CEA prices Ursa Re 2025-1 cat bond for 100% upsized $400m of reinsurance
The California Earthquake Authority (CEA) has now priced its latest catastrophe bond issuance, successfully doubling the Ursa Re Ltd. (Series 2025-1) offering in size to provide it with $400 million in multi-year collateralized California earthquake reinsurance protection. The CEA recently returned to the catastrophe bond market with an initial target to secure $200 million or more in multi-year […]
NCIUA sponsoring $350m named storm cat bond, Cape Lookout Re 2025-1
The North Carolina Insurance Underwriting Association (NCIUA) has returned to the capital markets seeking $350 million of annual aggregate named storm reinsurance protection through this Cape Lookout Re Ltd. (Series 2025-1) catastrophe bond. Returning in 2025, the North Carolina Insurance Underwriting Association (NCIUA) is sponsoring the seventh catastrophe bond under its Cape Lookout Re Ltd. program of deals. […]
CEA lifts Ursa Re 2025-1 cat bond target to as much as $375m
The California Earthquake Authority (CEA) has increased the targeted amount of multi-year collateralized California earthquake reinsurance protection it seeks from capital market investors through its new Ursa Re Ltd. (Series 2025-1) issuance, with now up to $375 million of coverage being sought, while the price guidance has been fixed at 7.5%, Artemis has learned. The CEA recently […]
LA wildfires trigger cat bond market’s first-ever negative January return: Icosa
Recent estimates suggest that insured losses from the Los Angeles, California wildfires could be higher than anticipated. As a result, catastrophe bond prices are showing signs of weakness, with the market’s benchmark recording its first-ever negative January return since its inception over two decades ago, according to cat bond fund manager Icosa Investments AG. With […]
“Breakthrough” parametric ILS fund is “capacity for profitable growth” – GC&C / Descartes
The launch yesterday of the Lumyna – Twelve Capital Parametric ILS Fund, a dedicated parametric insurance and insurance-linked securities (ILS) investment strategy managed by ILS manager Twelve Capital, is a “breakthrough” in the parametric space and provides “capacity for profitable growth”, senior execs at GC&C and Descartes Underwriting said. The Lumyna – Twelve Capital Parametric […]
Transformational expansion of risk transfer to capital markets needed to finance future crises
With a widening crisis protection gap evident around the world there is a need for a transformational expansion in the use of insurance and reinsurance mechanisms to transfer risks to the capital markets, according to a report from the High-Level Panel on Closing the Crisis Protection Gap. The report calls for a tenfold increase in […]
AXCO: Is ILS regulation keeping pace?
The catastrophe bonds (cat bonds) market, the vast majority of the insurance-linked securities (ILS), has experienced substantial growth in recent decades, driven by increased (re)insurer demand for alternative risk transfer solutions and investor appetite to diversify their investment portfolios. According to market statistics, cat bonds issuance increased more than sevenfold between 2003 and 2023. There […]
APCIA CEO joins call for California to issue cat bonds to recapitalise FAIR Plan after fires
The CEO of the American Property Casualty Insurance Association (APCIA) has joined the calls on the California legislature to issue catastrophe bonds in order to recapitalise and stabilise the FAIR Plan in the wake of the damaging wildfire losses of recent weeks. It’s not immediately clear whether this is a call for the cat bond […]
Innovation, new capital required to bridge economic insured loss gap: Case and Marcell, Aon
Greg Case, CEO and Andy Marcell, CEO of Risk Capital at insurance and reinsurance broker Aon, have highlighted that innovation and new alternative sources of capital are required to protect communities and assets, in bridging the gap between economic and insured catastrophe and climate losses. Aon reported today that 2024 insured catastrophe losses reached $145 […]
CEA targets $200m of quake reinsurance with Ursa Re 2025-1 catastrophe bond
The California Earthquake Authority (CEA) has returned to the catastrophe bond market to sponsor its first issuance since late 2023, seeking $200 million or more in multi-year collateralized California earthquake reinsurance protection from the capital markets through this Ursa Re Ltd. (Series 2025-1) issuance. The CEA last sponsored a catastrophe bond in December 2023 and in that […]