Cat bond issuance spreads approaching six-year high: Leadenhall Capital


Average catastrophe bond issuance spreads are approaching a six-year high, Leadenhall Capital Partners has highlighted in an update, with a sudden reversal unlikely because issuance activity is expected to remain strong.

SafePoint Louisiana

SafePoint looks to upsize cat program as Manatee Re cat bond non-renews


SafePoint and its broker Gallagher Re have been meeting with London reinsurers as the US insurer seeks to significantly increase the limit on its 1 June renewing cat program after taking on a number of portfolios from companies in receivership and being unable to renew its cat bond, The Insurer ...

Scor – Dublin

Scor returns to Dublin for imminent $150mn+ retro cat bond issue


Scor has established a new Ireland-domiciled company – Atlas Capital Reinsurance 2022 DAC – ahead of returning to the capital markets to bolster its retro covers, The Insurer understands.

Eric Haller, Sam Gaynor and Keoni Schwartz

Fleming to build out capital solutions platform with $150mn Altamont investment


Altamont Capital Partners has bought a majority stake in Fleming Holdings and committed $150mn of capital to the platform as it looks to grow with an expanded suite of legacy and prospective capital solutions aimed at middle market P&C carriers, The Insurer can reveal.


Vesttoo adds legal specialists Schonbrun and Goldfried to NY office


Vesttoo has added to its New York based team with the hires of legal specialists David Schonbrun and Daniel Goldfried.


Everest’s Mt Logan Re hires Sfaif as COO from PGGM


Everest Re’s third party capital unit Mt Logan Re has hired Youssef Sfaif as chief operating officer, with the capital markets and reinsurance convergence specialist joining from PGGM.

Sure and SageSure

Reciprocal SURE closes first cat bond in $150mn placement


Coastal property reciprocal insurer SureChoice Underwriters Reciprocal Exchange (SURE) has closed a $150mn catastrophe bond, Gateway Re, which provides three years of indemnity-based hurricane and named storm protection in Alabama, Louisiana, Mississippi and Texas.

Credit Suisse and Aelous – Bermuda

Credit Suisse wins $20mn Aeolus Jebi cat swap dispute


A Bermuda Supreme Court judge has ruled in favour of a group of entities tied to the ILS arm of Credit Suisse, settling a long-running dispute with Bermuda-based Aeolus Re, The Insurer can reveal.


Aon: Reinsurance capital up 3.8% in 2021; ILS uncertainty to be “short-lived”


Aon has estimated global reinsurance capital increased 3.8 percent in 2021 to $675bn, as traditional capital hit a new peak of $579bn and alternative capital grew to $96bn, with the broker also expecting the current ILS market uncertainty resulting from geopolitical and currency volatility “to be relatively short-lived”.

Richie Whitt – Markel

Markel reveals $336mn consideration from Velocity and Volante sales


Markel has announced that the total cash consideration for its sale of Velocity was $181mn and that it will receive $155mn from the sale of Volante, with the insurer’s management also revealing that Nephila’s assets under management fell to $8.6bn as of the end of the first quarter.

Bank of England PRA

PRA pledges to speed up authorisation process for London wholesale market


Planned changes to the authorisation process will bring greater flexibility and speed to the process of setting up wholesale insurance businesses in London, the Prudential Regulation Authority (PRA) has said today, with the regulator outlining its determination to “play its part in fostering a competitive UK insurance industry”.

Sean Harper – Kin

Kin closes upsized $175mn cat bond


Homeowners insurtech Kin Insurance has closed a $175m catastrophe bond, with Hestia Re providing its reciprocal insurance carrier with multi-year coverage for large hurricanes and other named storms hitting Florida.

Swiss Re and JP Morgan

Swiss Re secures $1.15bn JP Morgan-backed hybrid stop-loss cover


Swiss Re has secured $1.15bn of protection for underwriting risks across the group through a fully collateralised multi-year stop-loss transaction which combines both bank financing and insurance-linked securities.


ILS Capital rebrands to Resolute Global Partners


Bermuda-based (re)insurance investment advisor ILS Capital Management has changed its name to Resolute Global Partners, which it said reflects the growth of strategic partners and new business lines in the past few years.

Sure and SageSure

SURE working on $500mn placement as 1.4 cat renewals run late


SureChoice Underwriters Reciprocal Exchange (SURE) is placing a $150mn US named storm cat bond inuring to traditional limit in a proposed $500mn cat program that is split between 1.4 and 1.7 against the backdrop of a late-running 1 April renewal season as many cedants face a capacity crunch for low-attaching ...

Credit Suisse and Aelous – Bermuda

Credit Suisse and Aeolus await outcome in Jebi swap dispute


ILS heavyweights Credit Suisse and Aeolus are awaiting the outcome of a long-running dispute over a $40mn swap triggered by Typhoon Jebi in 2018, The Insurer can reveal.


Inigo secures $115mn of cover in first Montoya Re cat bond


Inigo has transferred $115mn of earthquake and windstorm risks to the capital markets through its first catastrophe bond transaction.

Greg McBride and Clint Graham – Mt Logan Re

Everest’s Mt Logan names Graham CUO, hires Markel’s McBride for BD role


Mt Logan Re, the third-party capital unit of Everest Re, has promoted Clint Graham to the role of chief underwriting officer and hired Greg McBride to the newly created position of global head of marketing and business development.


Markel begins making distributions to CatCo investors


Markel has begun returning capital to investors in the Bermuda and London funds linked to its shuttered retro fund manager Markel CatCo Investment Management.


TWIA set for $2.036bn risk transfer via cat bonds and traditional reinsurance


The board of the Texas Windstorm Insurance Association (TWIA) has directed staff to secure total funding for the upcoming hurricane season of $4.236bn, through $2.036bn of cat reinsurance in excess of $2.2bn in statutory funding.