SCOR secures 40% upsized $175m Atlas Capital 2024-1 cat bond
French global reinsurance company SCOR has now successfully upsized its latest catastrophe bond by 40% to secure $175 million of retrocession from the Atlas Capital DAC (Series 2024-1) deal, while the pricing settled just above initial guidance, showing the risk adjustments made appear to have had the desired effect. SCOR ventured back to the catastrophe bond […]
Hannover Re collateralised reinsurance & cat bond business expanded in 2023
Despite the slowdown in the collateralised reinsurance marketplace in recent years, global reinsurer Hannover Re continues to place more limit on behalf of investor and ILS fund partners, growing this segment of its business again in full-year 2023. Hannover Re is a key facilitator for the global insurance-linked securities (ILS) market, both through assisting cedents […]
Aon reveals cyber attack/data breach as top risk for financial institutions
Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry. This insight is derived from Aon’s 2023 Global Risk Management Survey. The survey also identifies regulatory/legislative changes and economic slowdown/slow recovery as the next most critical risks facing financial institutions […]
ILS to play a crucial capital role to support cyber market growth: Neuberger Berman
With the cyber insurance market size projected to increase in the near future, members of the Neuberger Berman ILS team have said that insurance-linked securities (ILS) will “likely play a crucial role” in providing additional capital to support said growth. Citing a survey from PwC, Neuberger Berman’s Callum O’Rourke, Vice President, Insurance-Linked Strategies and George […]
SCOR seeks $125m Atlas Capital 2024-1 multi-peril retro cat bond
France-headquartered global reinsurance company SCOR is back in the catastrophe bond market in search of more peak catastrophe peril retrocession, looking to secure $125 million or more in North America focused coverage from an Atlas Capital DAC (Series 2024-1) issuance. SCOR last sponsored a catastrophe bond one year ago, from which it secured $75 million in […]
TSR forecasts 15 typhoons, 7 to be intense, in 20% below-norm Northwest Pacific season
With the development of La Nina conditions anticipated during this summer and its persistence through the autumn, Tropical Storm Risk (TSR) has called for the Northwest Pacific typhoon season to see activity levels around 20% below normal, albeit still with 15 typhoons, 7 of which are forecast to be intense. The expectation that La Nina […]
Hong Kong targets insurance-linked securities co-operation with Shanghai
Hong Kong and the mainland China city and financial hub of Shanghai are looking to co-operate on a range of financial initiatives, with one of them being insurance-linked securities (ILS). Representatives of the respective governments, financial regulators and exchanges met last week to discuss how to further enhance financial co-operation between Hong Kong and Shanghai. […]
At $2.1bn, cat bonds will be TWIA’s biggest source of funding for 2024
For 2024, the funding tower of residual market insurer the Texas Windstorm Insurance Association (TWIA) will see catastrophe bonds as its largest component, providing 32% of the funding limit needed to meet the statutory 1-in-100 year probable maximum loss for the coming hurricane season. Recall that, back in February the Board of the Texas Windstorm […]
Cat bond & related ILS market hits record size at over $47bn, up 5% so far this year
According to Artemis’ Deal Directory data, which tracks issuances of catastrophe bonds and related insurance-linked securities, the outstanding market has hit a record high of more than $47 billion in risk capital outstanding, having already risen by 5% since the end of last year. As of today, issuance of new 144A catastrophe bonds and the few private […]
NCJUA returns for first catastrophe bond since 2013, $125m Longleaf Pine Re
The North Carolina Joint Underwriting Association (NCJUA) has returned to the catastrophe bond market for the first time since 2013, seeking $125 million of more in aggregate named storm reinsurance from this Longleaf Pine Re Ltd. (Series 2024-1) issuance. Previously, the North Carolina Joint Underwriting Association (NCJUA) had sponsored catastrophe bonds alongside the North Carolina Insurance […]