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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis. -
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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Many commercial risks will have London coverage, but insured values are relatively low.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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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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Competition on price from traditional markets is weighing on bond market momentum.
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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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The cedant’s current deal is due to mature at the end of January 2026.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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The executive is charged with defrauding investors out of nearly $500mn.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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Mory Katz joined the broker earlier this year.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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The funds will combine credit and ILS holdings.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Newsom has yet to sign a pending bill to create a public cat model.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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The allocation is around 3% of the fund’s total assets.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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The facility will initially focus on US, Bermudian and European business.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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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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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The tropical cyclone is expected to be named Imelda.
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In the new role, Edward Johnson will be rejoining former Aon Securities colleague Chris Parry.
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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 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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The measures also seek to encourage greater wildfire mitigation efforts.
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The sidecar will support five programs providing specialty frequency coverages.
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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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Victory Pioneer Cat Bond Fund also added assets in the past month.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Scott Cobon's most recent title was MD, insurance management services.
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The sponsor extended two notes issued in 2022.
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It is understood that CyberCube has been considering a sale of the business.
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The volume of property cat aggregates placed grew 50% in 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 investment bank had stopped offering ILS services last September.
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The data modeling firm said losses previously averaged $132bn annually.
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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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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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Market participants have until 13 October to provide any comments.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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The purchase brings Sompo an established ILS platform as part of the deal.
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Last year marked the second consecutive year in which carriers made a positive return.
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The group claims the White House is undermining disaster preparedness.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The company plans to launch in New York and New Jersey next year.
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American Integrity grew GWP by 30% to $287mn and Slide GWP was up 25% to $435mn in Q2.
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The estimate covers property and vehicle claims.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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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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Both organisations still predict an above-average hurricane season.
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3.
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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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California wildfires account for $40bn of the insured loss tally in H1.
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The company also purchased $15mn of SCS parametric coverage.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Nationwide will delegate management of the policies to Ryan Specialty.
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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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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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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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Insured losses produced the second highest first-half tally since records began in 1980.
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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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At least 14 new companies have opened up shop in the state in recent years.
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Cat bond broking growth contributed to 6% organic growth in reinsurance.
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Brian Hickey joins the firm from PE specialist AE Industrial Partners.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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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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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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State legislation has led to major strides in rate adequacy.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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Category 4 and 5 storms could become more common and hit further north.
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Former ILS lead Matt Holland left the company in May.
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Despite predicting fewer hurricanes, the numbers are still above average.
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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 Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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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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The Cayman Islands-domiciled SPI now has four institutional backers.
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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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Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
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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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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The measure could have landed insurers with extra tax on US business.
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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 awards celebration took place at the Hilton Bankside on 25 June.
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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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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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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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M&A and shifts in distribution arrangements bring risks and opportunities.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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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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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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John Kulik will work within Ledger’s broking team, Ledger Investing.
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The documents figure in a potential criminal case against a CCB employee.
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In 2024, MGA GWP reached approximately $20bn in Europe.
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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 pension plan noted in June 2024 that it was exploring new options in ILS.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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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 executive has 15 years of experience in meteorology and cat analytics.
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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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HCI secured three towers with $3.5bn in XoL coverage.
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This followed a $650mn fall in April, after management change of the fund.
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A total $225mn of fresh limit entered the market across two deals.
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Weston Tompkins spent 10 years in an investor relations role at Securis.
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The bond will provide protection for storms, quakes and fires in seven US states.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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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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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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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 Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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The company is a wholly owned subsidiary of AmTrust Financial.
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The pension plan has been allocating to ILS since 2005.
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The firm is pressing ahead with IPO plans just ahead of the start of the Atlantic storm season.
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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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TSR previously predicted activity slightly below the 1995-2024 average.
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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 agency forecasts up to five major hurricanes and 19 named storms.
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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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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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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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Tornadoes have killed at least 32 people in three states.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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The bond will cover named storms in five US states.
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Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
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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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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The revision is significantly lower than the $4.5bn October estimate.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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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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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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California homeowners are also expected to move admitted business to E&S.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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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 insurer has not decided whether to sell its Eaton subrogation rights.
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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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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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AIG, HDI Global and others have settled, while Chubb’s fight continues.
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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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The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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There’s not much supply in that marketplace, Papadopoulo said.
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All 29 funds tracked by the index returned a positive performance.
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The initial offering will include 6,875,000 shares of common stock.
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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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The casualty ILS business now has $175mn in capital.
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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 initially sought $425mn across three tranches.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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His leadership roles included overseeing the firm’s capital solutions group.
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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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This year’s ceremony will include the inaugural Women in ILS Award presentation.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
