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 […]
NW Pacific typhoon season forecast 20% below-norm on La Niña
The Northwest Pacific typhoon season, which is one of the peak zone perils for reinsurance, catastrophe bond and other insurance-linked securities (ILS), is forecast to see activity levels roughly 20% below-normal, as the effects of La Niña are increasingly expected to last through summer and into Autumn. Tropical Storm Risks (TSR), an insurance and reinsurance […]
TWIA targets $185m+ Alamo Re 2022-1 for cat bond renewal
The Texas Windstorm Insurance Association (TWIA) is back in the catastrophe bond market as it puts together its reinsurance tower, seeking a $185 million or greater Alamo Re Ltd. (Series 2022-1) cat bond that will act as a renewal of a maturing issuance from 2019. As we previously reported, for 2022 the Board of the Texas […]
CEA targets $275m Ursa Re II 2022 California quake catastrophe bond
The California Earthquake Authority (CEA) is back in the catastrophe bond market for the first time in more than a year, seeking $275 million or more of collateralized California earthquake reinsurance protection through an Ursa Re II Ltd. (Series 2022-1) issuance. The California Earthquake Authority (CEA) is among the most prolific sponsors of catastrophe bonds, collateralised […]
Climate-vulnerable countries gain resilience through disaster risk finance and insurance
New UNDP initiative addresses underlying challenges to building resilience through disaster risk finance and insurance in Least Developed Countries (LDCs) and Vulnerable Twenty (V20) countries. In 2021, economic losses from disasters caused by natural hazards totalled almost $270 billion. The impact of disasters can significantly undermine development progress and push communities deeper into poverty, making them […]
Peak Re targets Hong Kong cat bond Black Kite Re for Japan typhoon retro
Peak Reinsurance Company (Peak Re), the Hong Kong headquartered global reinsurer, is sponsoring its first ever catastrophe bond, with a $75 million Hong Kong domiciled Black Kite Re Limited (Series 2022-1) issuance. Peak Re is seeking $75 million of industry loss trigger based Japanese typhoon retrocessional reinsurance with its debut Black Kite Re cat bond deal. […]
Jamaica cat bond may grow, or expand to cover Caribbean: World Bank MD
When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing Director has said. Speaking with […]
SCOR expands reinsurance sidecar capacity to US $400m
France headquartered globally active reinsurance firm SCOR has increased its third-party capital support in the first-quarter of 2022, taking the capital managed under its collateralised reinsurance sidecar platform to US $400 million. SCOR has been leveraging third-party capital from investors more meaningfully in recent months, as it both de-risks its reinsurance book by reducing catastrophe […]