Berenberg adds catastrophe bonds to OTC fixed income offering
Berenberg, the private banking, investment banking, asset and wealth management specialist, will offer catastrophe bond trading over-the-counter (OTC) within its fixed income division, responding to what it sees as growing client demand for access to cat bond investments. Trading catastrophe bonds in the secondary market is a critical feature for the liquid insurance-linked securities (ILS) […]
Tokio Marine is first Japanese cat bond sponsor to use sustainable development bond
Tokio Marine Holdings, Inc., through its subsidiary Tokio Marine & Nichido Fire Insurance Co. Ltd., has become the first Japanese insurer to make use of a SOFR-based World Bank Sustainable Development Bond as a permitted investment within its latest catastrophe bond issuance, the company highlighted today. As Artemis has been reporting, Tokio Marine has been […]
ILW market activity rising, as preparations for hurricane season begin
According to Artemis’ sources, activity in the industry-loss warranty (ILW) market has increased in the last few weeks, as reinsurance and insurance-linked securities (ILS) markets prepare for what is anticipated to be an active 2024 Atlantic hurricane season. As we’ve reported, long-range seasonal forecasts for Atlantic hurricanes have suggested a challenging storm season could be ahead. […]
First London Bridge cat bond a valuable roadmap for Lloyd’s market: CFO Keese
The first catastrophe bond to be issued using the London Bridge 2 PCC insurance-linked securities (ILS) structure provides a valuable roadmap for Lloyd’s market participants and Lloyd’s CFO believes the market’s ILS platform offers a viable alternative to domiciles like Bermuda. Speaking last week during the latest Lloyd’s market message, CFO Burkhard Keese explained that […]
California to expand use of catastrophe models to wildfire, terrorism, flood: Lara
As part of its goal to ward off a developing insurance crisis in California that has seen major companies pull-back on underwriting property insurance there, or exit the state entirely, Insurance Commissioner Ricardo Lara has announced regulation to allow for an expanded use of catastrophe models to help insurers operate there more sustainably. “Currently, the […]
CEA’s reinsurance tower reached $9.1bn pre-1/1, risk transfer costs up 15%
The California Earthquake Authority (CEA) entered the January reinsurance renewals with almost one billion dollars more in risk transfer than a year earlier, as the group reached December 31st 2023 with $9.1 billion of protection in-force. A year earlier, the CEA’s reinsurance tower had shrunk to around $8.2 billion after the January 2023 renewal, significantly down […]
Texas Windstorm (TWIA) targets $600m Alamo Re catastrophe bond
The Texas Windstorm Insurance Association (TWIA), the residual market property insurer for the State of Texas, has returned to the catastrophe bond market seeking to place a large $600 million Alamo Re Ltd. (Series 2024-1) issuance as it looks to build-out its reinsurance for the years ahead with the help of the capital markets, Artemis can […]
Mexico expected to renew Pacific coast hurricane cat bond after Otis resolution
We reported earlier this week that the Government of Mexico is back in the catastrophe bond market with a new World Bank facilitated IBRD CAR Mexico 2024 parametric catastrophe bond. That deal is missing one of its usual components, a Pacific hurricane tranche, but sources tell us to expect one, once any recovery from hurricane Otis […]
PGGM ILS assets surpass $9bn, builds-out mandates under Nightingale Re
PGGM, the Dutch pension investment manager that allocates the largest amount to the insurance-linked securities (ILS) market on behalf of end-client the Dutch pension PFZW, ended 2023 with just over US $9 billion in ILS assets under management, as a slight uplift in capital deployed in euro terms and currency rates lifted AUM to a […]
Hong Kong government highlights ILS market commitment in budget
The government of Hong Kong wants to attract more insurance-linked securities (ILS) sponsors to the Special Administrative Region, as it highlights a commitment to develop its ILS market and build on early successes there. The Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China published its insurance-linked securities (ILS) regulations and […]