Collateralised reinsurance
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The parametric bond provides coverage for named storms.
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Its Class 13 and 14 notes priced roughly at the midpoint of expectations.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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The bond will provide protection against Japanese flood and quake events.
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The bond will insure against named storms in eight US states.
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The firm has integrated a trustee bank API into the RUDDR platform.
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The deal is a large expansion on last year’s cat-bond coverage.
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The $175mn bond is priced lower than the original range set out in January.
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Pricing on Class A notes has reduced for a second time.
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The health insurer now expects to secure the lowest-risk tranche of its health bond for under a 3% spread.
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Improving the speed and efficiency of settlements is required to help the market grow.
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Allstate has expanded the size of the bond twice, now reaching $400mn.
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The bond will provide protection from named storms in Florida for three years.
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The bond provides protection for North American named storms and earthquakes.
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The amount offered in Class A and B notes has also expanded slightly.
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The three-year instrument provides cover for US named storms and earthquakes and European windstorms.
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Pricing guidance is currently at 6.75%-7.50% for the Class A notes.
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
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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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The carrier has also narrowed the pricing on its Class A and Class B notes.
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The bond’s price guidance is between 6.00% and 6.75%.
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The pair are seeking $125mn in coverage for named storms across eight US states.
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The new offering is structured to solve ongoing ILS market problems including trapped capital, extended settlement times, economic inflation, social inflation, non-modelled risks and pricing uncertainty.
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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 transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee.
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The bond will provide coverage up to 2026, extendable to 2029.
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The fund will take a vertical cut of all non-life business written by Latam specialist Ocean Re.
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The firm’s founder said he originated and structured 70% of all ILS deals issued for Japanese perils in the past 12 years.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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The Sompo International company was placed into run-off in June 2019.
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The state-backed carrier bought two-thirds of its programme in the collateralised market.
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The agency said casualty risk was attractive to investors for its low-to-moderate correlation.
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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 firm aims to build on the origination capability of Fleming Re and Accelerant.
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