Brazil authorises first ILS structure Andrina, sponsored by reinsurer IRB Re
The Brazilian insurance regulator SUSEP has now authorised the first insurance-linked securities (ILS) structure in the country, with Andrina sponsored by IRB Re and now approved to issue Letra de Risco de Seguro (Insurance Risk Letters), which is the name for the insurance-linked notes a Brazilian ILS structure can issue to be sold to investors. […]
IRB Re gets first ILS structure in Brazil approved by regulator
The Brazilian insurance regulator, Superintendence of Private Insurance (SUSEP), has approved the country’s first insurance-linked securities (ILS) structure, Andrina, sponsored by IRB Re. The authorisation allows Andrina Sociedade Seguradora de Propósito Específico, or Andrina Special Purpose Insurance Company, to issue Letra de Risco de Seguro (Insurance Risk Letters), the designated term for insurance-linked notes in […]
Brazil aligning ILS approach with global standards to transform catastrophe coverage
Speaking at a Fitch Ratings event on the development of insurance-linked securities (ILS) in Brazil, Rodrigo Botti, former CFO of IRB and former CEO of Terra Brasis, emphasised a domestic market-first approach, with no intention of competing with other established ILS hubs. According to Botti, the ILS approach taken by Brazil focuses on aligning regulations […]
Talanx: Parametric Maschpark cat bond augments Chile quake reinsurance as exposure grows
Having recently secured its debut catastrophe bond, the $100 million Maschpark Re Ltd. (Series 2024-1) parametric earthquake issuance, German re/insurance group Talanx has said that the protection augments its need for reinsurance and to cover earthquake risks in Chile as its business grows. As we began reporting on November 7th, Talanx AG, the German insurance and reinsurance group, […]
Cat bond demand and spreads expected to remain elevated: Twelve Capital
Specialist investment manager Twelve Capital has said that it anticipates the increased demand for catastrophe bonds to persist and that while market spreads may compress somewhat, they are expected to remain elevated by historical standards. Commenting on the 2024 Atlantic hurricane season that is now drawing towards its official close, Twelve Capital explained that while […]
China financial regulator continues to promote Hong Kong for catastrophe bonds
China’s National Financial Regulatory Administration (NFRA), the financial industry regulatory agency under the State Council of the People’s Republic, is continuing to promote Hong Kong as a venue for insurers and reinsurers to sponsor catastrophe bonds. Speaking at a conference in Hong Kong this week, Li Yunze, the Chairman of the National Financial Regulatory Administration […]
Hannover Re shares only €18m in large losses with ILS through first nine months of 2024
Hannover Re has continued to share a reduced proportion of its large natural catastrophe losses with insurance-linked securities (ILS) capital sources through the first nine months of this year, with just €18 million shared up to the end of September. Recall that, in full-year 2022, Hannover Re had shared more than one billion Euros of […]
For Asia to realise ILS market potential, local investor participation must increase: Fitch
While the Asia region is expected to see steadily increasing activity in catastrophe bonds and other insurance-linked securities (ILS), Fitch Ratings believes the participation of regional investors needs to increase, while continued development of regulatory frameworks and local expertise is also required. Fitch Ratings said that it anticipates, “a gradual increase in insurance-linked securities (ILS) […]
MDB’s can help bring scale to ILS issuances in Asia: Singapore Deputy PM
Speaking at the 20th Singapore International Reinsurance Conference (SIRC), Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore, explained that multilateral development banks have a key role to play in bringing scale to insurance-linked securities (ILS) issuances in Asia. During his speech, the […]
Collateralized fronting a very important element for us: Steinmann, Hannover Re
For global reinsurance firm Hannover Re, the business of collateralized fronting, where the company fronts reinsurance cedents for ILS investors and funds, is seen as a very important element of its business and an area of growth, executive Thorsten Steinmann said this week. Speaking during a briefing held at the Baden Baden reinsurance meeting in […]