ILS

Stone Ridge adds former New York Life CEO Mathas as senior advisor

Stone Ridge Asset Management has added former New York Life chairman and CEO Ted Mathas as a senior advisor.

Record H1 2023 cat bond market edges ever closer to $10bn milestone

The aggregate total of new 2023 cat bonds has already surpassed the H1 record set in 2017 and may yet nudge past the $10bn threshold, analysis by The Insurer shows.

Groupama secures €100mn cat bond via Aon Securities’ Randolph Re platform

Aon Securities has structured and placed a €100mn ($109mn) aggregate catastrophe bond for French insurer Groupama to protect against adverse deviation of climatic losses in the country.

Jamaica flags interest in regional cat bond

Jamaica 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 bond

London-listed pure-play reinsurer Conduit Re has secured $100mn of retrocessional reinsurance protection through its first catastrophe bond issuance, the multi-peril Stabilitas Re.

GC proposes resilient development bonds in “paradigm shift” in management of climate risk

Guy Carpenter has proposed the creation of a Climate Resilient Development Bond structure as part of a new (re)insurance operating model for addressing large-scale climate-related events.

Ex-AlphaCat and Sustain ILS executive Brooks joins Aon

ILS specialist and former AlphaCat CEO Paschal Brooks has joined Aon Securities as a managing director.

SRS names ex-Aon ILS exec Scherer as Bermuda SVP

Independent insurance company manager Strategic Risk Solutions has appointed Charles Scherer as senior vice president for ILS in its Hamilton, Bermuda office.

SageSure and SURE close upsized $100mn second event cat bond

Coastal 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.

McKinsey: Insurers must improve appeal to alternative capital to help plug P&C protection gap

Insurers can position themselves to become more attractive to investors to enable alternative capital to become an increasingly core part of capital management strategies alongside traditional reinsurance, according to McKinsey & Company.

Spinnaker secures $110mn multi-peril cat bond cover in first Mountain Re issuance

Hippo subsidiary Spinnaker Insurance Company has secured $110mn in limit through its first Mountain Re catastrophe bond.

Scor secures $75mn of limit through new cat bond issuance

Scor has secured $75mn of limit protecting itself against named storms in the US, earthquakes in the US and Canada, and European windstorms after the French reinsurer successfully sponsored a new catastrophe bond that reflects its “significant reduction” of catastrophe exposures over the last 18 months.

AIG to invest up to $500mn in RenRe’s $10bn+ Capital Partners business

RenaissanceRe’s deal to buy Validus Re for around $3bn includes an option for seller AIG to make investments of up to $500mn in RenRe’s Capital Partners platform, including rated vehicles DaVinci and Fontana Re, adding to fundraising over the last 18 months that has belied some of the challenges in the sector.

Vesttoo plans Series D round at $1.5bn-$2bn valuation

Vesttoo has begun the process of securing funding for a Series D round that will value the business at between $1.5bn and $2bn, according to reports.

Palomar out marketing quake cat bond to support growth in “bellwether line”

Palomar Holdings is out marketing a multiyear earthquake-only catastrophe bond that will provide “incremental limit” to support further growth in what the carrier’s chairman and CEO Mac Armstrong described as its “bellwether line”.

ILS pioneer Derrell Hendrix receives Moody’s rating for new $3bn RISC notes

ILS and structured finance veteran Derrell Hendrix has received a provisional Moody’s rating for his new RISC Managed Treasury Pool notes, which aim to provide a more efficient and credit-secure method of investing and pledging collateral.

BoE promises “accelerated” ILS approval process

The Bank of England has vowed to accelerate the authorisation process for ILS in the UK for "credible" sponsors in a bid to allow London to compete with the likes of Bermuda.

SafePort and SageSure close upsized $125mn cat bond

SafePort 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.

Horseshoe founder Perez launches ILS-focused platform Nascent Group

The founder and former CEO of Horseshoe Andre Perez has launched Nascent Group, an insurance management and reinsurance transformer company in the ILS space.

Swiss Re ILS exec Klugman to depart in June

Swiss Re’s Judy Klugman – its former co-head of ILS and current global head of ILS distribution and sales – will leave the business in June, The Insurer understands.

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ILS