TSR forecasts 15 typhoons, 7 to be intense, in 20% below-norm Northwest Pacific season
With the development of La Nina conditions anticipated during this summer and its persistence through the autumn, Tropical Storm Risk (TSR) has called for the Northwest Pacific typhoon season to see activity levels around 20% below normal, albeit still with 15 typhoons, 7 of which are forecast to be intense. The expectation that La Nina […]
Cat bond spreads widen in secondary market, RMS V23 said having an effect
Over the course of the last month, what had been an environment of catastrophe bond spreads tightening has shifted to one where spread widening has been seen through most of April and into the first week of May, which alongside more balanced supply and demand, some attribute at least in part to the latest hurricane […]
Hong Kong targets insurance-linked securities co-operation with Shanghai
Hong Kong and the mainland China city and financial hub of Shanghai are looking to co-operate on a range of financial initiatives, with one of them being insurance-linked securities (ILS). Representatives of the respective governments, financial regulators and exchanges met last week to discuss how to further enhance financial co-operation between Hong Kong and Shanghai. […]
Insurance Authority cheers launch of US$150 million catastrophe bond
The Insurance Authority (IA) of Hong Kong has recognised the successful issue and listing of a catastrophe bond by the International Bank for Reconstruction and Development, part of the World Bank Group. The bond, amounting to US$150 million, aims to shield Jamaica from storm-related losses through the next four hurricane seasons. FULL ORIGINAL PUBLICATION HERE
Jamaica using own funds to pay risk margin on World Bank catastrophe bond renewal
When Jamaica first ventured into the catastrophe bond market it was with the support of donor funding that paid the premiums for the 2021 issuance, but with its successful renewal issuance of the cat bond settled this week, it transpires that Jamaica has this time paid for the protection out of its own funds. Jamaica had […]
Volume of cat bond issuance a testament to maturity of asset class: Prabis, Hiscox Re & ILS
Investor and issuer interest in the catastrophe bond product remains strong amid healthy market dynamics, and the expectation is that 2024 will be another record year for the space, according to Vincent Prabis, Managing Principal, ILS at Hiscox Re & ILS. With H1 2024 cat bond issuance once again exceeding the $9 billion mark on […]
Mexico cat bond cover hits $595m, as upsized $175m Pacific named storm tranche secured
The Government of Mexico has now secured $175 million of parametric Pacific named storm disaster insurance protection from the capital markets through the IBRD CAR Mexico 2024 (Pacific) catastrophe bond issuance, which is 40% more than the initial target for this tranche of notes and will take Mexico’s overall cat bond cover to $595 million, Artemis […]
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 […]
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 […]