Mexico targets upsized $150m-$175m Pacific named storm cat bond
The Government of Mexico is looking to upsize its Pacific named storm protection from its latest tranche of World Bank and IBRD facilitated catastrophe bond notes, with now up to $175 million in parametric disaster insurance protection sought from the deal. Recall that Mexico has already secured $420 million in protection against earthquakes and Atlantic hurricanes […]
Cat bonds & ILS perhaps best diversifying hedge fund strategy of Q1 2024
The global hedge fund industry had a strong first-quarter to 2024, adding significant assets under management and delivering strong returns across many strategies. But, when it comes to investment strategies that can be truly diversifying, versus broader economic and capital market trends, catastrophe bonds and ILS were perhaps the best. According to hedge fund data […]
Southern African nations to receive insurance payouts from historic drought
African Risk Capacity (ARC) has revealed that Malawi, Mozambique, Zambia and Zimbabwe are likely to receive insurance payouts from the ongoing drought in the region, which is one of the worst in decades. In a recent meeting between ARC and its partners, stakeholders reportedly discussed the response to the drought emergency, intending to minimise the […]
Jamaica pleased with second World Bank cat bond, Hong Kong support: Minister of Finance
The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme. As Artemis reported yesterday, the latest catastrophe bond to be issued […]
Cat bond & related ILS market hits record size at over $47bn, up 5% so far this year
According to Artemis’ Deal Directory data, which tracks issuances of catastrophe bonds and related insurance-linked securities, the outstanding market has hit a record high of more than $47 billion in risk capital outstanding, having already risen by 5% since the end of last year. As of today, issuance of new 144A catastrophe bonds and the few private […]
NCJUA returns for first catastrophe bond since 2013, $125m Longleaf Pine Re
The North Carolina Joint Underwriting Association (NCJUA) has returned to the catastrophe bond market for the first time since 2013, seeking $125 million of more in aggregate named storm reinsurance from this Longleaf Pine Re Ltd. (Series 2024-1) issuance. Previously, the North Carolina Joint Underwriting Association (NCJUA) had sponsored catastrophe bonds alongside the North Carolina Insurance […]
Swiss Re cat bond index Q1 return hits 4.57%, runs slightly behind prior year
The total-return of the outstanding catastrophe bond market for the first-quarter of 2024 has reached 4.57%, according to data from the Swiss Re Cat Bond Performance Indices, which shows that cat bond market performance is running slightly behind the prior year. The fact the performance of the cat bond market is running behind that seen […]
Participants of the Insurance Market of Uzbekistan learn more about Climate and Disaster Risk Finance
The United Nations Development Program (UNDP), with the National Agency for Perspective Projects of the Republic of Uzbekistan and the Association of Professional Participants in the Insurance Market of Uzbekistan, conducted a training for insurance sector specialists on the topic “Climate and Disaster Risk Finance” with the involvement of an international expert. The main goal of the […]
Multilateral development banks to boost disaster & climate risk insurance
Leaders of 10 multilateral development banks (MDB’s) announced steps to collaborate more effectively to increase the impact and scale of their work, in order to tackle urgent development challenges, including addressing the growing need for disaster risk insurance and in climate risk financing. The 10 multilateral development banks (MDB’s) behind the announcement were the: African […]
$131.25m of Hannover Re’s private cat bonds extended again, $7.5m matured
Some $131.25 million of Hannover Re’s Seaside Re private catastrophe bonds have had their maturity dates extended further into 2024, as uncertainty continues over many of the 2021, 2022 and 2023 vintage deals. One $7.5 million transaction from 2020 has been allowed to mature in recent days, Artemis understands. In the last couple of years, […]