PCRIC Congratulates its ILS Specialists
PCRIC is pleased to announce that two of its team members, Mr. Pankaj Singh (Finance & Planning Manager) and Mr. Richard Poulter (Actuarial Specialist) have successfully completed a seven-week course on the fundamentals of Insurance Linked Securities (ILS), run by Phoenix CRetro Ltd London in partnership with various professional bodies and educational institutions worldwide. The course provided the participants with an in-depth understanding […]
Hannover Re grows collateralised reinsurance fronting business 36% in 2022
Global reinsurance giant Hannover Re continued to expand the volume of collateralised business that it acts as a front or transformer for in 2022, with ceded limit rising 36% to almost EUR 6.2 billion for the year. Hannover Re is a major player in insurance-linked securities (ILS) market facilitation, through its fronting and risk transformation […]
ECB & EIOPA call for EU cat bond issuance platform
A new paper from the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) highlights the potential for increased use of catastrophe bonds to support the overall supply of catastrophe insurance across the European Union (EU), as climate change threatens to widen the protection gap. According to the joint discussion paper, […]
ESMA said not in discussion on cat bond eligibility for UCITS funds
For a few weeks now we’ve been hearing rumours and receiving messages from contacts related to the fact the European Securities & Markets Authority (ESMA), a financial regulator, had restarted an exploration of catastrophe bonds and whether they should be an eligible asset for UCITS investment funds. Previously, the European Securities & Markets Authority (ESMA), […]
Singapore extends ILS Grant Scheme three years to end 2025: MAS
The insurance-linked securities (ILS) grant scheme in Singapore has been a significant help in the country attracting catastrophe bonds and other ILS activity and it has now been extended by a further three years, to run until the end of 2025. Singapore began its focus on insurance-linked securities (ILS) as a business opportunity around 2016, […]
CEA secures upsized $200m Ursa Re 2023-1 cat bond at 10% avg price discount
The California Earthquake Authority (CEA) has now secured and priced its new Ursa Re Ltd. (Series 2023-1) catastrophe bond to provide it an upsized $200 million of reinsurance, while on average the spreads settled around 10% below the initial mid-point of guidance. The California Earthquake Authority (CEA) returned to the catastrophe bond market in late March, […]
TWIA gets new Alamo Re cat bond 100% upsized at $500m, with 7% price reduction
The Texas Windstorm Insurance Association (TWIA) has now secured double its initial target for reinsurance from its new 144a Alamo Re Ltd. (Series 2023-1) catastrophe bond, with the issuance having its pricing fixed at $500 million in size, with a spread around 7% lower than the mid-point of initial guidance. It’s a strong result in the […]
Reinsurer capital down 12% in 2022, but underlying ROE improves: Gallagher Re
New analysis from Gallagher Re, the global reinsurance broker, shows that total, dedicated reinsurance capital fell by 12% from the end of 2021 to $638 billion as at the end of December 2022, driven by a decline in the value of investments. The broker’s latest reinsurance market report tracks the capital and profitability of the […]
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 […]
Global reinsurer capital declined $100bn YoY in 2022: Aon
Aon has estimated that global reinsurer capital has declined by 15%, or $100 billion, to $575 billion as at the end of December 2022, driven by substantial unrealised losses on investment portfolios. According to Aon, most reinsurers reported significant premium growth in 2022 on the back of rate increases, robust demand and foreign exchange movements. […]