Beazley ‘delighted’ to sponsor first 144A cat bond via the Lloyd’s London Bridge platform
The world’s oldest insurance and reinsurance marketplace, Lloyd’s, has confirmed the issuance of the first 144A catastrophe bond transaction via London Bridge 2 PCC Limited, the Beazley sponsored $100 million transaction. The deal, which is listed in the Artemis Deal Directory, is the first 144A property catastrophe bond sponsored by London-based specialty insurer and reinsurer Beazley. […]
Hannover Re whole account retro renews risk-adjusted flat, with Liberty lead
Artemis has learned that Hannover Re’s key whole account catastrophe excess-of-loss retrocession renewal was completed with pricing flat on a risk-adjusted basis, as higher exposure levels for large retro towers were met with comparably higher rates, resulting in roughly flat outcomes at January 1st. We’re told that Liberty Mutual was the lead market for the […]
Alternative capital surpasses $100bn in 2023, cat bond market hits all-time high: Aon
Aon’s Reinsurance Market Dynamics report reveals that 2023 witnessed an unprecedented surge in the utilisation of alternative capital, marking the sector’s best performance in over two decades. The report underscores the increasing reliance on alternative capital, with a notable milestone of crossing the $100 billion threshold for the first time, signaling a 7% increase from […]
International (non-US) insured catastrophe losses reached $16.7bn in 2023
The CRESTA organisation, that tracks international insurance industry losses outside the United States, has estimated the full-year 2023 loss at US $16.7 billion, which it notes is slightly below the annual average. This figure only included insured catastrophe loss events from a threshold of US $1 billion and Cresta highlights that there are other events […]
Alternative capital hits record $103bn, delivers best performance ever: Aon
Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, saw strong growth in the third-quarter of 2023 to end that period at a record high of $103 billion, while for the full-year ILS structures have delivered the best performance in their 20+ year history, broker Aon has said. The last data from the insurance […]
ILS capital outpaced AM Best / Guy Carpenter forecast to hit $100bn in 2023
Earlier this year, rating agency AM Best and reinsurance broker Guy Carpenter had projected that third-party capital in reinsurance, so alternative capital or insurance-linked securities (ILS) market capacity, would end 2023 at $99 billion, but the market has actually outpaced this forecast. Now, Guy Carpenter has reported that the latest estimate from it and AM […]
Insurers in Kazakhstan, Uzbekistan, Azerbaijan & Georgia create reinsurance pool: ASN News
A memorandum establishing an international reinsurance facility called Turan was recently signed in the capital of Uzbekistan, Tashkent, according to a ASN News report. According to the announcement, the conference preceding the signing was attended by various heads of insurance companies, as well as representatives of regulators from Kazakhstan, Uzbekistan, Azerbaijan and Georgia. Moreover, the […]
Cat bond market shouldn’t give “free-ride” to secondary perils: Tenax
The catastrophe bond market needs to price appropriately for so-called secondary perils and stop giving them a “free-ride”, as there is a need to continue offering this type of typically frequency or aggregate style reinsurance protection, but investors must be adequately compensated for it, Tenax Capital has said. “For insurance to fulfil its social mandate […]
Record $15bn+ cat bond issuance in 2023 helps stabilise reinsurance: Swiss Re
With 2023 on-track to set a new record high for catastrophe bond issuance of over $15 billion, global reinsurer Swiss Re has explained how investor appetite is driving this trend and that the capital flows are helping to stabilise the reinsurance market. However, Swiss Re also believes that the rotation in insurance-linked securities (ILS) will […]
Hong Kong government pushes for more ILS and cat bond activity
At a recent event held in the city, speakers representing the government of the Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China were keen to promote the development of its insurance-linked securities (ILS) market offering and to attract more catastrophe bond business. With its ILS regulatory regime and ILS grant […]
