Peak Re gets Black Kite Re cat bond at top of raised target – $150m
Hong Kong headquartered global reinsurer Peak Reinsurance Company (Peak Re) has now secured $150 million of Japanese typhoon retrocession with its first ever catastrophe bond, as the Hong Kong domiciled Black Kite Re Limited (Series 2022-1) issuance priced near the top-end of raised guidance. Peak Re entered the catastrophe bond market for the first time a […]
TWIA secures new Alamo Re catastrophe bond at upsized $200m
The Texas Windstorm Insurance Association (TWIA) has now successfully secured its new catastrophe bond backed reinsurance protection at an upsized $200 million, with pricing for the Alamo Re Ltd. (Series 2022-1) cat bond finalised at the top of initial guidance. That’s quite a result for TWIA, in managing to increase the size of its cat bond […]
45% expect to use more ILS & third-party capital at renewals: Survey results
We’ve just published the results of our latest global reinsurance market survey, in which we polled market participants on the state of the market as the key mid-year renewal season fast-approaches. Artemis and our sister publication Reinsurance News polled our email and Linkedin subscribers over the last ten days, asking a range of questions designed to take […]
TWIA renewal FoT’s imply ~29% increase in reinsurance rate-on-line YoY
Firm order terms (FOT’s) for the 2022 traditional reinsurance renewal for the Texas Windstorm Insurance Association (TWIA) suggest an increase of roughly 29% in rate-on-line (RoL), which translates into a spend higher than budgeted, but that is aligned with market conditions and TWIA’s growing program. At a Board meeting today that is ongoing, TWIA officials […]
Cat bond issuance surpasses $5.1bn, $2.2bn more in pipeline
Issuance of new catastrophe bonds and related insurance-linked securities (ILS) has already surpassed $5.1 billion in 2022 and there are already another nearly $2.2 billion in the pipeline that could complete before the middle of the year. However, despite how buoyant catastrophe bond market activity appears to be, we’re still a long way off the […]
Speed key to capitalise on cat bond spreads multi-year high: Twelve
For investors considering entering the catastrophe bond market, or increasing their allocations to it, during this period of multi-year high cat bond spreads, “speed is of the essence” according to investment manager Twelve Capital, as this opportunity won’t last for long. In a new paper, Twelve Capital explains its view as to what has driven […]
PHILLIP PETTERSEN: Jacking up disaster risk control by building back on higher ground
SA is getting more susceptible to climate change dangers as informal settlements grow 146% The storms preceding the recent KwaZulu-Natal floods were part of a normal weather system known as a cut-off low that is often responsible for excess rain and cold. But experts say the intensity of the deluge was due to climate change […]
No additional Philippines cat bond pay out for typhoon Rai’s rains
Having already been triggered and paid out US $52.5 million, we’ve now learned the Philippines governments World Bank issued IBRD CAR 123-124 catastrophe bond will not face any additional loss of principal because of the rainfall from super typhoon Rai (locally known as Odette). We reported back in January that the Philippines government would make a […]
PGGM / PFZW grows Vermeer Re investment again in Q1
Netherlands-based pension investor PGGM continues to steadily expand the capabilities of its joint-venture and rated underwriting vehicle Vermeer Reinsurance Ltd., subscribing for more shares in the company during the first-quarter of 2022. Vermeer Reinsurance Ltd. is managed by RenaissanceRe and capitalised by PGGM, on behalf of its client the Dutch pension PFZW. The pension investor […]
Cat bond market supply-demand mismatch persists as pipeline builds
The mismatch between supply and demand in the catastrophe bond market persists and could now become accentuated, as the market pipeline of new cat bond deals continues to expand. Right now, we’re tracking an impressive fourteen new catastrophe bond series that are being marketed to investors and are yet to complete, twelve of which have […]