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 […]

Peak Re targets Hong Kong cat bond Black Kite Re for Japan typhoon retro

Peak Reinsurance Company (Peak Re), the Hong Kong headquartered global reinsurer, is sponsoring its first ever catastrophe bond, with a $75 million Hong Kong domiciled Black Kite Re Limited (Series 2022-1) issuance. Peak Re is seeking $75 million of industry loss trigger based Japanese typhoon retrocessional reinsurance with its debut Black Kite Re cat bond deal. […]

SCOR expands reinsurance sidecar capacity to US $400m

France headquartered globally active reinsurance firm SCOR has increased its third-party capital support in the first-quarter of 2022, taking the capital managed under its collateralised reinsurance sidecar platform to US $400 million. SCOR has been leveraging third-party capital from investors more meaningfully in recent months, as it both de-risks its reinsurance book by reducing catastrophe […]

Allstate lifts cat reinsurance to $6.6bn. Agg cover lowered on event deductibles

US primary insurance giant Allstate has renewed its main excess catastrophe reinsurance towers for 2022 into 2023 and the company has raised the top of its per-occurrence reinsurance coverage to $6.6 billion, but on the aggregate side the tower has shrunk with coverage attaching lower-down now thanks to the use of event deductibles. For the […]

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 […]

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 […]

New earthquake assessments strengthen preparedness in Europe

European scientists with the participation of the Swiss Seismological Service at ETH Zurich have published an updated earthquake hazard map and, for the first time, an earthquake risk map for Europe. Switzerland will follow suit next year with a higher resolution national risk map. FULL PUBLICATION HERE

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 […]

Divergent execution a sign of a mature ILS market: Swiss Re

Catastrophe bond and insurance-linked securities (ILS) market execution through 2021 was not uniform, which global reinsurance firm Swiss Re highlights is a sign of the market becoming increasingly mature. As you’d expect, the catastrophe bond market in particular is maturing fast and the way deals execute, as well as how they price both in primary […]