40th Residential Re cat bond launches for USAA with $200m target
USAA, perhaps the most consistent of catastrophe bond sponsors, at least of any primary company, is back in the cat bond market with what will be its 40th deal under the Residential Re name, seeking $200 million or more in multi-peril reinsurance protection from a Residential Reinsurance 2023 Limited (Series 2023-1) issuance. USAA has been sponsoring […]
Significant scope for public sector cat bond market development, says DBRS Morningstar
For low and middle income countries with an elevated exposure to natural disasters, catastrophe bonds can be a useful tool for financial planning, but the public sector side of the market needs to grow in order for governments to fully realise the potential benefits, according to analysts at DBRS Morningstar. The potential fiscal cost of […]
Catastrophe bond spreads hit all-time-high in 2023
The average spread across newly issued catastrophe bonds has now reached an all-time-high in 2023, as data recorded by Artemis now shows that both the average coupon and the average spread above expected loss of cat bonds entered in the Artemis Deal Directory this year are at record levels. The good news for catastrophe bond […]
Hong Kong to extend ILS Grant Scheme by two years
The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]
Hong Kong to extend ILS Grant Scheme by two years
The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there. This was announced by Hong Kong’s Financial Secretary the Hon Paul […]
Chile seeks $150m parametric quake cat bond via the World Bank’s IBRD
The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD). The IBRD – Chile 2023 catastrophe bond is the first issuance to come to […]
Chile seeks $150m parametric quake cat bond via the World Bank’s IBRD
The Republic of Chile is aiming to secure $150 million of parametric earthquake disaster insurance protection through a new IBRD – Chile 2023 transaction that is being issued by the World Bank’s multilateral development bank, the International Bank for Reconstruction and Development (IBRD). The IBRD – Chile 2023 catastrophe bond is the first issuance to come to […]
ILS funds can and should manage trapped collateral to eliminate non-performing assets: Replexus
Notable in the wake of Hurricane Irma in 2017, trapped collateral is an ongoing issue for the insurance-linked securities (ILS) space. But through tools available within the capital markets, funds can manage extensions and put an end to non-performing assets. This is the view of Cedric Edmonds, founder of Replexus, an independent marketplace for insurance […]
Swiss Re sidecar & ILS fund AuM rises 29% in 2022, alt capital fees rise 36%
Global reinsurance company Swiss Re grew its collateralized reinsurance sidecar and insurance-linked securities (ILS) fund assets under management by 29% in 2022, lifting the third-party investor total to $2.9 billion. At the same time, Swiss Re has also disclosed this morning that its Alternative Capital Partners business delivered 36% more in annual fee income earned […]
Riverstone gets $305m multi-year collateralised reinsurance funded via JP Morgan
In a major deal that is similarly structured to the landmark Lloyd’s Central Fund reinsurance arrangement from 2021, legacy acquisition focused Lloyd’s specialist underwriter RiverStone International, has secured $305 million of multi-year collateralised reinsurance, with funding led by investment bank JP Morgan and transacted via a White Rock cell structure. Riverstone is a significant player […]