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.
Residual insurer, Louisiana Citizens, has $650mn of reinsurance cover which could be impacted by tropical storm Nate following the National Hurricane Center’s (NHC) issuance of a hurricane warning for the area of Louisiana stretching from Morgan City to the Mississippi border.
Nephila and its fronting partner State National will offer capacity to a new InsurTech platform that aims to help speed up the launch process for start-ups.
Axa Seguros is the largest writer of earthquake cover in Mexico, followed by Seguros Banorte Generali and Seguros Inbursa, according to data from AM Best.
The Kilimanjaro Re series of cat bonds sponsored by Everest Re are among a dozen insurance-linked securities (ILS) deals exposed to losses incurred by Hurricane Maria, which hit Puerto Rico as a Category 4 hurricane on 20 September.
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will pay the island of Dominica $19.29mn following the passage of Hurricane Maria on the 19 September, it announced today.
Cat bond prices improved at the end of last week as it became clear that Hurricane Irma was not going to be a major threat to the cat bond segment of the insurance-linked securities (ILS) market.
A significant proportion of the losses from Hurricane Irma will be from flood losses, said Robert Muir-Wood, chief research officer at RMS, at a briefing focused on Irma and Harvey in Monte Carlo today.
Florida-based carriers have sponsored about $1.9bn of cat bonds across a wide range of risk levels, but the bulk of the cat bond portfolio threatened by Hurricane Irma is made up of multi-peril issuances with national US exposure.
Loss tracking agency Perils said that industry insured losses for extratropical cyclone Zeus, which hit France in March, had risen 5.6 percent from its previous estimate to EUR284mn ($338.9mn).
Investors have begun marking down cat bonds in secondary trading as Hurricane Irma moves towards the US coast, with landfall expected on Sunday or early Monday.
A benign first half of the year for catastrophe losses means Hurricane Harvey is unlikely to impact reinsurance pricing, Fitch Ratings said at its pre-Monte Carlo briefing this morning.
The National Flood Insurance Program (NFIP) is expected to burn through between 75 percent and 100 percent of its $1bn reinsurance placement following Hurricane Harvey, according to RMS.
The impact of Hurricane Harvey on the secondary cat bond market has been minimal, with no bonds triggering and only a slight dip in the Swiss Re cat bond pricing index, according to sister publication Trading Risk
Demand for industry loss warranty (ILW) cover on Hurricane Harvey has moved up to higher trigger levels as fears grow over the extent of private market flooding claims
City National Bank subsidiary City National Rochdale has started marketing a new fund that will seek investments related to industry loss warranties (ILWs).
Insured disaster losses for the first half of 2017 have come in $10bn below the 10-year average at $23bn, which was also down by 36 percent from a year earlier, according to Swiss Re's latest Sigma report.
An active second quarter for storm losses has put Cincinnati Financial closer to being able to claim reinsurance cover from an $80mn cat bond layer, but losses are still well short of the deal's trigger.
Australian insurance bodies have supported a Senate committee report that called on the federal government to reconsider increasing its spending natural disaster mitigation
New cat bond issuances in Q2 were higher than any other quarter on record, as a number of $500mn+ deals boosted volumes, Aon Securities said in its latest quarterly ILS report.
Reaction to the UK government's insurance-linked securities (ILS) regulations released last week has been positive, with market participants saying their concerns about earlier draft proposals had been noted and the end result was a framework they could work with.
The UK government has today released final regulations that will introduce a local insurance-linked securities (ILS) framework, taking a major step toward having a hub for the business up and running by January.
US weather events led insured losses from catastrophe events in the first half of 2017, as five separate storm outbreaks all produced more than $1bn of claims, Impact Forecasting reported
Munich Re said that a US thunderstorm was the most costly insured catastrophe loss for the first half of 2017, as total claims came in well below average
AmTrust is set to raise its targeted $100mn from its first public cat bond deal, Fortius Re, as the insurer managed to close the deal for a premium rate that was below its initial target, sources told Trading Risk.
The Mexican government's natural disaster fund Fonden is working with the World Bank to renew its cat bond cover after its previous deal paid out $50mn linked to a 2015 hurricane, sister publication Trading Risk reported.
Cat bond sponsors took advantage of strong investor demand in the second quarter of 2017 to bulk up on insurance-linked securities (ILS) cover, with the upsizing of transactions adding $1.9bn to quarterly volumes.
Insurance claims from the Kaikoura earthquake that struck New Zealand last November have doubled to NZ$1.84bn ($1.33bn), according to the Insurance Council of New Zealand (ICNZ).
Axis Capital is seeking $250mn from a second cat bond, Northshore Re II 2017-1, which will cover a number of its subsidiaries, Trading Risk understands.
Generali is targeting EUR200mn ($223.5mn) from its Lion II Re 2017-1 cat bond, which is the first insurance-linked securities (ILS) deal to include European flood risks, sister publication Trading Risk reported last week.
InsurTech venture capital investors seeking growth opportunities have a very different motivation to the capacity backing (re)insurance liabilities, according to Nephila managing partner Barney Schauble
Floridian carrier Heritage Insurance took advantage of cheaper reinsurance rates to halve the retention on its $2.62bn reinsurance programme for the 2017-2018 year.
Floridian carrier Heritage Insurance took advantage of cheaper reinsurance rates to halve the retention on its $2.62bn reinsurance programme for the 2017-2018 year
Florida insurer Homeowners Choice has placed $968mn of first-event catastrophe reinsurance for 2017-18, down slightly from $972mn last year, as it obtained better coverage terms
Florida insurer Homeowners Choice has placed $968mn of first-event catastrophe reinsurance for 2017-18, down slightly from $972mn last year, as it obtained better coverage terms.
Cat bond issuances show no sign of slowing with $7.54bn of funds raised so far in 2017 - only $0.42bn less than the annual record of $7.96bn issuance in 2014.
The New York Metropolitan Transportation Authority (MTA) has achieved significant premium savings on its second cat bond, the $125mn MetroCat Re 2017-1 issuance, according to Trading Risk sources
The California Earthquake Authority (CEA) is set to raise more than $900mn of reinsurance cover from its latest Ursa Re cat bond, in the insurance-linked securities market's third mega-sized deal of the year
Aon Securities reiterated its forecast for $8bn of new cat bond deals to be issued in 2017, which would make it the insurance-linked securities (ILS) market's biggest year since 2014
New York's Metropolitan Transportation Authority (MTA) is looking to renew its cat bond cover after its previous insurance-linked securities (ILS) protection lapsed midway through 2016, sister publication Trading Risk reported
Torrential rain led to a state of emergency being declared in Montreal over the weekend, as city officials described the flooding as the worst in decades.
April has brought forth more cat bond transactions than the whole of first quarter of 2017, with $3.08bn of new deals, according to data collated by sister publication Trading Risk.
Private market Floridian insurers' incremental demand could help to foster more stable rates at the 1 June renewals, according to Everest Re reinsurance CEO John Doucette
Spreads for American Integrity Insurance Company's debut cat bond Integrity Re 2017-1 settled at the lower end of revised guidance, according to sources
