able to ask for improvements such as higher extension spreads.
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The shifts reflect wider cat bond market challenges and changeability.
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The carrier had earlier expanded its hoped-for range to $100mn-$125mn.
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The American Family bond will provide US wind, quake and wildfire cover.
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The bond has also expanded its range to target up to $125mn.
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The target size of the issuance is less than half what the insurer achieved last June.
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The bond will provide coverage up to 2026, extendable to 2029.
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The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.
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The increased yield reflects the harder post-Ian market.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The sector’s performance was better overall compared with September 2017.
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The bond will provide the carrier with five years’ coverage for named storms across the US excluding Florida.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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The committee will be chaired by Albourne Partners’ MD and Asia region head Debra Ng.
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The cover will be triggered by territory-weighted annual aggregate industry loss.
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The Residential Re transaction is being offered with significantly higher spreads than a year ago in a sign of repricing benchmarks after Hurricane Ian.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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The major ILS investor described 2023 opportunities as attractive but said they were set to get more selective in the industry.
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The New Zealand pension investor said the range of outcomes for its ILS portfolio was “wide”.
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The cat bond market has a high level of exposure to Florida wind risk.
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With an industry loss of less than $30bn, the cat bond segment can “shrug it off”, but a $50bn-plus loss would have major impacts, speakers suggested.
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The market needs to improve on contract certainty to manage pricing cycles better, Rettino told Trading Risk New York 2022.
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Florida domestic insurers have around $2.5bn of on-risk cat bonds, with flood and other ILW based deals exposed to the storm.
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The state’s property carriers are closely watching the progress of Hurricane Ian.
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US investments in the ILS and cat bond market are highly concentrated with five companies accounting for 70% of industry investments.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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Performance is expected to recover in H2 due to rising rates, the broker-dealer forecast.
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The manager’s analysis concludes some funds manage risk more efficiently than others.
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Cat bonds have built-in protections against the threat of inflation, Schroders ILS chairman Dirk Lohmann has argued.
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The private deal was shelved due to investor questions over aspects of the deal, and the wider macro environment.
-
The company has taken almost half its retention on a $225mn calendar-year aggregate reinsurance deal.
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Last year’s inaugural Randolph Re issuance was sized at $50.7mn.
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The initiative follows the success of last year’s Jamaica cat bond.
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Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.
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Marsh McLennan’s Bermuda platform issued $68.3mn in private deals last year.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Pricing has settled at the top end of the reinsurer’s original guidance.
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The new issuances will add to the carrier’s existing $900mn cat bond cover.
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The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
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The bond will provide named storm cover to Hanover Insurance subsidiaries across the Northeast.
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The pricing on the storm and quake cover has shifted down from initial guidance, bucking early Q2 trends.
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The decade from 2010 ran the full gamut of catastrophe loss experience, reminding us that there is no such thing as a "new normal" in the world of ILS.
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The cover sought is for named storm and earthquake in the US and Canada.
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Price guidance has moved down 25 basis points to 325-375 bps.
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It is the reinsurance company’s first entry to the cat bond market.
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The deal upsized from an initial $150mn target despite one layer being withdrawn.
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The issuance comes as Axis is set to exit the property reinsurance market.
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The $100mn earthquake issuance failed to attract investor interest.
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It is also Core Specialty’s first entry to the cat bond market.
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The $100mn Southern Fidelity notes were dropped after the insurer suspended new business.
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The Hanover Insurance Group is seeking $100mn of named storm cover in the 13 north-eastern states of the US with its debut Commonwealth Re catastrophe bond, Trading Risk understands.
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The trigger is territory-weighted industry loss, with the application of an inflation factor.
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The issuance is seeking US named storm cover for Core Specialty companies.
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The increases follow full recoveries on previous bonds after Ida losses.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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The catastrophe bond is the reinsurer’s debut ILS issuance.
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The state authority has bought more Class A and less Class E cover than it initially targeted.
-
The specialty P&C carrier is offering high single-digit rates for the cover.
-
The issuance covers US named storm and quake, and European windstorm.
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The second Sanders Re issuance this year takes total cover raised by the insurer to $837.5mn.
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The state body is seeking cover for earthquake risk to replace notes due to expire in June.
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This is the second cat bond lite from Ocorian this year.
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The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.
-
The bond will cover US named storm and earthquake, and Europe windstorm.
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The issuance comes as the state organisation faces possible gaps in reinsurance cover.
-
The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
-
The size of the deal is $165mn, as $10mn of Class A notes are dropped.
-
Pricing has moved up to 775 basis points, amid Citizens’ exponential growth.
-
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TransRe is still hoping to raise $175mn from its Bowline Re cat bond for coverage against named storms and earthquakes as it has significantly lifted projected spreads on the transaction, Trading Risk understands.
-
It is offering a significantly higher premium than prior-year cat bonds from the state insurer, after it stands to gain $135mn from cat bond payouts linked to Hurricane Ida.
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The CEA is looking to raise $150mn from Class A notes and $125mn from Class E notes.
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The issuance will be fronted by Hannover Re with an initial attachment level of $2.2bn.
-
The bond will provide cover against named storms in the US.
-
This the Hong Kong reinsurer’s first cat bond.
-
The Q2 trend of increasing spreads continues as Palomar seeks to close its $300mn bond.
-
The US nationwide has placed $550mn of nat cat risk into the cat bond market already this year.
-
The specialty P&C carrier is offering high single-digit rates for the cover.
-
Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
-
American Integrity was looking to replace $79mn of maturing cover.
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In certain areas more collaboration is needed but in others the market will continue to get more diverse as investors respond to post-Irma challenges in differing ways.
-
Reduced capacity and inflation have driven up prices over April.
-
The bond in four tranches will offer USAA multi-peril aggregate cover.
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It will provide cover against cyclones, earthquakes, thunderstorms and winter storms.
-
Pricing has settled at 14.5%, above the initial 12.25%-13% target.
-
The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
-
The Class 10 zero-coupon structure notes have been withdrawn.
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Sure is seeking $150mn of named storm cover with the issuance.
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Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.
-
The catastrophe bond will be triggered on a weighted industry loss basis.
-
The bond is offered in two tranches providing indemnity cover on a per-occurrence basis.
-
Hestia Re covers named storms in Florida on an indemnity, per-occurrence basis. It attaches at $125mn.
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The bond is to cover events in Austria, metro Corsica and France, Italy, Monaco, Slovenia and Switzerland.
-
The issuance marks the carrier’s return to the cat bond market after a five-year gap
-
The cover will apply to business sourced by MGA SageSure.
-
The performance showed ILS delivering on its promise of uncorrelated returns.
-
The cat bond cover is for named storms in Florida, with a reset taking in Georgia and South Carolina.
-
The Hestia Re bond covers named storms in Florida and was targeting $150mn-$200mn.
-
The transaction includes a notably high-risk target layer amongst five tranches.
-
The 2020 start-up raised $115mn from the Montoya Re bond.
-
The issuance follows on from last year’s $225mn Vista Re offering.
-
Spreads weighted by volume have increased by 71 basis points year on year.
-
Pricing rose to 950 bps, the higher end of guidance.
-
The issuance takes total cat bond lite issuance to $155.3mn
-
The bond provides indemnity-based cover for Japan typhoon and flood.
-
A flurry of selling in the secondary cat bond market is causing “weakness in pricing”, according to a note by Twelve Capital, as sources suggested investors are moving to free up capital for what is expected to be a bumper pre-hurricane season phase.
-
The pricing on Inigo Insurance’s Montoya Re catastrophe bond has settled at 675 basis points (bps), or the top end of guidance, Trading Risk understands.
-
Mitsui Sumitomo Insurance Co and Aioi Nissay Dowa Insurance Co have downsized the Tomoni Re catastrophe bond to $190mn-$245mn over two notes, compared with the initial offering of $240mn over four notes of $60mn each, Trading Risk understands.
-
Inigo’s first cat bond with Syndicate 1301 is pricing above the initial target range.
-
The limit has increased by 5.5% on cover of $1,930mn placed last year.
-
The pricing has settled at the mid-to-top end of guidance across the three tranches.
-
The catastrophe bond is the fourth in the series for reinsured NCIUA
-
The earthquake was 250 times less strong than the 2011 Tohoku disaster.
-
Pricing settled at 500 basis points, the higher end of guidance.
-
-
The new cat bond will add to $450mn worth of existing cover protecting the reinsurer.
-
This is the InsurTech’s first sally into the cat bond market.
-
The deal will add to $480mn in prior Bonanza Re cover for American Strategic Insurance.
-
The first month of the year was quiet for natural catastrophe events.
-
The cat bond is on behalf of Lloyd’s Syndicate 1301 and is Inigo’s first entry to the market.
-
Pool Re offers protection against terrorism in England.
-
There were 220 trades in the secondary market in Q4, as aggregate and Florida bonds were less liquid.
-
The bond will replace the 2020 Class B bond which matured in January.
-
This is Allstate’s first entry to the cat bond market in 2022.
-
European windstorm cat bonds mainly cover the less-affected countries of the Netherlands and France.
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The UK state backed carrier offers property protection against acts of terrorism.
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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The bond offers annual aggregate index cover against named storms and earthquakes.
-
Average multiple declined by 11% as issuance expanded by 13% last year
-
The issuance will be the fifth time to market in FEMA’s cat bond series
-
The new issuance is slightly less risky than 2020’s offering.
-
Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.
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He will replace Jonathan Malawer, who held the position for fourteen years and has left to join a new firm focussed on climate risk investments.
-
-
The dynamics that have pushed cedants and investors into the space will continue.
-
The Government aims to ensure that the UK’s ILS taxation regime remains competitive.
-
The private ILS deal follows on from a lively year of issuance in 2021
-
The cat bond was triggered by Hurricane Harvey and 9/11.
-
The carrier's first cat bond featured a new subrogation extension mechanism.
-
All four layers are priced at the lower end of the original guidance, as the deal grew from a target size of $275mn.
-
-
Pricing sheets appear to show little impact on aggregate ILS deals.
-
The Netherlands-based insurer is seeking EUR75mn from its first ILS transaction.
-
Pricing was generally stable but investors are showing more aversion to specific climate-exposed perils, sources noted.
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It had previously sought $100mn.
-
The move comes amid limited availability of annual aggregate cover.
-
The catastrophe bond offers an increased spread compared to initial guidance.
-
The target spread has gone up 4% on the high-risk aggregate deal.
-
The catastrophe bond will take the firm’s cover to $250mn.
-
The bond covers earthquakes and second-event named storms.
-
The cat bond is Prologis’s first entry into the cat bond market.
-
The final amount has upsized from the previous $100mn target.
-
The spread on the deal settled in the middle of a revised, lowered range.
-
The US earthquake bond is from a first-time corporate sponsor.
-
The Netherlands reinsurer wants protection from windstorm and severe thunderstorm cat risk.
-
The bond in four tranches will cover named storm and earthquake risk.
-
Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
-
The insurer said the European flooding loss did not qualify as a European windstorm for the purpose of the transaction.
-
The Lloyd’s chief of markets also highlighted inflationary risks as a trend of which to be aware for syndicates.
-
The total coverage came in towards the upper end of the target range.
-
The aggregate risk deal is a renewal of a one-year 2020 ILS issuance.
-
This is the first cat bond deal from the corporate sponsor, a logistics specialist.
-
Pricing on the California earthquake bond has settled at the mid-point of guidance.
-
The cedant is again seeking multi-peril catastrophe cover in the latest deal.
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The European cat bond will settle at the low end of the insurer’s scaled-back target.
-
Spreads on the deal’s two reinsurance layers will be at the upper and lower end of coupons Allstate has offered on the cat bond market.
-
The French carrier is now looking to raise EUR150mn-EUR190mn from the new ILS issuance, after launching with a possible EUR200mn target.
-
The carrier is looking to raise annual aggregate protection from the new ILS deal.
-
The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.
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The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
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Farmers Insurance Group is set to sponsor its first catastrophe bond in a two-tranche deal that would provide cover for losses from named storms, severe weather, wildfires and earthquakes, Trading Risk understands.
-
Google’s parent is seeking cover at a tighter price from investors for its third ILS transaction.
-
Allstate is offering its second Sanders Re catastrophe bond for the year, sized at $350mn across two tranches of notes, in its first ILS transaction with an element of aggregate risk since making a major claim earlier this year.
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The deal covers windstorm, hailstorm and other extreme weather events.
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Eclipse Re has issued a series of large private ILS issuances across four tranches totalling $277.2mn, significantly boosting year-to-date volumes, Bermuda Stock Exchange filings show.
-
The monthly loss on the Eurekahedge ILS Advisers index accelerated from 0.4% in August.
-
The carrier typically places an occurrence and an aggregate deal in the ILS market each year.
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Everest Re CEO Juan Andrade said appetite had gone “very much higher up in structures”.
-
The carrier customarily places an aggregate and occurrence deal in the ILS market each year.
-
The pricing on the third in the single-tranche series settled at 2.50%.
-
The ILS manager’s cat bond investments generated inflows for GAM’s fixed income pot.
-
The third wildfire cat bond for the California utility will be its largest to date
-
Its $725mn estimated losses equated to 10% of shareholders’ equity and came in ahead of its Q3 2017 losses of $617mn.
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The issuance was the fourth for the Marsh platform this year.
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The sponsor’s past two bonds were both upsized from initial guidance.
-
The offering is the latest in a developing wildfire reinsurance marketplace.
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Aon emerged as the structuring agent for the first Hong Kong based ILS issuance.
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While the cat bond market has avoided losses this year, any move to sell up cat bonds could act as a counterweight on spreads in the run-up to January renewals.
-
The ILS transaction was the reinsurer’s second after Panda Re.
-
The Chinese state has given domestic insurers the green light to transact “disaster bonds”.
-
Pricing on the Japan earthquake deal settled toward the higher end of guidance.
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The Durant Re IC deal was the first humanitarian cat bond in the history of the ILS market.
-
It would be the Japanese mutual’s largest ILS transaction to date.
-
One of the ongoing trends within the ILS market over past years has been an increasing demand from existing investors to look for something different within their portfolio.
-
The sharpest decline was with the Catahoula Re 2020-1 Class A deal issued by Louisiana Citizens on which bids dropped 60.3c from 100.3c to 40c.
-
The lack of modelling expertise for higher-frequency, secondary ‘all peril’-type losses is putting a rosier tint on catastrophe bonds
-
Schroders Capital ILS chairman Dirk Lohmann said the shift could be due to yield compression in the bond market.
-
The World Bank issuance has deployed granular data to match closely the trigger to economic losses, fund manager Plenum said.
-
It is not so much the size of the hit, as the regularity of moderate cat events that is worrying risk-takers.
-
Overall the cat bond market will be lightly impacted by the storm, with the Swiss Re total return index down 0.35%.
-
It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
-
Twelve Capital said that typically 70%-80% of aggregate cat bond deductibles remain after earlier loss events.
-
The risk modeller said Henri’s weakening before landfall spared the northeast US from the damage originally forecast.
-
The hurricane made landfall near Tulum, registering a 986mb pressure reading.
-
The deal takes year-to-date private cat bond volumes up to $601.7mn, according to Trading Risk data.
-
The trust will invest at least 80% of its total assets in securities that, in the advisor’s assessment, meet a specified ESG criteria.
-
Cat bond prices are now approaching historic lows on certain types of deal and compare to “hot market years” such as 2018.
-
The broker estimated spreads fell by 15%-20% year on year to return to 2018 levels.
-
The insurer will recoup $253mn from the Sanders Re aggregate bond, up 30% from the Q1 level forecast, but traditional treaty recoveries have fallen significantly.
-
GC Securities’ Cory Anger said using capital freed up from ILS transactions for ESG investing could become a hallmark of future green deals.
-
Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
-
It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
-
The bond forms part of a wider trend towards public risk transfer in the ILS market.
-
Collateral will be used to finance sustainable development projects and programs in the IBRD’s member countries.
-
Rates are still more than 40% ahead of the pre-Hurricane Irma trough in late 2016.
-
In the last round of marketing, the firm said it would lift the principal to $125mn-$150mn after initially seeking just $100mn.
-
ILS managers said that large volumes of new issuances could carry on through the rest of the year.
-
The deal is more than three times bigger than prior Asagao private cat bond deals.
-
The carrier initially said it would seek just $100mn for the global multi-peril deal.
-
The broker said a buoyant ILS market contributed to the reinsurance market nearing a new equilibrium at the end of mid-year renewals.
-
Just a few months into 2021, the first natural-disaster headlines of the year are already occupying the minds of ILS insurance risk-takers. The snowstorms that brought freezing conditions to Texas will be a challenging event to evaluate for a number of reasons.
-
The insurer has also raised a EUR500mn sustainability debt deal this month.
-
The deal will exclude Covid-19 from its current year coverage.
-
The reinsurer upsized the transaction to $250mn, from a $150mn initial target.
-
The catastrophe bond’s price guidance was also tightened from the initial offer.
-
The deal is the first typhoon cat bond for the insurer, which previously sourced earthquake cat bond coverage.
-
The Italian cedant’s green cat bond has priced at the low end of revised forecasts.
-
Cat bonds are an efficient and well-targeted answer for insuring charitable spending, according to Adam Bornstein, leader of the team at the Danish Red Cross, which oversaw the issuance of its debut cat bond covering volcanic eruptions.
-
The asset manager has previously invested in ILS via external specialists.
-
It will be the insurer’s first foray into the cat bond market.
-
The deal, which will be fronted by Hannover Re, will offer a premium of 240 basis points.
-
The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.
-
The coupon reduced by 50 basis points compared with what was initially marketed to investors.
-
Spreads dropped by a midpoint average of 9% on the deal.
-
The spread fell by 17% from the mid-point of what was initially marketed.
-
It will be the insurance company’s first foray into the cat bond market since 2018.
-
Sources suggested the ESG credit for using green collateral is overshadowed by longer-term ambitions for underwriting clarity.
-
The P&C insurer initially told investors it would seek $100mn on what will be its first foray into the cat bond market.
-
The deal will carry an insurance premium that settled 14% below the sponsor’s initial target.
-
The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks.
-
The insurer will invest the deal’s collateral in green bonds as well as using its own freed-up capital to allocate to green projects.
-
It will look to raise between $240mn and $300mn from the bond which was initially marketed at the bottom end of this range.
-
The insurer has a previous history of buying earthquake reinsurance cover from the ILS market.
-
The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.
-
The carrier has shaved 50 basis points off the projected coupon for the ILW bond.
-
It is the Blackstone captive’s first foray into the cat bond market.
-
The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
-
It is the insurance company’s first foray into the cat bond market.
-
The cedant initially sought just $500mn from the deal.
-
The deal adds to a $300mn bond issued by the insurer late last year.
-
The transaction will be conducted through the firm’s Syndicate 1910 at Lloyd’s.
-
The deal’s spread settled at 350 basis points, down 12.5% from its initial mid-point target.
-
The insurer has grown the deal by more than 50%.
-
The insurer is seeking occurrence cover on the latest deal after notifying investors of a recent aggregate cat bond claim.
-
Investor premiums fell by 2% from the previously projected spread.
-
Pricing on the transaction’s two layers had mixed outcomes.
-
Pricing on the deal settled at the low end of the insurer’s expectations, having fallen 30% year-on-year from the 2020 hard market.
-
The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
-
The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
-
The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
-
The insurer has been able to lower its projected premium by 3%.
-
The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.
-
The Orlando insurer is the second Floridian to make its cat bond debut this year.
-
ILS managers said strong appetite for more liquid investments made bondholders want to hang on to their securities in Q1.
-
Less than a month ago, the insurer said it would recover $184mn of losses from an earlier Sanders Re deal.
-
The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.
-
Spreads have fallen 14% on a weighted average basis on new deals marketed in the quarter to date.
-
Spreads fell by 11%-33% during the marketing process, with several of the deal’s layers pricing well below revised guidance.
-
The cat bond will renew an expired 2017 multi-peril deal for the US insurer.
-
Spreads are back in line with early 2019 levels after strong new issuance was not enough to meet a rising wave of investor demand, the broker said.
-
The ILW deal will offer a spread of 1775-1850 basis points (bps), including a wide range of perils and notably high coupon for the ILS market.
-
The cedant was able to cut pricing on its occurrence layer by 25% from initial forecasts.
-
Projected spreads on the deal range from 300bps at the bottom end of the lowest risk notes to 1000bps at the top of the highest-risk layer.
-
The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
-
Investors are seeking to take higher-attaching risks with pure peak peril deals in stronger demand.
-
It will more than replace a $250mn deal from 2018 which will mature this year.
-
The spread on the aggregate ILW bond for the first-time sponsor has dropped by 7%.
-
The bond will provide industry loss cover against any named storm event, North American earthquake or European windstorm.
-
Sponsors want to know what the benefit will be to them, the broker said.
-
Projected spreads on the deal fell by 10%-11% in early marketing.
-
The state-backed insurer is pitching the premium on the deal in between its 2018 and 2020 prior ILS issuances.
-
The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
-
-
The reinsurer pushed pricing to the lowest end of its revised target range.
-
The Zurich-based manager says frameworks designed for equity investing will take time to adapt to insurance investing.
-
State Farm has more than replaced an expiring $300mn cat bond, while Horseshoe’s platform did its second deal for the year.
-
The ILS analysts noted a trend for cat bonds to be impacted by a higher number of small loss events.
-
The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
-
Both private and cat bond funds were down for the month.
-
The new deal will fall short of replacing the $950mn the insurer has rolling off risk.
-
Overall growth in the quarter was modest but the market was faced with some major non-renewals.
-
Palomar expanded its underwriting footprint in 2020 as it entered the specialty lines market.
-
-
Amid an April renewal that resulted in a slower pace of typhoon rate increases, ILS deals covering Japan have held up above historic lows.
-
The insurers have both been able to cut pricing below targets.
-
After sizeable increases to take-up in 2019 and 2020, many carriers were already at maximum participation for state Cat Fund coverage.
-
Howden, Plenum, Schroder and Solidum are backing the first-of-its-kind bond, which will be cleared on the ILS Blockchain run by Replexus.
-
The insurer will also recover from its per-occurrence tower, recouping roughly $700mn of its gross losses from the winter storm.
-
The Florida-based insurer will pay a 9.25% spread on the deal, 6% below the initial forecast.
-
Declining listed issuance volumes could be down to a growing desire for transparency and flexibility after recent loss years.
-
The insurer will pay a high-single-digit rate on line.
-
The insurer priced the deal at the lower end of its target range.
-
First Coast Re 2021-1 is the insurer’s fourth cat bond and set an early start to Florida renewals.
-
The bond’s size grew 150% during the marketing process and pricing fell by 13% amid strong investor demand.
-
More than $1bn came off risk in February this year.
-
Pricing has also dropped below the initial range offered to investors.
-
Tighter cat bond spreads will prevail until issuance catches up with investor demand, the firm forecast.
-
The deal will partially replace a $480mn bond that comes off risk at the end of March and is the first for the carrier to mix US and Japanese risks.
-
Trading data showed the market delivered on liquidity in the midst of the pandemic panic.
-
The Floridian insurer aims to renew just over a third of its private reinsurance placement in cat bond cover.
-
Markdowns have wiped more than $220mn off the value of $1.6bn of aggregate cat bonds benefitting major US insurers after the Texas Big Freeze.
-
The insurer is turning to the ILS market after a busy year for Florida deals in 2020.
-
The deal would add to $200mn of ongoing cat bond cover for the insurer.
-
The new deal comes after the company decided not to renew its 2017 issuance last year.
-
The California Earthquake Authority (CEA) has finalised pricing on its latest Ursa Re cat bond at the bottom of the range offered to investors, with the issuance reaching the top of the size range, industry sources have said.
-
Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
-
The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
-
Recent investor inflows to its cat bond UCITS have brought it to over $1bn assets under management.
-
The issuer has $550mn of limit due to mature next year across two bonds.
-
Spreads on the Ursa Re deal have also dropped by 7% on average during the early phase of marketing.
-
Pricing dropped to the bottom of the range previously offered to investors.
-
Spreads are also dropping on the bond, although they remain higher than in previous years.
-
The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
-
The deal is set to pay a higher coupon than most other outstanding CEA bonds, but target spreads are 18% below a similar May 2020 transaction.
-
-
The first cat bond of 2021 supports brokers’ forecasts of favourable pricing trends for cedants, as pricing has dropped 17% year-on-year.
-
The utility did not disclose which insurers would receive payments.
-
Spreads on the mortgage credit investor’s bond have also dropped nearly 10% across both tranches.
-
The issuance follows roughly $107mn of issuance across five series last year.
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The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
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The new limit amounts to roughly half the Seaside Re bonds placed last year.
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The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
-
Quarterly report reveals that bond prices went “sideways” in Q4, but market remains hard.
-
The spread rose 9% during the course of marketing.
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The first cat bond of the year will cover earthquake risk for the mortgage credit investor.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
-
There were nearly twice as many new issuances than in 2019, but margins have remained elevated in the post-pandemic rebound.
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New capacity and fewer problems with trapping contributed to a smoother renewal than some had expected.
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The 12 Days of ILS Christmas
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The international body is looking at ways to supply Covid tests and vaccines to poorer countries.
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The Singapore-based cat bond deal offers a 400 bps spread 16% below the carrier's initial target.
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The size of the bond closed 50% higher than the initial $200mn marketed in early December.
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The bond closed near the top end of the guidance range sought by the Floridian carrier.
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The deal was the first time a UK multi-arrangement ILS vehicle was used to issue a cat bond.
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The cedant has dropped one of the three tranches initially pitched to investors, a high-risk aggregate.
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The bond’s size remains at $150mn.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.
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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
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Cat events in 2017 and 2018 were a significant test of alternative capital.
-
Pricing is expected to be settled this week and the transaction formally closed on 14 December, sources said.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
-
Spread guidance has dropped to the bottom of the carrier’s target range.
-
The spread settled at 5.75%, lower than the 6.0%-6.5% range advertised in November.
-
The Google parent is seeking to secure California earthquake cover for under 3% in its latest Phoenician Re issuance.
-
The new retro notes would cover US named storms and US and Canada earthquakes.
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The $100mn+ Bonanza deal is the Floridian’s third foray into the cat bond market
-
Pricing has also been reduced below original spread ranges for both bond tranches.
-
The spread on the bond settled at the previously marketed mid-point of 300 basis points.
-
The bond is being issued through the company's third-party capital vehicle Sussex.
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The deal would take Swiss Re retro cat bond cover issued this year to $1.2bn.
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Books are scheduled to close on Monday, with final pricing being decided on Tuesday.
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Retro deals make up a third of this year's volumes, versus a quarter in 2019.
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The carrier has returned to the bond market after a 2017 Northshore Re deal lapsed in June.
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The multi-peril notes offer a 12% coupon in the latest issuance of an active quarter.
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Pricing on the deal has settled at the low end of the insurer's target range.
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Pricing on the issuance has narrowed towards the lower end of the initial range.
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Several of the insurer's cat bonds have been heavily marked down in the secondary trading.
-
The deal will provide the insurer with annual aggregate ILW cover.
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The deal would provide the corporation with California earthquake coverage.
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The increase was largely driven by successful capital raising, large numbers of maturities and fewer new issuances to replace them.
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The size of the cat bond deal increased by $25mn over the marketing period
-
Pure cat bond funds continued to outperform private ILS strategies on the ILS Advisers index.
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Spreads are being offered to investors at the higher end of the initial range.
-
The new issuance is thought to be the municipal utility’s first foray into the cat bond market
-
Spreads on two of the three tranches fell below the range first offered to investors
-
Covid-19 may have been the biggest talking point in the (re)insurance markets this year but arguably, the pandemic is being overtaken by several other factors – ILS market dynamics amongst them.
-
Pricing on the deal's lower-risk layers has dropped below USAA's original target, falling 50 basis points.
-
This is the first time the insurer has used the cat bond market since its Mariah Re cat bonds paid out after the record tornado season of 2011.
-
The final limit raised was nearly 60% above the company’s initial target, as pricing dropped to the lower end of forecasts.
-
New law would end the country’s long-term cat bond programme and cast doubt on the fund’s on-risk cat bond.
-
The transaction takes total cat bond lite volumes to more than $270mn this year.
-
Greater investor demand is being supported by a focus on liquidity and defined perils – but sources caution against over-hyping the shift.
-
Sources said the deal remained enticing despite spreads dropping
-
The new bond includes a particularly high-risk occurrence layer for which indicative pricing is up 14% year on year.
-
The firm’s fourth annual issuance brings the total volume of cat bond lite deals this year to $250.54mn.
-
The remote-risk layer priced at the middle of the guidance range, while pricing on a higher-risk layer was pushed to the top of targets.
-
Bonds had an implied average spread of 6.86%, the lowest quarterly rate since mid-2018.
-
The $250mn transaction will not fully replace the $400mn of maturing ILS cover for the organisation.
-
The latest offering comes roughly four months after Fidelis’ first Herbie Re deal.
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The storm is predicted to hit the US Gulf of Mexico on Wednesday as a Category 2 storm.
-
The Australian carrier is also drawing down on other aggregate covers.
-
Cat bond returns were outpacing US high-yield debt as of 30 June 2020, the advisory firm said.
-
CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
-
The new issuances mean the 2020 Eclipse Re series now comprises $86.6mn of cover.
-
Previous European cat bonds issued out of Ireland were done on a one-off basis.
-
This is the largest insurance fund the fixed income specialist has raised.
-
A number of major carriers have bought new catastrophe covers, but the overall gain is likely to be muted, brokers forecast.
-
The fund expanded its distribution efforts in the two main Australasian countries last year.
-
The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
-
The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
-
The start-up carrier reduced its price guidance for both tranches of the deal.
-
The (re)insurer placed a new $100mn enterprise cover, ahead of the $350mn bond elapsing.
-
Rising Covid-related mortgage defaults could impact its Radnor Re deals, after three peers filed similar notices.
-
Investment returns rebounded to a 2.7 percent gain for the half-year to 30 April.
-
The European earthquake bond will pay investors a 450 basis point spread.
-
Cat bond investors received better risk-adjusted rates on new issuances, but lower risk levels meant average spreads fell year on year.
-
The consultancy firm also argued that the World Bank should buy more pandemic cover after receiving a payout under its cat bond programme.
-
The deal settled at the low end of the revised spread guidance.
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The carrier raised $528mn of limit via its latest Bellemeade Re cat bond, including $78mn of direct reinsurance.
-
The firm has narrowed its price guidance range, suggesting a higher multiple.
-
The ratings agency placed the bond on credit watch in late March as Covid-19 deaths in the UK began to surge.
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The two-tranche deal will provide US storm and Canadian quake cover.
-
Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
-
Bond spreads settled at the lower end of the revised guidance.
-
The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
-
The deal could settle towards the lower end of guidance price, one source said.
-
The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
-
The deal will provide EUR100mn of reinsurance cover for the Dutch firm.
-
The US wind deal by the Nephila fronting partner comes amid a flurry of activity in the cat bond market in recent weeks.
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The move bucks the trend of cedants hiking spreads on their cat bonds to attract sufficient investor capacity this renewal.
-
The spread on Achmea’s new European bond has moved to the bottom of the initial range, contrary to a trend seen in the market.
-
The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The bond’s spread was increased twice as Avatar looked to secure $65mn of limit in the hard Florida market.
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This would be the reinsurer's fourth cat bond of the year.
-
The bond will provide second-event US wind and quake cover.
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Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
-
The bond’s spread has settled at the top of the (re)insurer's target range.
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Trading was brought forward this year and more cedants could head to bond market.
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The result fell below the 10-year monthly average of an 0.11 percent gain.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
-
The bond will pay a considerably higher spread than the Alamo Re bond issued last year.
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Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
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The bond’s spread has moved to the top of the initial range, following the prevailing trend this renewal.
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The bond will renew only part of previous Blue Halo cover benefitting Nephila's fronting partner.
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Earlier, the carrier added a pandemic exclusion to the annual aggregate bond.
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The cat bond is set to pay up to 125bps more than last year’s Alamo Re deal, which has a near-identical risk profile.
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Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
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The insurer's Castle Key subsidiary will pay a 5.5 percent spread for the cover, up 70 percent from the rate on an expiring 2017 cat bond.
-
Earlier this week, the company pulled another Everglades Re bond it had simultaneously marketed alongside this deal.
-
Earlier this month, the carrier said it wouldn’t renew its 2017 Torrey Pines Re cat bond.
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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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The insurer will proceed with a $100mn ILS deal for its personal lines account, but dropped a separate coastal aggregate cover.
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Pricing has moved to the top of the initial guidance, according to sources.
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The transaction covers storm and earthquake in the US.
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This is the latest indication that reinsurers are standing their ground in the mid-year renewal.
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The Florida firm hopes the higher spreads will help it replace $300mn of expired bond cover.
-
Both deals priced at the top end of initial guidance ranges, making them the highest-paying cat bonds the CEA has completed in recent years.
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The spreads on the new deal are set 17 percent higher than a similar 2019 USAA bond.
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The two new cat bonds are set to become the highest-paying bonds the CEA has completed in recent years.
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The association is planning to issue $200mn of Alamo Re II notes later this year.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
-
The earthquake insurer returned to the traditional market for cover, citing less favourable ILS pricing and terms and conditions.
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The spread on the deal settled 16 percent higher than initial forecasts.
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The midpoint of the updated spread range promises a multiple of 5.8x the expected loss.
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The new multi-peril deal would effectively replace a soon-to-expire 2017 bond.
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Top price guidance would offer a substantially stronger multiple than the carrier's expiring bond, with non-coastal business included for the first time.
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The bond has less limit than the firm’s other issuances but offers 125 bps more return.
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Disasters include bushfires and hailstorms, and some 242,000 claims have been lodged.
-
All cat bond funds across the Eurekahedge ILS Advisers index finished lower in March due to the mark-to-market hit from Covid-19.
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The California Earthquake Authority joins a rejuvenated cat bond market with several deals launched in the past week.
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The bond priced at the top end of forecasts and 16 percent above initial targets, according to sources.
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The broker said Covid-19 industry claims should be manageable but the disaster makes a broader capacity squeeze more likely.
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The transaction will provide storm surge and quake cover for New York's subway system operator.
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Sources said conditions in the cat bond market had “pretty much gone back to normal”.
-
The firm has already raised over $600mn from two Matterhorn Re cat bonds issued earlier this year.
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The carrier has chosen Singapore’s ILS regime to issue the transaction.
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The earliest the bond could have paid out was 9 April, but the coronavirus growth rate in covered territories wasn’t high enough.
-
Pricing on the transaction is up 12 percent, according to sources.
-
Last week, sources told this publication it is “unlikely” the bond will pay out this month.
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A source said it was unlikely the bond would trigger as early as this month, but noted that the pandemic remains unpredictable.
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Exposure to the Covid-19 pandemic was limited during the month, said Eurekahedge ILS Advisers.
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The California body’s $900mn in bonds constitute 20 percent of unrenewed notes maturing before July.
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The platform transacted the most cat bond lite deals of 2019, with $300mn raised from such listings.
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The deal marks the third time the bank has brought operational risk to the ILS market.
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Spillover from the Covid-19 stock and bond market crashes made for some turbulence towards the end of the quarter despite the impressive volumes issued.
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The ILS market has used every reversal as a base for its future growth and this should happen again after Covid-19, the firm argued.
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Sources have warned that the cat bond sell-off could restrict capacity in the upcoming Florida renewals.
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Scor said it was eager to start marketing the transaction again within the next month when market conditions improve.
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CEO Bob Ritchie said entering the cat bond market offered stability for the company and policyholders.
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Both tranches of the bond could trigger as soon as April, once the growth rate is calculated.
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Aon's estimate shows that bulk sums offered rose from the $250mn previously reported.
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Sources said “cash is king” in times like this, but dedicated ILS funds are still holding positions.
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Palomar sponsored the $166mn Torrey Pines Re cat bond in 2017 which is still on risk.
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With up to $4.5bn of anticipated volume in the works, ILS broker-dealers are waiting to see how multi-strategy sellers will impact the primary market.
-
The secondary market is being closely watched to see if selling pressure spreads.
-
This is the second Asagao deal, following a two-year $69.9mn transaction issued last September.
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The Akibare Re series 2020-1 class A notes priced at the top of the guidance range at 275 basis points.
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Severe pandemic stress could drive up industry medical benefit ratios to levels that may trigger junior layers of the health cat bonds.
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Allstate sets the spread for riskier second layer at 1,275 bps in the upper range of the initial guidance.
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Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
-
The company’s previous two Atlas deals were completed using the UK’s new ILS regime.
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Multi-strategy funds seek to liquidate $200mn of cat bonds
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Despite this rare withdrawal of a cat bond, another Florida-centric deal is moving closer to completion.
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Pricing has moved to the top of the guidance range, sources said.
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John Seo noted the diversification benefits ILS offers in tumultuous times as cat bond segment avoids spillover from market turmoil.
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Premiums on the cover have moved to the mid to high end of expectations.
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Pricing has moved to the top of the initial range offered.
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The outcome for pricing was mixed across the four-tranche transaction.
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As per previous bonds, the transaction is fronted by Hannover Re.
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The deal uses an occurrence trigger, unlike the aggregate bond that is expected to pay out on Jebi losses.
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The bond will cover named storms, earthquake, severe weather and other perils, according to sources.
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The World Bank’s pandemic bond is expected to partially pay out as deaths surpass trigger points.
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Pricing has moved in both directions across the four tranches, sources said.
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The issue will effectively renew quake and storm cover, with one of the company’s $100mn bonds expiring in June.
-
Pricing on the new cat bond moved to the top end of guidance.
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The fresh markdowns follow a recovery in the bond's price as the Ebola threat abated.
-
The deal will take total cat bond cover available to the National Flood Insurance Program over the $1bn mark.
-
The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
-
The deal's spreads are in line with those on the 2019 FloodSmart deal, with slightly higher multiples of premium to risk.
-
Proceeds of the Mexican parametric transaction will be used to finance sustainable development projects in a number of countries.
-
Demand for the transaction, which doubled in size during marketing, demonstrates a renewed appetite for Florida risk this year on the cat bond market.
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There is room to scale up existing risk transfer pilots, said Dfid’s Nick Dyer at Aon's Collaborating to Close the Protection Gap conference.
-
The firm's cat excess-of-loss book rose 7.8 percent.
-
The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
-
Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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The deal covered Turkish earthquake risk.
-
The occurrence and aggregate transaction will replace maturing and loss-impacted deals for the carrier.
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The (re)insurer has cut its peak risk exposures by more than a third in some cases.
-
The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
-
The pricing benchmark on the low-risk quake bond has risen 10 percent above a similar 2018 transaction.
-
The cat bond covers hurricane and extreme mortality risks, according to sources.
-
Pricing dropped 6 percent from the midpoint of the initial range to reach 9.75 percent.
-
The Floridian carrier has returned to the cat bond market for a third time, adding wildfire, earthquake and winter storm perils to its latest transaction.
-
Aetna Life achieved its lowest coupon ever on the Class A tranche.
-
The carrier issued a profit warning as it revised up projected annual cat losses and forecast lower reserve releases.
-
The current death totals do not suggest the transaction is under immediate threat.
-
The transaction remains popular with investors given that it has never had a loss and is a diversifier, sources said.
-
The deal took 2020 cat bond lite volumes to $84.5mn.
-
ILS broker-dealers’ forecast cat bond issuance will range from $8bn to $11bn this year, reclaiming ground lost in 2019 when annual volumes plummeted more than 40 percent year on year.
-
New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data.
-
Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The $150mn multi-year aggregate transaction is the first Japanese cat bond to come to market in over a year.
-
Pricing on the ILW bond has dropped below the initial guidance range.
-
Over the past decade, the cat bond market has produced an average annual return of 6.38 percent, and 7.48 percent for 2019, Aon has calculated.
-
The average cat bond yield was 7.48 percent by year end as cat bond issuance picked up.
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Every New Year the (re)insurance industry looks back at how much natural disasters cost it in the last 12 months – but the 2019 statistics undercut the value of this exercise.
-
The broker said reinsurers were looking to address the earnings impact of higher retrocession costs, lower interest rates and greater reserving uncertainty.
-
Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.
-
The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
-
The retro transaction priced below the target range, according to sources.
-
Hannover Re issued seven Seaside Re cat bond lites totalling $74.5mn yesterday, following $77mn of notes at the end of 2019.
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Both tranches of the transaction priced at the bottom of the guidance range.
-
The bond has been launched with the same initial price guidance as the 2018 and 2019 issuances.
-
The reinsurer is thought to be buying the ILW protection for its own account, sources said.
-
Only 18 of the 33 funds made a gain for the month.
-
Over the past year, Willis Re's index shows riskier deals and a hardening market have lifted average cat bond yields.
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The December deal takes annual volumes to $877mn, with the Eclipse Re platform transacting the most issuance this year.
-
The transaction brings 2019 cat bond lite issuance to $799.5mn, according to Trading Risk records.
-
Pricing across the deal has slipped 1.5-3.2 percent, according to sources.
-
This latest deal takes 2019 cat bond lite issuance to $749.5mn, below the $973.7mn total recorded last year.
-
Pricing on the parametric US earthquake deal dropped by 2-7 percent during marketing, according to sources.
-
Pricing on the quake deal dropped 3-7 percent across its two layers, according to sources.
-
Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
-
The cat bond is the second Matterhorn deal to be launched by the (re)insurer this year.
-
In its first public cat bond since 2013, the firm joins peers in seeking aggregate retro cover.
-
The Axa XL cat bond was so oversubscribed that some investors had their allocations reduced by 60-70 percent, Trading Risk can report.
-
The (re)insurer had previously removed two tranches from the multi-peril transaction
-
Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.
-
Varying levels of Japanese exposure led to a wide range in individual fund returns.
-
It is the first ILS vehicle to receive the credential from the FNG.
-
The (re)insurer pulled two layers of cover from the deal as it affirmed pricing targets on three others.
-
The typhoon is expected to reach Category 3 status by Tuesday local time, but the ILS cover is geared towards payouts for even stronger events.
-
Artex reserved for an 8 percent loss to the $18mn aggregate retro transaction, a BSX note said
-
Sierra is Bayview Asset Management’s first ILS deal.
-
The $225mn deal was the first cat bond to be listed on the Singapore Exchange.
-
The market is pricing Unipol's EUR45mn ($49.50mn) Atmos Re I cat bond for a full loss.
-
The cover will be provided by a consortium of 56 insurers, according to reports.
-
Hagibis losses have become the most costly event this year for the retro fund
-
Losses could have eroded as much as 44 percent of the carrier's aggregate deductible.
-
Aon Securities CEO Paul Schultz said the platform fitted in between collateralised reinsurance and syndicated cat bonds.
-
The Ursa Re 2019 issuance priced at the upper end of the California Earthquake Authority's expectations.
-
The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.
-
Pricing for the earthquake notes settled above the midpoints of the initial guidance.
-
The Galileo cat bond is the first to be launched by Axa XL since Axa bought XL Group in 2018.
-
The class C notes are being offered with an initial guidance of 525-575 bps.
-
Pricing for both tranches of the deal stayed within the midpoint of the initial target range
-
Yen Chin, a director in RMS’s Singapore office, defended the quality of modelling in the region.
-
This came as the deal priced at the bottom of the initial range at 515 basis points (bps), according to sources.
-
The latest issuance brings the cat bond lite total to $739.5mn for the year.
-
The European windstorm bond has grown to EUR110mn-EUR130mn as pricing fell to the lower end of the initial range.
-
The deal is the republic’s first and will cover earthquakes and tropical cyclone risks.
-
The insurer's losses approached 80 percent of the private cat bond's trigger.
-
The Texas-based military insurer is offering double-digit premiums across two tranches of its second bond of the year.
-
The transaction sits above an earlier ILS deal from the French insurer.
-
The typhoon made landfall in central Japan on Saturday causing flooding and mudslides.
-
A PCS update on Irma had led to a full loss on two contracts, the fund said in an SEC filing.
-
The August return was significantly below the 14-year historical average of 0.63 percent, according to the Eurekahedge ILS Advisers Index.
-
Reconstruction in the ILS market continues, with ongoing concerns about investor sentiment, capacity growth and the impact of retro rates
-
The carrier is among the first P&C insurers to release anticipated loss numbers ahead of the third-quarter earnings season.
-
Severe, unpredictable weather is becoming more frequent, said the Insurance Bureau of Canada’s Amanda Dean.
-
In the midst of reinsurance conference season you might expect there to be a tendency towards group-think.
-
Avoiding a “bucketing” approach to risk-taking will help the ILS industry fill in the insurance protection gaps, according to Fermat managing director John Seo.
-
Cerulean Re has now transacted deals totalling $167.9mn this year.
-
The manager made limited reinvestments in sidecar vehicles within its Interval fund.
-
Both LGT and Schroders have signed up to the ILS notes trading platform.
-
The EUR45mn ($49.50mn) Atmos Re I cat bond from Unipol is likely to lose nearly 50 percent due to severe weather events in Italy, according to sources.
-
Experts have forecast that the cat bond market will rebound heading into 2020 following low issuance this year, with a diverse crop of maturities likely to drive more favourable dynamics for sponsors.
-
The banking fund’s ILS investments have increased as fellow UK investor IBM Pensions Trust keeps its allocation steady.
-
The Atmos Re I cat bond provides Unipol with protection against atmospheric events in Italy.
-
The utility firm also criticised an alternative Chapter 11 proposal led by Elliott Management.
-
The settlement was midway between the $20bn insurers sought and an earlier $8.5bn offer.
-
Two Resilience Re bonds and one from Argo have had their maturity dates shifted again.
-
The deal brings 2019 cat bond lite issuance to $636.5mn, according to Trading Risk data.
-
Some 15 percent of cat bonds on risk will mature in Q2 next year.
-
Investors are taking a broader look when evaluating transactions with more emphasis on qualitative attributes of sponsors, according to the firm.
-
The partnership will layer Xceedance’s data and analytics services on to the community of cat modellers.
-
A drop in ILS capacity simply reflects the market going through something akin to a traditional underwriting cycle, Invesco ILS portfolio manager Caleb Wong said.
-
Cat bond pricing volatility in the first half of the year meant that some cedants didn’t want to risk entering the market, the Willis executive told Trading Risk.
-
The loss tracking agency's data has been used on $17bn of reinsurance limit in its 10 year history.
-
The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
-
Karen Clark & Company said Bahamian losses from Hurricane Dorian will reach $7bn including both insured and uninsured damages.
-
Private ILS fund returns fell below cat-bond-only strategies in July as loss creep continued to drag down side pockets.
-
Reinsurance conditions began moving in investors’ favour in mid-year 2019, marking a delayed reaction to 2017-2018 losses.
-
Both North and South Carolina remain within the cone of probability for Dorian’s track but landfall is not projected.
-
Fourteen cat bonds with a combined value of $1.18bn are expected to be a full loss following 2017 and 2018 losses, Trading Risk understands.
-
The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
-
The insurer’s overall cat losses were below its budget as higher Australian disaster activity was offset by benign international claims.
-
The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
-
The lottery firm will recover EUR4.8mn from its ILS cover.
-
It is the fifth deal of the year to be issued from the Horseshoe Group platform.
-
Reinsurance buyers with a relationship-driven approach have come through 2019 renewals in better shape than transaction-based cedants.
-
Profit at the carrier fell from $2.4mn to $0.7mn year on year.
-
CUO Schmid noted that its catastrophe growth came after it reduced its market share in 2018.
-
The platform has issued $175mn so far this year, up from $151mn in 2018.
-
The carrier has meaningful available capacity to deploy, according to CFO François Morin.
-
The seventh issuance this year takes the annual total to $134.08mn.
-
Arch Mortgage Insurance raised $701mn in the largest mortgage ILS deal to date, while National Mortgage Insurance is hoping to raise $327mn.
-
The reinsurer’s combined ratio deteriorated slightly due to Q2 weather events, as it benefited from retro recoveries.
-
The funds were raised over 18 months, portfolio manager Florian Steiger said.
-
The volcano cat bond is being structured so that will be open to investment from other ILS funds.
-
Activity in the first half of the year was the lowest since 2011.
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Using cat bonds alongside other funds to manage the response to pandemic threats means a more cost-effective overall response, ILS participants argue.
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Initial market speculation was that the firm would focus on the sidecar market but it will pursue more of a mainstream ILS offering.
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A total of $23.3mn is being held across bonds from 2017 and 2018.
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The average ILS fund was down by 1.13% in May as measured by the Eurekahedge ILS Advisers Index.
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It is the second issuance of the year by the platform, taking its 2019 total to $50mn.
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The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
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The asset manager said it is the first cat bond fund to specify that it will pursue a responsible investment philosophy in its prospectus.
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The Lane Financial index has returned to levels not seen since 2012.
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The transaction, targeting up to $15mn, would use volcanic plume heights as a trigger.
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Rates are said to be easing following the mid-year Floridian renewals.
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The bond priced below the lowest end of the initial guidance.
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The bond has placed at the lower end of pricing guidance.
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The deal was expected to be a 30 percent loss following a magnitude 8.0 earthquake in northern Peru in May.
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The deal is the North Carolina coastal insurer’s second ILS transaction for 2019.
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The insurer said half of the losses came from one weather event in the Midwest.
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Winners were recognised at the 11th Trading Risk Awards ceremony, held in London last night.
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The bond offers protection against certain losses from US named storms and US earthquakes.
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Zurich-based Solidum Partners will oversee the two funds, estimated to be worth $400mn, from 1 August.
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The Toronto-based firm had already been collaborating with Perils for the past two years.
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The new framework will be put in place in 2020 to help manage the market’s risk appetite and performance.
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The ILS fund manager reports that the cost of reinsurance via cat bonds is now “painfully expensive” for some cedants.
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Only around half the $3.4bn of cat bonds that have matured this year so far have been renewed, with a further $3.3bn of deals set to expire over the rest of 2019, according to Trading Risk data.
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A paper by academics at Hamburg University compared the results of the Swiss Re global cat bond indices against indices from various other sectors.
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The World Health Organization said the Ebola outbreak in the Congo has spread to Uganda, putting the deal at risk of triggering.
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The reinsurer is looking to pay more rate to secure retro cover in a tightening market.
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Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.
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This is the reinsurer's first natural catastrophe bond since the $200mn Mythen Re cat bond in 2013.
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This year’s cover is less than the 2018 cover, which was $2.6bn.
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The maturity dates for Blue Halo Re Series 2016-1 Class A and Resilience Re Series 1861A notes have been extended, according to the Bermuda Stock Exchange.
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The deal comes hard on the heels of the North Carolina Insurance Underwriting Association’s $450mn cat bond completed in February.
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The firm kept overall spending flat after upping its participation in the state reinsurance scheme.
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The executive said placing one of the first Singaporean cat bonds had gone smoothly.
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The deterioration pushed the retro fund’s 2018 loss to 46.7 percent for C shares.
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Three tranches of Home Re 2019 1 notes were listed on the Bermuda Stock Exchange (BSX).
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The fund’s net assets shrank by $4.4mn over the period.
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Structuring agent Swiss Re Capital Markets has claimed a market first for the Singapore-based deal.
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The bond priced towards the upper end of Scor’s initial target.
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The 2018 bond was the first to be issued by the Peruvian government.
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The Florida-based insurer was initially seeking $75mn for the single-tranche cat bond.
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Safepoint had initially hoped to raise $75mn from the ILS deal in a sign of tight capacity and increased rate demands in Florida.
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The size of the Integrity Re coverage may shrink to $50mn.
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The company is now targeting $250mn for its latest cat bond, which is being issued in the UK.
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The Floridian insurer has reduced the target size of the deal from $75mn to $70mn, as spreads on the transaction have risen 23-24 percent year on year.
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The deal will take the organisation’s cat bond cover up to $1bn including past transactions.
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Documents show only one of its ILS investments, in the Medici cat bond fund, delivered a positive return for the year to 30 June 2018.
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Issuances from United Insurance Holdings, American Integrity Insurance Company and Safepoint have all reflected an uptick in pricing compared with prior-year benchmarks.
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Mitsui Sumitomo has put its Typhoon Jebi losses up to 258bn yen ($2.4bn), compared with an initial estimate of 140bn yen.
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The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.
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The insurer will not place the riskier class B notes of the proposed deal.
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The country’s government indicated in March that it was considering sponsoring a catastrophe bond.
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The bond will attach at $2.1bn, sitting alongside previous issuances in the series.
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UPC Insurance halved the amount of reinsurance limit it will seek from the open market to $808mn, after opting for more state fund and quota share cover.
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Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.
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USAA is set to raise $135mn from the deal, which did not specify a target at launch.
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The four-year transaction will provide the carrier with protection against US named storms and earthquakes as well as European windstorms.
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Mt Logan Re's asset base is stable at $1.05bn.
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The additional aggregate reinsurance protection comes from its Sanders Re II catastrophe bond.
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This is the platform’s first deal to be issued since Rewire Securities, which brokered the previous Eclipse deals, stopped functioning as an independent broker-dealer.
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Two tranches of Heritage’s Citrus notes traded at 4.5 cents despite the latest loss reports from the company implying both bonds still have at least 30 percent capacity left.
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The two-tranche issuance will cover named storms and earthquakes in select states in the US.
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Earlier this month, Lane Financial speculated that higher Treasury yields would encourage investors to return to the cat bond fold.
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Fema has added a new $300mn catastrophe bond to its reinsurance programme.
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He will be replaced in the role by partners Jarad Madea and Stephen Fromm.
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USAA had cat bonds impacted by the 2017 and 2018 catastrophe events.
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The figure includes collateral trapped from catastrophe events in 2017 and 2018, Aon said.
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It is “probably one of the best times to invest” in ILS, according to Leadenhall Capital Partners CEO Luca Albertini.
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A tighter cat bond market persisted into the first quarter of 2019, with new issuance activity expected to remain subdued heading into the hurricane season.
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Both tranches of Fema’s $300mn FloodSmart Re cat bond have priced at the upper end of the initial guidance.
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Lane Financial’s latest report shows the best cat bond returns since 2012/13.
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The executive predicts more differentiation between cedants at the upcoming Florida renewals.
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Stone Ridge’s Interval fund has shrunk due to catastrophe events and investor redemptions.
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The placement should keep the insurer’s bond total at $900mn.
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The new cat bond lite transactions include an unusual collateralisation feature for second-event covers.
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Cat bonds in future are likely to cover new perils, such as aviation hull, terror and cyber, JLT Re’s David Flandro said.
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Allstate was targeting $350mn from the US multi-peril bond, however a projected $50mn layer of Class A notes will no longer be issued.
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The tiny retro vehicle supporting the Florida reinsurer was wiped out, as Oxbridge’s premium income fell significantly in 2018.
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The US National Weather Service has said more than 7 million people were under flood warnings on Tuesday.
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The deal would be the US agency’s second.
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As the first quarter drew to a close, cat bond sponsors continued to test the market’s appetite for new deals.
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Cat bonds are becoming a “primary area of focus” for investors after faring well amid two years of catastrophe losses, AlphaCat CEO Lixin Zeng said at this year’s Sifma IRLS conference in Miami.
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New aggregate demand from Japanese cedants may also present opportunities for ILS markets.
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The storm, which raced across Germany yesterday, had wind speeds of more than 100km/h.
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TransRe is paying investors a higher multiple relative to its first cat bond deal issued in 2018.
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The price the transaction offers investors has moved to the top end of initial forecasts.
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The carrier also reported a 12.2 percent increase in gross written premium in structured reinsurance and ILS activities, which reached EUR2.93bn.
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The latest issuance brings Twelve Capital’s Dodeka issuance for this year up to $113.36mn.
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The latest issuance brings Twelve Capital’s Dodeka issuance for this year up to $95.4mn.
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The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.
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The four-year bond will operate on a per-occurrence and annual-aggregate basis covering named storms, earthquake, severe weather and other perils.
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There are some players in our industry who truly believe that any insurance risk can be securitised.
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The Florida-based insurer reported a $15mn cat loss for the full year.
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The New York-based asset manager received an increased level of requests for redemptions from investors in its Reinsurance Risk Premium Interval Fund this quarter.
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The ratings company said Floridian insurer ratings would be under threat from hardening property catastrophe rates.
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The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.
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Orchard ILS provides IAG with $54mn of annual aggregate cover for three years.
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This is the second payment made by the PEF and comes from its “cash window” rather than its insurance contracts.
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The reinsurer’s P&C unit fell to an underwriting loss for 2018 after $2bn of catastrophe losses.
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The loss puts Mitsui Sumitomo’s $200mn Akibare Re 2016-1 cat bond around 94 percent of the way to attaching.
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The reinsurer is offering two different multiples with Class A and Class B notes.
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The insurer pinpoints that aggregate transactions and structures exposed to perils with less robust catastrophe models will be most affected.
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The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.
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Pricing settled at the top end of initial guidance at 590 basis points.
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So far 15,571 claims have been lodged as a result of the catastrophe.
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The insurer faced A$580mn of natural disaster claims in H1.
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John Doucette, president and CEO of reinsurance at parent company Everest Re, said the company had shrunk its January catastrophe portfolio.
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The loss tally for catastrophe bonds impacted by the 2017 disaster events has now climbed to $1.1bn, according to January pricing sheets.
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Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.
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The cat bond market is set to shrink temporarily as 2019 issuance to date has been overshadowed by the $1.85bn of cat bonds maturing in the first quarter of this year.
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Arguably the single biggest challenge to face reinsurers attempting to attract third-party ILS capital is nothing to do with engaging in fundraising, estimating monthly valuations, or any of the operational facets of asset management.
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Leveraging data can make risk more transparent for investors, said Ledger’s CEO Samir Shah.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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The carrier said its P&C reinsurance major-loss expenditure for Q4 was EUR886mn, almost double that of the prior-year quarter.
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The beleaguered Californian utility’s innovative $200mn wildfire liability catastrophe bond cost the company $26.8mn.
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The insurance premium on the EUR45mn ($51.5mn) Italian multi-peril Atmos notes settled 12.5 percent above initial median targets.
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If the ILS market is all about convergence, is it still a worthwhile task to try to create dividing lines within the market, or is a movable border a better representation of messy reality?
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The Sompo International manager will consider share buybacks, CEO Michael McGuire said.
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Perils said the Sydney event was likely to rank as one of the largest Australian hailstorms on record.
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The increase follows reports that the class B notes have been placed in the traditional market.
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Allianz said it would assist Pimco’s new ILS business through originating collateralised reinsurance and other investments.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
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The cat bond is the first since 2013 for the state wind pool.
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Both the class A and B notes priced at the bottom of the range initially sought but above the levels reached last year.
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Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.
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ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.
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Cat bond investors have varying rights to share in subrogation benefits, as it has emerged following the Californian wildfires of 2017-2018.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results.
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The Alpha Terra Validus III notes were issued on 16 January for a one-year term, according to the Bermuda Stock Exchange.
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Spreads on the health insurance cat bond have dropped, but still above the record low level on the 2018 deal, according to sources.
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Ledger structured the flexible deal between an MGA and AIG's ILS business.
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The vehicle brings Bermuda-based PartnerRe’s managed third-party capital to $262mn as of January 2019.
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The Dodeka XX notes were listed on the Bermuda Stock Exchange yesterday.
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The utility expects to source enough cash to finance its ongoing operations.
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The broker said deployable ILS capacity could become more broadly constrained, but equally there were signs capital could increase.
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The bond is the ILS market’s first terrorism cat bond since 2003.
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The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
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Two transactions were issued on the Bermuda Stock Exchange.
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The transaction replaces an expiring $160mn deal issued in 2016.
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Just one of the funds tracked by the ILS Advisers Index reported a positive return for the month.
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The bond has been launched with the same initial price guidance as last year’s issuance.
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The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
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The number of cat bond lites issued so far this year now totals $113mn.
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The most recent cat bond lite issued by Kaith Re brings the total of Seaside Re deals to $112mn, up from $97mn for last year.
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The carrier lifted its retention on a A$475mn aggregate cover.
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The Bermuda Monetary Authority pegs the global pot of alternative reinsurance capital at $89bn.
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The Californian earthquake deal brings the total cat bond lite issuance up to $974mn for 2018.
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Renewals late last week added $110mn to the total.
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The organisation is considering a $10mn-$15mn ILS transaction covering volcano risk.
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The notes, with a combined total of $27mn, are due on 15 January 2020.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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The outbreak is eligible for cover under a 2018 pandemic cat bond sponsored by the World Bank.
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There have been 452 confirmed cases in the latest Ebola outbreak.
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The Event-Linked Bond Fund’s net assets reached $373.2mn at 30 September, up from $259.5mn at the same point last year.
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Annual cat bond issuance for 2018 has surpassed broker-dealer predictions for a strong post-loss year.
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Projected cat bond losses from the 2017 disasters have increased by just over 10 percent to $997mn.
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How do ILS investors know whether they’re being paid enough for shouldering catastrophe risks?
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The company may add to its existing catastrophe and US commercial reinsurance programmes.
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This is the Italian insurer’s second cat bond.
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The insurer also clarified that it has already cut its cat risk exposure.
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October represented the fourth monthly loss registered in 2018 on the Eurekahedge ILS Advisers index.
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The California earthquake transaction priced at 220 basis points (bps), the upper point of the 190-220 bps range offered.
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Axa XL is to cut cat exposure.
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The manager is aiming to sell its products to investors in the UK and French-speaking Europe.
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The insurer is expected to make significant recoveries from its aggregate cat bonds for the second year running.
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The bond will provide the insurer with US multi-peril protection on an indemnity per occurrence basis.
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The US earthquake bond is offering investors a spread of 190-220 basis points.
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The Italian insurer also plans to renew its Azzurro Re I cat bond next year.
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The uptick is the result of more cat bond holders looking to sell, sources said.
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USAA is among the top 10 carriers with exposure to the loss and has already eroded aggregate deductibles for the current year of cover after this year’s hurricane season.
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The power utility has cover for any wildfires caused by its infrastructure.
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The Insurance Authority said that it welcomed the initiative put forward by Hong Kong’s chief executive officer Carrie Lam.
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The military insurer has returned to the cat bond market with its second issuance of the year, in a deal offering double-digit premiums.
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What’s in a promise to pay? That was one of the questions that was circulating at this year’s Monte Carlo Rendez-Vous.
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The insurer has eroded a third of the deductible on its aggregate Skyline Re bond, well below last year’s storm activity.
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The storm remains at a strength that would lead to a 50 percent payout of the $110mn Pacific hurricane cat bond protecting Fonden, although it may weaken before landfall.
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The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
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Insurance solutions that could encourage investment in disaster mitigation could help developing economies.
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First Protective’s $350mn Frontline Re issuance is the main cat bond that is under watch as a result of Hurricane Michael, sources told Trading Risk.
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Finance secretary Carlos Dominguez discussed the bond at the World Bank and International Monetary Fund (IMF) meeting in Bali last week.
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Speaking at the Trading Risk Rendez-Vous in New York, Hudson Structured Capital Management’s Michael Millette said modelling misses helped the reload last year.
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New domiciles introducing ILS regulations could help introduce more sponsors to the market, said Aon Securities CEO Paul Schultz.
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Appetite for last-minute cover appears muted ahead of Hurricane Michael’s landfall in Florida.
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The $125mn cat bond remained unchanged in size, as pricing settled at the midpoint of the initial range.
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The Loma Re Series 2013-1 Class C, Seaside Re 2017-3 and a portion of the $140.0mn Fibonacci Re 2017-1 have been extended, the BSX said.
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Capital inflows continue to exceed loss outflows, the firm said.
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The Eurekahedge ILS Advisers Index was up by 0.45 percent in August but this figure was below the 13-year average of 0.68 percent.
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The Category 4 hurricane has a central pressure of 940mb, above the 935mb threshold needed to trigger the Pacific hurricane layer of the 2017 Multicat Mexico cat bond.
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Utilities company Sempra Energy has become the second sponsor to bring a wildfire cat bond to the ILS market, with the launch of the $125mn SD Re.
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The National Hurricane Center predicted catastrophic freshwater flooding as the eye of the hurricane touched down at Wrightsville Beach.
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The transaction priced at 510 basis points (bps) in the middle of the initial coupon range.
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The issue would be the ILS market’s first terrorism cat bond since the 2003 Golden Goal transaction.
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The California Earthquake Authority has narrowed the spread for its Ursa Re 2018-1 cat bond to 500-525 basis points after offering an initial range of 490-540 bps.
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Citrus Re cat bond losses have more than doubled since May amid rising claims from Hurricane Irma, with the total $324mn payout expected to flow to Heritage set to be a new record for the ILS market.
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The California Earthquake Authority (CEA) has returned to the cat bond market with a single tranche of class D Ursa Re notes, for which it is offering an initial spread of 490-540 bps.
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Twelve Capital issued the Dodeka XVII notes on the Bermuda Stock Exchange yesterday.
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ILS managers' income is going to be dented by lost performance fees.
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The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.
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A $105mn Lottoland payout and deteriorating Irma losses impacted some ILS funds in June, according to the Eurekahedge ILS Advisers Index.
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The target spread on the first wildfire cat bond has risen from an initial guidance of 600-650 basis points (bps) to 750 bps.
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This came as a reduction to net losses from 2017 catastrophes boosted quarterly results for the reinsurer.
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The retirement fund now holds $129mn across two Nephila funds.
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The losses were attributed to HIM and the Mexico earthquake last year.
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The transaction now matures on 15 August 2018.
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The energy provider is hoping to raise $200mn for the Cal Phoenix Re 2018-1 cat bond which will solely cover wildfire losses.
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Twelve Capital has returned to the cat bond lite market with its 18th Dodeka issuance.
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Sponsor behaviour is changing in the continuing soft market, says Jutta Kath, COO at Secquaero, during the Zurich event.
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The team will join the investment bank’s asset management division, which will stay Bermuda-based.
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Dividing the sector between in-house and external management could become more common, say two leading institutional investors in ILS.
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A surge in demand for roof repairs and the cost of higher safety standards are playing a role.
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ILS premiums steadied after a 9.5 percent drop in the first quarter, according to Lane Financial's benchmark.
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The latest cat bond from the California-based health insurer Kaiser Foundation Health Plan has grown by a third.
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Axis Capital’s latest cat bond has increased by 33.3 percent over the course of marketing, settling at $200mn.
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Axis is now targeting $150mn-$200mn from its latest cat bond.
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Florida insurer Southern Oak has returned to the market with its eighth cat bond.
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The parametric cat bond will provide the health insurer with earthquake cover across territories in the US, Canada, Mexico and the Pacific Ocean.
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The Shanghai Insurance Regulatory Commission is ready to try out a cat bond, the director told media outlets.
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Axis Capital has launched the $150mn Northshore Re II cat bond offering a spread of 800-850 basis points.
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The two series of notes run until 1 June 2019.
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A $125mn tranche of Fibonacci Re notes and a $9.27mn tranche of Dodeka XV notes have been listed on the Bermuda Stock Exchange.
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Twelve’s first and only employee in the US Alex Orloff will be returning to his consultancy Sybella Research.
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The association cited the positive response to its handling of over 75,000 Hurricane Harvey claims last year.
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Arch Capital’s ILS assets under management reached $600mn in 2018.
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A $55mn Texas storm event has added to existing losses, sources said.
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This is the second operational cat bond deal, following the $200.8mn Operational Re cat bond issued in 2016.
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The deal provides an unnamed cedant with one-year cover for a Floridian book of business.
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Brown joins the investment bank from Swiss Re Capital Markets.
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The ILS market is often said to have destroyed the potential for there to ever be another "class of x" reinsurers.
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The Secquaero Advisors CEO pays tribute to former colleagues as he accepted his award.
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Elementum took out the manager of the year title while American Financial Group was named the sponsor of the year.
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The fundraise comes as the firm is hiring to expand its ILS strategy.
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The cat bond fund had invested in loss-struck ILS deals in 2017.
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The debut cat bond from Florida carrier First Protective is set to close at $350mn.
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The cat loss modeller reports baseball-sized hail in the Dallas-Fort Worth areas.
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There has been a downturn in the number of Florida-only cat bonds in the second quarter of this year, with only two Sunshine State deals compared to the five issued last year, as local sponsors expanded the scope of their cover.
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Unlike last month, where 13 funds reported negative results, April’s results were driven by a handful of funds.
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CEO of global P&C Victor Peignet praised the UK’s regulatory authorities for their "responsiveness" following the issuance of Scor's first UK cat bond.
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Colorado State University scientists have decreased their forecast for the upcoming hurricane season.
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The Texan state-backed insurer expanded its new cat bond as premiums fell below forecasts.
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The Trans-Tasman insurer is looking for a deal through the Eclipse Re issuance platform, this publication understands.
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The Texas Windstorm Insurance Association has raised the target size of its latest issuance.
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This is the first cash commitment authorised by the emergency financing facility.
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The World Health Organization calls the arrival of Ebola in an urban area “very concerning” although no deaths have been confirmed.
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This transaction is the 16th Dodeka issuance from the investment manager.
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Travelers will make significant savings on the deal compared to its existing cat bond covers.
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The Florida carrier launches its two-tranche 2018-1 to cover named storms.
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The US insurer’s latest cat bond will be its largest since 2009.
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The European reinsurer's new cat bond includes European windstorm risk for the first time.
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The deal could become the insurer’s largest cat bond to date.
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The Texas Windstorm Insurance Association is offering an initial spread guidance of 350-400 basis points for the single-tranche class A notes.
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A busy month of US wind issuance in the cat bond market has highlighted a quick return to pre-Harvey, Irma and Maria (HIM) pricing levels following last year’s losses.