TWIA gets new Alamo Re cat bond 100% upsized at $500m, with 7% price reduction
The Texas Windstorm Insurance Association (TWIA) has now secured double its initial target for reinsurance from its new 144a Alamo Re Ltd. (Series 2023-1) catastrophe bond, with the issuance having its pricing fixed at $500 million in size, with a spread around 7% lower than the mid-point of initial guidance. It’s a strong result in the […]
Reinsurer capital down 12% in 2022, but underlying ROE improves: Gallagher Re
New analysis from Gallagher Re, the global reinsurance broker, shows that total, dedicated reinsurance capital fell by 12% from the end of 2021 to $638 billion as at the end of December 2022, driven by a decline in the value of investments. The broker’s latest reinsurance market report tracks the capital and profitability of the […]
40th Residential Re cat bond launches for USAA with $200m target
USAA, perhaps the most consistent of catastrophe bond sponsors, at least of any primary company, is back in the cat bond market with what will be its 40th deal under the Residential Re name, seeking $200 million or more in multi-peril reinsurance protection from a Residential Reinsurance 2023 Limited (Series 2023-1) issuance. USAA has been sponsoring […]
Global reinsurer capital declined $100bn YoY in 2022: Aon
Aon has estimated that global reinsurer capital has declined by 15%, or $100 billion, to $575 billion as at the end of December 2022, driven by substantial unrealised losses on investment portfolios. According to Aon, most reinsurers reported significant premium growth in 2022 on the back of rate increases, robust demand and foreign exchange movements. […]
Hong Kong to extend ILS Grant Scheme by two years
The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]
Hong Kong to extend ILS Grant Scheme by two years
The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]
Strong earthquake strikes Tajikistan, near border with China
Reuters DUSHANBE, Feb 23 (Reuters) – An earthquake of about 6.8 magnitude shook eastern Tajikistan at 5:37 a.m. (0037 GMT) on Thursday, Tajik authorities said, which was felt in China and other neighbouring countries. The earthquake struck the mountainous Gorno-Badakhshan autonomous region which was earlier this month hit by a series of deadly avalanches. Although […]
Riverstone gets $305m multi-year collateralised reinsurance funded via JP Morgan
In a major deal that is similarly structured to the landmark Lloyd’s Central Fund reinsurance arrangement from 2021, legacy acquisition focused Lloyd’s specialist underwriter RiverStone International, has secured $305 million of multi-year collateralised reinsurance, with funding led by investment bank JP Morgan and transacted via a White Rock cell structure. Riverstone is a significant player […]
Total insured losses from Turkey Earthquake estimated $2.4 bn, property losses $20 bn
Total property losses from the M7.8 and M7.5 earthquakes are expected to be close to $20 billion, with the M7.8 earthquake accounting for the bulk of those losses. According to the high-resolution KCC Turkey Earthquake Reference Model, total insured losses are estimated to be $2.4 billion. The loss figures do not include losses within Syria. […]
Reinsurers are pulling back cat reinsurance coverage, but cat bonds & ILS instruments may help
Following multiple years of large catastrophe losses, reinsurers are raising prices and pulling back cat reinsurance coverage. This puts the cat bond market in a favourable position to provide the large amount of risk capital needed to cover the most damaging global catastrophes, according to a report from DBRS Morningstar. It expects a moderate decrease in cat […]