Jamaica flags interest in regional cat bondJamaica has signalled its intention to renew its $185mn catastrophe bond in 2023 with Finance Minister Nigel Clarke indicating that other Caribbean countries may seek to join in issuing a region-wide collateralised structure.
Conduit Re taps capital markets for $100mn Stabilitas Re cat bondLondon-listed pure-play reinsurer Conduit Re has secured $100mn of retrocessional reinsurance protection through its first catastrophe bond issuance, the multi-peril Stabilitas Re.
SageSure and SURE close upsized $100mn second event cat bondCoastal property cat-focused MGU SageSure has continued to tap the capital markets for capacity to support its growth and that of its affiliated carriers with its second Gateway Re issue of the year, a $100mn second event cat bond.
Spinnaker secures $110mn multi-peril cat bond cover in first Mountain Re issuanceHippo subsidiary Spinnaker Insurance Company has secured $110mn in limit through its first Mountain Re catastrophe bond.
Beazley secures further $20mn in cyber cat bondSpecialist (re)insurer Beazley has secured an additional $20mn in reinsurance coverage in the first tranche to its pioneering cyber catastrophe bond unveiled earlier this year.
TWIA completes risk transfer program with $1.04bn traditional reinsurance placementThe Texas Windstorm Insurance Association and its broker Gallagher Re have successfully placed its $2.2bn reinsurance program, including $1.04bn of traditional limit and $500mn in new cat bond limit, in line with previous reporting by this publication.
Conduit Re dismisses need to raise additional capital; mulls cat bondConduit Re will not need to raise fresh capital under any stress test scenario around its business model, CEO Trevor Carvey has said, revealing that the class of 2020 reinsurer is “actively considering” the launch of a catastrophe bond to bolster its retrocession tower.
SafePort and SageSure close upsized $125mn cat bondSafePort Insurance Company and property cat MGU SageSure have partnered to close the placement of an upsized $125mn catastrophe bond, a deal that follows SageSure and reciprocal exchange SURE closing an upsized $355mn offering in February this year.
Swiss Re’s Monnier takes helm of ILS business with questions over Klugman’s roleSwiss Re’s wide-reaching management restructure has seen Jean-Louis Monnier assume sole leadership of the company’s ILS platform, with the current role of the unit’s former co-head Judy Klugman unclear.
Scor’s Atropos Catbond Fund surpasses $1bn in AuMScor Investment Partners, the Paris-based reinsurer’s asset management arm, has announced that its second ILS fund, Atropos Catbond Fund, has surpassed $1bn of assets under management.
Gallagher Re hires former JLT Re capital markets exec Zanelli as EVPGallagher Re has appointed Bart Zanelli - a former executive at Skyway Capital Markets, JLT Re and Guy Carpenter, as executive vice president in the North American team to focus on capital markets activities within Gallagher Securities.
Tremor launches cat bond issuance platformReinsurance pricing and placing platform Tremor Technologies has launched a cat bond issuance platform called Tremor Issuer.
Citizens seeking $4.2bn of new private risk transfer limit after placing $500mn Lightning ReFlorida’s Citizens has confirmed it is looking to secure overall risk transfer programs for the 2023 hurricane season that will provide $5.8bn of total coverage across its coastal and personal lines accounts, including $1.15bn of reset cat bonds, its $500mn Lightning Re industry loss index bond and $4.2bn of new private limit.
ILS market at a “crossroads” as investors remain wary despite T&C shifts: AM BestChanges in terms and conditions seen at 1.1 in the ILS market will continue to move in favour of capital providers at the 1 June renewals as ILS managers and traditional reinsurers recognise that rising rates alone cannot improve underwriting outcome, according to AM Best.
Citizens to go ahead with <$500mn Lightning Re issue despite board chairman objectionsCitizens’ board of governors has given the green light to management’s recommendation to secure $400mn to $500mn of industry loss index-triggered cat bond protection for the Florida state-backed insurer, despite a split decision in which chairman Carlos Beruff was strongly against the move.
World Bank executes largest single country cat bond and swap in $630mn Chile earthquake coverThe International Bank for Reconstruction and Development, the lending arm of the World Bank for middle-income countries, has priced a joint cat bond and swap transaction providing a total of $630mn in three-year earthquake insurance coverage to the Government of Chile.
Citizens looking to upsize Lightning Re to $400mn-$500mnFlorida’s Citizens Property Insurance Corporation is set to ask its board for approval to transfer exposure of $400mn to $500mn to the capital markets through its new industry loss index triggered placement – at least twice the initial $200mn proposed size for the cat bond issuance.
Security First to deploy captive and cat bond to manage tight traditional renewalSecurity First is seeing a dramatic reduction in litigated claims as Florida homeowners market reforms take effect but is also taking prudent steps to manage a challenging 1 June renewal by creating a captive to assume low-attaching risk in addition to the latest issue of its cat bond series, The Insurer can reveal.
Low- and middle-income countries key to scaling up public sector cat bond market: DBRS MorningstarThere is scope for further development in the public sector cat bond market, although the segment will remain “relatively small” in the near term owing to challenges in scaling up existing activity, according to DBRS Morningstar.
World Bank backs Jamaica’s $185mn cat bondThe World Bank has priced a catastrophe bond that will provide the Jamaican government with $185mn of cover against losses from named storms for three Atlantic tropical cyclone seasons ending in December 2023.