Aussie deep science startup Reask is calculating climate catastrophe on a global scale
Reask co-founder Nick Hassam is speaking at InsurTech Connect Asia in Singapore this week as part of an AusTrade delegation to explain how the company uses data, technology and high-performance computing for climate catastrophe risk modelling. His return to Asia is poignant, since the last time he visited was five years ago for the 15th […]
Louisiana Citizens gets Catahoula Re cat bond at $175m in size
Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, eventually secured its latest Catahoula II Re Pte. Ltd. (Series 2022-1) catastrophe bond to provide it $175 million of capital markets backed reinsurance. The insurer launched its efforts to secure a Catahoula II […]
Hong Kong Insurance Authority welcomes the second issuance of insurance-linked securities
The Insurance Authority (IA) today (3 June 2022) welcomed the second issuance of insurance-linked securities (ILS) in Hong Kong. This takes the form of a catastrophe bond amounting to US$150 million (equivalent to around HK$1.18 billion) sponsored by Peak Reinsurance Company Limited via Black Kite Re Limited, another authorized special purpose insurer, structured to cover […]
SCOR’s new Atlas Capital Re cat bond “integrates ESG considerations”
France headquartered global reinsurance firm SCOR said this morning that its successfully issued $240 million Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond has environmental, social and governance (ESG) considerations integrated into it. As we’ve been reporting, SCOR came to market with its latest catastrophe bond with a $150 million target earlier in May. With […]
Canada Derecho to be one of costliest convective storm losses: Aon
The Derecho type event that drove a line of severe thunderstorms across southern parts of the Canadian provinces of Ontario and Quebec last week has the potential to be one of the most expensive insurance industry losses from the convective storm peril in the country. The severe thunderstorms struck last Saturday and at one point almost […]
CEA to complete Ursa Re II 2022 cat bond at reduced $245m
The California Earthquake Authority (CEA) will now secure its latest catastrophe bond to provide a reduced $245 million in collateralized California earthquake reinsurance protection through the Ursa Re II Ltd. (Series 2022-1) issuance. The initial target size was $275 million when the CEA came back to market for its latest catastrophe bond earlier in May. The CEA […]
Peak Re gets Black Kite Re cat bond at top of raised target – $150m
Hong Kong headquartered global reinsurer Peak Reinsurance Company (Peak Re) has now secured $150 million of Japanese typhoon retrocession with its first ever catastrophe bond, as the Hong Kong domiciled Black Kite Re Limited (Series 2022-1) issuance priced near the top-end of raised guidance. Peak Re entered the catastrophe bond market for the first time a […]
TWIA secures new Alamo Re catastrophe bond at upsized $200m
The Texas Windstorm Insurance Association (TWIA) has now successfully secured its new catastrophe bond backed reinsurance protection at an upsized $200 million, with pricing for the Alamo Re Ltd. (Series 2022-1) cat bond finalised at the top of initial guidance. That’s quite a result for TWIA, in managing to increase the size of its cat bond […]
45% expect to use more ILS & third-party capital at renewals: Survey results
We’ve just published the results of our latest global reinsurance market survey, in which we polled market participants on the state of the market as the key mid-year renewal season fast-approaches. Artemis and our sister publication Reinsurance News polled our email and Linkedin subscribers over the last ten days, asking a range of questions designed to take […]
TWIA renewal FoT’s imply ~29% increase in reinsurance rate-on-line YoY
Firm order terms (FOT’s) for the 2022 traditional reinsurance renewal for the Texas Windstorm Insurance Association (TWIA) suggest an increase of roughly 29% in rate-on-line (RoL), which translates into a spend higher than budgeted, but that is aligned with market conditions and TWIA’s growing program. At a Board meeting today that is ongoing, TWIA officials […]