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Hong Kong Insurance Authority looks to build ILS market

The Hong Kong Insurance Authority (IA) has outlined a strategic focus to expand the region’s Insurance Linked Securities (ILS) capacity, in its latest annual report. With four catastrophe bonds already issued, totalling HK$4.4bn (US$562m), including a notable US$350m issuance backed by the World Bank, the IA is looking to enrich the ILS product structures and foster a […]

Tokio Marine sponsoring new $100m Kizuna Re quake cat bond from Singapore

Tokio Marine & Nichido Fire Insurance Co. Ltd., the giant Japanese primary insurance group, has returned to the catastrophe bond market seeking issuance of a $100 million Kizuna Re III Pte. Ltd. (Series 2024-1) transaction, that is being issued out of Singapore to provide the company with collateralized earthquake reinsurance protection. This is the ninth catastrophe […]

Extreme perception of climate change an opportunity for ILS market: Neuberger Berman

Lauren Crane, analyst in the Insurance-Linked Strategies team at Neuberger Berman, suggests that the extreme perception of climate change may “present an opportunity rather than a threat” to the ILS market. Writing in a blog on the matter for global asset manager Neuberger Berman, Crane observed that climate change is often cited as the primary […]

Around $20bn of catastrophe bond issuance possible, market growth could soar

The stage is being set for what could be the most significant year of growth the catastrophe bond asset class has ever experienced, as forecasts that new issuance could approach $20 billion suggest outright cat bond market growth of more than $8 billion is possible in 2024. Global asset manager GAM Investments has forecasted that […]

TWIA Board confirms new PML with ~$4bn reinsurance & cat bonds needed

The Board of the Texas Windstorm Insurance Association (TWIA) met today and has confirmed a 1-in-100 year PML for 2024 funding purposes at a new high of $6.5 billion, meaning the insurer of last resort will seek to require just over $4 billion in reinsurance limit for the 2024 wind season. The Board were also […]

Swiss Re’s alternative capital fee income rises 68% to $195m in 2023

Swiss Re’s specialist insurance-linked securities (ILS) and third-party reinsurance capital management division, Alternative Capital Partners (ACP), has reported a 68% increase to its fee income earned for the full-year 2023, reaching $195 million. With third-party investor assets under management (AUM), at the alternative reinsurance capital and insurance-linked securities (ILS) focused unit of Swiss Re, having […]

Family offices leaning into insurance for diversification. So is KKR: McVey

Family office investors are increasingly leaning into allocations to the insurance sector as they seek out sources of diversification and relatively uncorrelated returns, something that investment giant KKR has been doing itself, according to the firm’s Henry McVey. For KKR, insurance is an area of investment designed to expand its business from a strategic standpoint, […]

64% of cat bond tranches issued in Q4 ’23 upsized while marketing

During the fourth quarter of 2023, the majority of tranches of cat bond notes closed above their initial target size, resulting in an average increase of 27% for the period, according to Artemis’ data. The Artemis Q4 and full year 2023 catastrophe bond and related insurance-linked securities (ILS) report shows that this is a stark contrast […]

Florida State Board allocated $398m to ILS for 1/1, across Aeolus, Pillar, RenRe

The Florida State Board of Administration, which manages the states massive roughly $180 billion Florida Retirement System Pension Plan, has allocated $398 million to reinsurance and retrocession opportunities across three ILS managers in time for the January renewals. The Florida State Board of Administration was already allocated to insurance-linked securities (ILS), for the Florida Retirement […]

Cyber cat bonds issued so far “highly correlated” with each other: Plenum

While the catastrophe bond market cheered the emergence of cyber cat bonds in 2023, fund manager Plenum Investments has offered a note of caution, saying that as they all cover cyber loss events that would be in the far tail, they are all correlated with little diversification on offer between them. As a result, Plenum […]

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