The auction platform expects an active renewal season with an additional $1bn of limit committed from traditional treaty and facultative reinsurance programmes.
Cat bonds sponsored by the California Earthquake Authority and the Philippines government both achieved their target size while pricing in the upper range of coupon guidance.
The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.
The reinsurer is considering creating a separate balance sheet that could write risks on behalf of third-party investors, akin to the Vermeer Re vehicle managed by RenaissanceRe.
Loss-hit issuances from Nationwide Mutual, Heritage and USAA all traded close to zero this month, among a recent flurry of activity on the secondary market.
In a comparison that you should only attempt if you have a French accent, Scor chairman and CEO Denis Kessler once quipped that traditional reinsurance was the wife of the insurance world, while ILS was the mistress.
Led by former Twelve Capital and Hannover Re executive John Butler, the vehicle will look to acquire a company within the (re)insurance and InsurTech space.
Ted Blanch said his new Tampa-based reinsurance intermediary Coin Re will offer new charging practices as it hopes to cut reinsurance costs for carriers.
The insurer’s catastrophe claims came in below budget for the second quarter, but it is close to triggering a reinsurance deal covering severe non-cat losses.
Reinsurers may hold less risk in the long term as they look to cut costs and originate risk for other investors, Nephila co-founder Greg Hagood forecast.
New cat bond issuances from Everest Re and Aspen Bermuda expanded by at least 50 percent over the course of marketing, as investor appetite remained strong.
Cat bond launches are showing no sign of slowing down, with a further three deals with an initial combined size of $675mn being launched in the past week.
Vegard Nilsen has been named CEO of London-based ILS manager Securis Investment Partners amid a restructuring as firm co-founder Rob Procter gave up the job to focus on his role as chief investment officer .
Aspen Bermuda has returned to the cat bond market for the first time since the 2008 financial crisis, as it seeks to raise $150mn to cover US and European catastrophe risk, sister publication Trading Risk has reported.
Catastrophe modeller AIR Worldwide and RenaissanceRe have joined forces to develop a probabilistic model for extreme liability events and enhance the understanding of long-tail risks.
InsurTech start-up Extraordinary Re has signed a deal with exchange operator Nasdaq to use its technology to run a new insurance-linked securities (ILS) trading platform.
A 7.2-magnitude earthquake which hit Mexico on Friday (16 February) will not trigger a payout from the World Bank's new CAR 118-119 cat bond, sister publication Trading Risk reported.
Insured losses for European winter storm Friederike could reach as high as EUR2.6bn, modelling firm AIR Worldwide estimated, which would make it one of the four most damaging continental storms on record.
Insurance-linked securities managers have reduced their estimates of losses taken from the August and September hurricanes, according to the Eurekahedge ILS Advisers Index.
A group of sidecars tracked by sister title Trading Risk lost 10.5 percent of investors' capital on average after Harvey, Irma and Maria, according to regulatory filings from the Stone Ridge and Pioneer Interval funds.
MS Amlin has become the latest (re)insurer to launch a sidecar in recent weeks, with the establishment of a vehicle to support its MS Amlin Syndicate 2001.
Two reinsurance fund managers have announced losses for 2017, providing an early indicator of the impact of second-half cat losses on the insurance-linked securities (ILS) and sidecar market
Dutch pension fund provider PGGM raised a further $260mn of securitised notes via its Leo Re vehicle just before Christmas, according to a Bermuda Stock Exchange (BSX) listing.
The California Department of Forestry and Fire Protection (Cal Fire) has said the Thomas wildfire, which ranks as the third largest in the state's history, is now 50 percent contained
At least $3.8bn of new capital has been raised in the space following significant losses from hurricanes Harvey, Irma and Maria (HIM), according to Trading Risk data.
USAA has retained half the principal of its $80mn Residential Re 2013-2 class 1 cat bond and extended the risk period beyond a 6 December maturity date ahead of a possible California wildfire claim.
An ILS transaction has been completed using distributed ledger technology in a ground-breaking example of blockchain's application to the insurance industry.
PartnerRe posted a $396.8mn increase in non-life reinsurance recoverables during the third quarter, as it sustained $472mn of net losses from hurricanes Harvey, Irma and Maria.
New insurance-linked securities (ILS) fund Lutece Re will be among the start-ups targeting the retrocession segment in 2018 as the market anticipates a significant rating reaction to heavy losses this year, sister publication Trading Risk revealed this month
Regular ILS sponsors USAA and XL Catlin have topped up their cat bond cover in the first transactions completed after the 2017 hurricane losses, with pricing on the deals showing an increase in rates.
XL Catlin is set to pay a higher coupon for a $150mn top-up to its cat bond cover as it agreed pricing terms on a new Galileo Re insurance-linked securities (ILS) transaction last week, Trading Risk reported.
The new London insurance-linked securities (ILS) legislation is expected to be approved by the end of the month, according to sister title Trading Risk.
