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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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.
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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.
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The deal marks the MGA’s first foray into assuming underwriting risk.
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Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said.
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The launch will bring collateralised reinsurance transforming in-house.
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The platform aims to improve the liquidity of collateralised reinsurance.
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Demand for collateralised reinsurance could rise in June and July if cedants set the right price, the ratings agency said.
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The Veraton Re vehicle is linked to Brad Chance, a North Carolina-based investor.
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Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
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The Limited Purpose Insurer framework was set up earlier this year.
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A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.
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Christopher Harris, who also held senior positions at Montpelier Re, has made the move to Hudson Structured Capital Management's advisory board.
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The firm is “far from a start-up” according to head of ILS business Rick Pagnani.
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The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.
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The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
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Trapped capital is becoming a more important consideration in pricing of collateralised reinsurance contracts, a report said.
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Continental reinsurers and Lloyd’s pulled back use of collateralised retro but overall reinsurance use of ILS retro rose from 2015 to 2018.
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The platform was launched by Guy Carpenter in 2017, and this is the first year it has transacted deals.
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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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The broker also signalled its ambition to offer passive investment portfolios to ILS investors.
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Firming market an opportunity for the growing ILS fund, according to the analysts.
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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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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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This year’s cover is less than the 2018 cover, which was $2.6bn.
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The bill still needs to pass two further Senate votes before heading to the state’s Assembly.
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The stake in Catco’s listed fund held by the Boston-based asset management firm crossed the five percent threshold last week.
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Lane Financial’s latest report shows the best cat bond returns since 2012/13.
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The sidecar was established in 2017 to provide support for Hamilton Re’s reinsurance portfolio.
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Stone Ridge’s Interval fund has shrunk due to catastrophe events and investor redemptions.
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The changes in insurer appetite to participate in the Florida Hurricane Catastrophe Fund and new guidelines from ratings agency Demotech could create opportunities for the ILS market.
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The ILS industry in Guernsey was consulted to clarify legal and reporting requirements to meet the Code Group’s standards.
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The takeover was announced in October last year and all parties now anticipate closing the transaction “as soon as possible”.
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After a consultation with shareholders, the board has decided to pursue “an orderly run-off”.
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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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