UnipolSai seeks €100m cat bond quake reinsurance with Azzurro Re II 2022
Italian primary insurance company UnipolSai Assicurazioni S.p.A. has returned to the catastrophe bond market for what will be its fourth issuance, with a €100 million Azzurro Re II DAC (Series 2022-1) issuance that seeks to extend its sources of earthquake reinsurance protection from the capital markets. This new Azzurro Re catastrophe bond from UnipolSai is very […]
USAA targets $375m+ Residential Re 2022-1 aggregate cat bond
USAA, the U.S. primary mutual insurer, is sponsoring a $375 million plus aggregate catastrophe bond transaction, with a Residential Reinsurance 2022 Limited (Series 2022-1) deal being marketed to cat bond funds and investors. This is USAA’s regular May sponsorship of an annual aggregate catastrophe bond, as the insurer continues to place the capital markets at the […]
Catastrophe bond market hits new high on busy start to 2022: Report
The outstanding market for catastrophe bonds and related insurance-linked securities (ILS) reached a new all-time high at the end of the first-quarter of 2022, as a busy start to the year took Artemis’ measure of the sector to $37.5 billion. This is according to the latest quarterly report on the catastrophe bond and related insurance-linked securities […]
Aon’s White Rock issues $16.2m Asagao V private cat bond
Aon’s Bermuda domiciled Class 3 and Class C insurer and segregated accounts company White Rock Insurance (SAC) Ltd. has issued a fifth transaction in the Japanese Asagao private catastrophe bond series, with a $16.2 million Asagao V completed. The first Asagao private catastrophe bond, or cat bond lite, came to market in September 2019, a roughly […]
Lloyd’s seeks expanded ILS approvals for London Bridge Risk PCC
The Lloyd’s insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC. Lloyd’s launched the vehicle over a year ago now and the London Bridge Risk PCC Ltd. structure was approved by regulators […]
TWIA board votes for $2.04bn reinsurance & cat bond program for 2022
The Board of the Texas Windstorm Insurance Association (TWIA) has voted to adopt a multi-model view of risk for 2022, with its newly derived 1-in-100 year probable maximum loss driving a decision to secure a roughly $2.04 billion tower of reinsurance and catastrophe bonds for 2022. TWIA’s Board met yesterday to discuss the Association’s approach […]
Brazil publishes “Letra de Risco de Seguro” rules for ILS securitization
The Brazilian government has published new legislation in its official gazette for what are being termed “Letra de Risco de Seguro”, or LRS and translates to Letter of Insurance Risk, which are insurance-linked securities (ILS) laws, as the country looks to encourage risk transfer and reinsurance to the capital markets. We’ve explained before that Brazil’s […]
NCIUA to close Cape Lookout Re 2022 cat bond at $330m in size
The North Carolina Insurance Underwriting Association (NCIUA) just missed the revised upper-end target for its new Cape Lookout Re Ltd. (Series 2022-1) catastrophe bond issuance, with the deal eventually pricing to offer the insurance pool $330 million of reinsurance protection. At launch, the NCIUA was seeking $300 million or more in collateralized reinsurance protection from the […]
ILS can help London maintain cat portfolios as retreat continues
As many Lloyd’s and London market insurers retreat from the catastrophe space, amid elevated losses and the uncertain but increasing impacts of climate change, some underwriters could look to alternative reinsurance capital sources to help maintain their cat portfolios. Insurance and reinsurance broker Howden’s London Market Appetite survey, published today, shows that with the exception […]
Tomoni Re cat bond seeks $240m of cover for MS&AD insurers
A new catastrophe bond issuance has been launched to benefit two Japanese insurance carriers owned by MS&AD Insurance Group Holdings, with the Tomoni Re Pte Ltd. (Series 2022-1 & 2022-2) transaction aiming to secure the sponsors a multi-year source of collateralized Japanese typhoon and flood reinsurance protection. The ultimate beneficiaries of the reinsurance that the Tomoni […]