TWIA targets $185m+ Alamo Re 2022-1 for cat bond renewal

The Texas Windstorm Insurance Association (TWIA) is back in the catastrophe bond market as it puts together its reinsurance tower, seeking a $185 million or greater Alamo Re Ltd. (Series 2022-1) cat bond that will act as a renewal of a maturing issuance from 2019. As we previously reported, for 2022 the Board of the Texas […]

CEA targets $275m Ursa Re II 2022 California quake catastrophe bond

The California Earthquake Authority (CEA) is back in the catastrophe bond market for the first time in more than a year, seeking $275 million or more of collateralized California earthquake reinsurance protection through an Ursa Re II Ltd. (Series 2022-1) issuance. The California Earthquake Authority (CEA) is among the most prolific sponsors of catastrophe bonds, collateralised […]

Cat bond funds lead private ILS, as returns demonstrate decorrelation

Insurance-linked securities (ILS) fund strategies delivered a second month in a row of muted performance in March 2022, as some catastrophe exposure and continued price pressure in catastrophe bonds, dented returns for some strategies, but overall the sector remains positive for Q1, further underscoring the decorrelation potential for investors. On average, insurance-linked securities (ILS) funds […]

USAA’s new Residential Re cat bond upsized again to $430m

USAA has further upsized its latest catastrophe bond issuance to $430 million in size, demonstrating that investor appetite remained strong for the higher layers of its new Residential Reinsurance 2022 Limited (Series 2022-1) issuance. USAA returned to the catastrophe bond market earlier in April, seeking $375 million or more of collateralized multi-peril reinsurance from a five […]

Aspen Capital Markets AuM reaches $918m, fee income hits $61.4m

Aspen Insurance Holdings Limited, the Bermuda headquartered insurance and reinsurance company, has increased its third-party and insurance-linked securities (ILS) assets under management to almost $918 million, while earning $61.4 million in fees from these activities in 2021. The capital utilised in Aspen Capital Markets’ activities at the company rose by some 35% over the course […]

ILS capital fell slightly to $96bn in second-half of 2021: Aon

Alternative reinsurance capital levels, largely in insurance-linked securities (ILS) formats, declined very slightly in the second-half of 2021, with broking giant Aon estimating it fell to $96 billion by the end of the year. This decline occurred after alternative reinsurance or ILS capital had rebounded to equal its previous high of $97 billion at the […]

USAA to upsize new cat bond to $415m as coupons all rise

The target issuance size for the latest catastrophe bond from U.S. primary mutual insurer USAA has been lifted to $415 million, while at the same time the pricing for all four of the remaining tranches of the Residential Reinsurance 2022 Limited (Series 2022-1) deal now look likely to settle at the top of raised guidance. USAA […]

ILS offers reliable & consistent diversification potential: PIMCO

The steady, positive returns delivered by insurance-linked securities (ILS) during times of broader financial market downturns, shows that the asset class offers reliable and consistent diversification potential for investors, according to PIMCO. In a recent report, PIMCO (Pacific Investment Management Company LLC), which is owned by insurance giant Allianz, explores the case for a dedicated […]

Access to third-party capital & ILS positive for London market: AM Best

Rating agency AM Best has maintained its outlook for the London insurance and reinsurance market at Stable, with improving access to third-party capital one of the key drivers. AM Best believes that access to third-party reinsurance capital and the ability to more readily utilise insurance-linked securities (ILS) are positives for the London market, which should […]

City National Rochdale ILW fund beats cat bond benchmark

The industry-loss warranty (ILW) focused mutual insurance-linked securities (ILS) fund strategy offered by investment adviser City National Rochdale (CNR) delivered a 5.95% annual return to January 31st 2022, beating its main catastrophe bond benchmark. The positive net return of 5.95% for the year to January 31st 2022 was a little lower than the prior year, […]