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Total yield is down from 11.18% in the last week of October 2024. -
Widespread underinsurance and low exposures will limit losses.
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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Total gains for the year reached 7.71%.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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Operating revenues were also up on the $29.1mn reported over Q2.
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Third-party investors made a net income of $415mn in the quarter.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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So far this year, there have been 11 first-time sponsors to place a deal.
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The insurer of last resort’s exposure was $696bn as of last September.
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The bond will provide protection against US wind with a PCS trigger.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Investor interest is warming up following a colder spell over the past several years.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The carrier will continue to write assumed retro in Bermuda.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The allocation is around 3% of the fund’s total assets.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Toh joins from Nephila, where he spent the last decade, bringing expertise in ILS.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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Improved performance and growing investment returns played a role in the upgrade.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Charles Mixon joined the firm a year ago in a business development role.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The economic loss from the event was around EUR7.6bn.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Losses were primarily driven by personal property lines.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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He added that Munich Re does not rely on retro or third-party.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The sponsor extended two notes issued in 2022.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The trend for private credit in alternative asset management is “set to continue”.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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The investment bank had stopped offering ILS services last September.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The group claims the White House is undermining disaster preparedness.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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This is the latest in a string of appointments made by the firm’s ILS unit.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The forecast has increased since the early July update due to several additional factors.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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California wildfires account for $40bn of the insured loss tally in H1.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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This brings the carrier’s total limit on the program to $1.8bn.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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The consultation period around UK ISPVs was opened in November last year.
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George Cantlay will also assume the additional position of president of the Bermuda business.
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The reinsurer returned $216.7mn to investors in Q2.
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The proposed reforms are designed to put the UK’s regulatory framework on par with Bermuda and the US.
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He replaces Andrew Hughes, who held the role since 2021.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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Matthew Towsey has spent 14 years at Aon.
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US events accounted for more than 90% of global insured losses.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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Former ILS lead Matt Holland left the company in May.
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He had spent 10 years at Securis, with seven of them as COO.
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His last role was ILW practice leader at Acrisure Re.
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The weather-modelling agency is predicting a below-normal season.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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The body said cat bonds are closer to an insurance product than a security.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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Harry White has been with Verisk for 14 years, while Ted Gregory has been with PCS for 12.
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In April, the loss modeller pegged losses at A$2.57bn.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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The sidecar renewed at $230mn for 2025.
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The pension plan noted in June 2024 that it was exploring new options in ILS.
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The number has expanded by around 40% from an earlier update, sources said.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The investment is a response to shifts in stock-bond correlations.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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She was previously head of investor relations and business development for North America and Australia at Securis.
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This followed a $650mn fall in April, after management change of the fund.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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A total $225mn of fresh limit entered the market across two deals.
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The bond will provide protection for storms, quakes and fires in seven US states.
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The bond protects against losses in the US, Canada, Europe and Australia.
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The $2.59bn renewal is up 45% from last year.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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The company also has $100mn for US hurricane events.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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The index provider revised up its return for March by 0.39 percentage points to 1.21%.
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The Swiss pension fund has not disclosed an ILS allocation before.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The Italian sponsor has $237mn of limit maturing this July.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The Altamont-backed broker has been building out its team since launching in 2023.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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The (re)insurer used alternative capital in the reinsurance coverage.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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The total yield, inclusive of the risk-free rate, was down on the same period last year.
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The bond will provide multi-peril coverage on an industry loss basis.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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The bond will provide storm protection in Florida and South Carolina.
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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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Investors want transparency from managers regarding the impacts of climate change.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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All 29 funds tracked by the index returned a positive performance.
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The bond will provide protection against named storm and thunderstorm.
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Growing economic and population exposures are driving potentially larger insured losses.
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Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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Investor interest and capital flows point to potential for ILS proliferation.
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The bond will cover China, India and Japan quake and Japan typhoon.
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The bond will provide protection against German and Japan quake.
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Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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Fellow Swedish pension fund AP3 is phasing out its ILS allocation after being active in the sector since 2008.
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The deal of the size was unchanged at $100mn.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
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The bond will provide protection against China, India and Japan quake, and Japan typhoon.
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The subject business covers a portfolio of residential insurance.
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KCC is part of the CDI’s review into creating a public wildfire cat model for insurers.
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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
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Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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The bond will provide coverage against named storm or severe thunderstorm over three years.
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The issuance is split across three tranches with varying degrees of risk.
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