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.
Kin bolsters cat bond capacity by another $100mnHomeowners insurtech Kin Insurance has secured an additional $100mn of catastrophe bond protection for its reciprocal carrier Kin Interinsurance Network with Hestia Re’s total outstanding limit now standing at $275mn.
Aon: Cat bond deal size bounces back in Q1 ‘23The catastrophe bond market returned to growth mode in the first quarter with transaction sizes having increased “markedly” from the second half of last year as it shook off what Aon described as a “difficult Q4 2022”, with the sector now primed for further expansion.
Tremor launches cat bond issuance platformReinsurance pricing and placing platform Tremor Technologies has launched a cat bond issuance platform called Tremor Issuer.
Vesttoo’s Bertele: “Huge potential” for non-cat ILS marketThere is “huge potential” for the capital markets to tap into the reinsurance industry and support the writing of risks beyond their historic focus on the property catastrophe market, Vesttoo co-founder and CEO Yaniv Bertele has declared.
Vesttoo’s Cheney: Non-cat ILS total addressable market could grow sixfold by 2027The non-catastrophe-focused insurance-linked securities (ILS) total addressable market has the potential to grow sixfold in the coming years and hit $90bn by 2027, delegates at the Vesttoo-hosted Redefining ILS conference in New York on Friday were told.
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.
Oversubscribed Louisiana property incentive program sees nine applicants request $62mnThe newly re-established Insure Louisiana Incentive Program (ILIP) received submissions from nine companies collectively asking for over $62mn during the most recent application period – approximately $17mn more than the $45mn allocated to the initiative.
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.
TVAon’s Schultz: 2023 will see cat bond issuances return to “record levels” at $11bn+Cat bond issuance levels are expected to reach record levels in 2023 with Aon Securities CEO Paul Schultz predicting north of $11bn as a “reasonable outcome” following a muted end to 2022 as a result of investor uncertainty and frustrations.
TVAon’s Schultz: Modelling inaccuracies “principal concern” for ILS marketThe industry’s inability to accurately calibrate models is the “principal concern” for ILS investors, with 2022’s loss experience exacerbating this issue and causing a number of deals to be delayed during the fourth quarter, according to Aon Securities CEO Paul Schultz.
Fema adds $275mn cat bond to NFIP risk transfer programFema has supplemented its reinsurance protection for the National Flood Insurance Program to $1.8bn ahead of the 2023 hurricane season with a $275mn cat bond, the latest in its series of FloodSmart Re issues.
TVVesttoo’s Henderson: $15bn non-cat ILS market to at least double in next 12-24 monthsInvestor confidence is building for non-catastrophe ILS classes with the $15bn market poised to double in size over the next two years, according to Vesttoo’s chief commercial officer Julia Henderson.
More cyber ILS deals expected this year as investors get more comfortable with systemic riskMore cyber ILS deals are expected because investors are getting more comfortable with the space, executives suggested on a panel at the Bermuda Risk Summit, while the island has a big role to play in improving the understanding of systemic risk and growing the market.
ILS market responding to investor “nat cat fatigue”: Bermuda Risk SummitAfter five years of enervating cat losses and a near-jammed Q4 fundraising window, investors are once again “beginning to realise the attractiveness of the nat cat space”, according to Leadenhall Capital’s managing partner Ben Adolph.
Horseshoe founder Perez returns with new BDA ILS-focused platform H2 GroupThe founder and former CEO of Horseshoe Andre Perez is behind the launch of H2 Group, a Bermuda-based technology company specialising in developing bespoke solutions for the insurance industry, with an initial proprietary platform utilising data to streamline the ILS transaction process.
Vesttoo adds Howden Tiger’s Cheney as head of insurance USFast-growing insurtech start-up Vesttoo has recruited William Cheney from Howden Tiger as head of insurance US, the latest senior hire made by the risk transfer platform as it builds out its operations.