Cat bonds & ILS to continue growth, can exceed target returns with no losses: Twelve
Depending on the outcome of the hurricane season and the occurrence of other catastrophes, investors in catastrophe bonds could be on-track to meet or even exceed target returns in 2024, with cat bond market yields still elevated and the fundamentals of the insurance-linked securities (ILS) market strong, analysis from Twelve Capital explains. In reviewing the […]
Hannover Re’s vehicle Kaith Re issues $5m LI Re 2024-1 private cat bond
A new $5 million private catastrophe bond issued by German reinsurance company Hannover Re’s Bermuda-domiciled vehicle Kaith Re Ltd. has come to light, with the LI Re (Series 2024-1) deal assumed to be providing privately placed collateralized and securitized catastrophe reinsurance capacity for an unknown sponsor. Hannover Re has facilitated the transaction, helping the unnamed cedent […]
Florida Citizens only buys $3.564bn of reinsurance for 2024, despite 7.9% drop in price
Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, has completed its reinsurance renewals for 2024, but only purchased $3.564 billion of coverage across its traditional reinsurance and catastrophe bond arrangements, despite experiencing a softer market environment and lower pricing than a year ago. Florida Citizens had been expected to buy its largest […]
Jamaica due US $16.3m CCRIF payout, as Beryl triggered parametric cyclone cover
Jamaica is set to benefit from an approximately US $16.3 million payout from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl triggered its parametric tropical cyclone insurance policy. The country’s Minister of Finance Dr. Nigel Clarke explained that the CCRIF event report has been delivered, indicating that major […]
UCITS catastrophe bond funds now make up 25% of the market
Catastrophe bond funds in the UCITS format saw their combined assets under management grow to $12.2 billion by the end of the first-half of 2024, rising 4% in the second-quarter and 11% in the first-half. Impressively, as a share of the outstanding cat bond market, these UCITS fund strategies now make up 25% of risk […]
ARC pays out $32m as Zimbabwe’s parametric drought insurance triggers
The African Risk Capacity (ARC) Group, a provider of parametric disaster insurance products and risk pooling for countries and other entities in Africa, has made a US $32 million payout to benefit Zimbabwe after the parametric drought cover was triggered. We’d reported back in April that the African Risk Capacity (ARC) was expecting a severe drought […]
ARC pays out $32m as Zimbabwe’s parametric drought insurance triggers
The African Risk Capacity (ARC) Group, a provider of parametric disaster insurance products and risk pooling for countries and other entities in Africa, has made a US $32 million payout to benefit Zimbabwe after the parametric drought cover was triggered. We’d reported back in April that the African Risk Capacity (ARC) was expecting a severe drought […]
Jamaica battered by hurricane Beryl, but IBRD catastrophe bond appears safe
Jamaica has been battered by the passage of major hurricane Beryl just off its southern coast. But, for holders of the World Bank facilitated $150 million parametric IBRD CAR Jamaica 2024 catastrophe bond transaction, early analysis of the real-time storm track suggests that noteholders will not face any loss of principal. It’s important to mention here […]
CCRIF renews 10% more parametric coverage. Pays Guatemala $6.4m for rains
The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has seen its members renew their parametric insurance policies for the 2024/2025 policy year, with 10% more in parametric coverage purchased, while also making its first payout of 2024, $6.4 million for Guatemala after heavy rainfall. As we reported early yesterday, the CCRIF […]
City National Rochdale mutual ILW fund sees slight growth to $227.4m
The City National Rochdale Select Strategies Fund, a US mutual insurance-linked securities (ILS) fund focused on investments into industry-loss warranties (ILW’s) and industry-index trigger catastrophe bonds, saw slight growth through the latest quarter of record, ending April 2024 with approximately $227.4 million of net assets. It now puts the ILW and index-triggered reinsurance investment focused […]