Reinsurers
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PoleStar Re Ltd 2026-1 includes three sub-layers, which run for a three-year term. -
The firm’s external AuM has grown by 175% from 2019 to $3.3bn in 2025.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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The sponsor is offering two notes but will only place one depending on market interest.
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The peril has been historically difficult to model compared to others.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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Mt Logan’s Q3 loss ratio improved by 44.2 points to 11.5% for the quarter.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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As the P&C market shifts, carriers are looking for growth from acquisitions.
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits.
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Pre-tax income at the vehicle was $30mn in the first nine months of 2025.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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The firm said this was due to planned returns of capital to ongoing investors.
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Widespread underinsurance and low exposures will limit losses.
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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The legacy cover will backstop policies written by its North American insurance business.
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Competition on price from traditional markets is weighing on bond market momentum.
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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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Majority shareholder Fosun will continue to hold the remaining 86.7% of shares.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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The carrier will continue to write assumed retro in Bermuda.
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Newsom has yet to sign a pending bill to create a public cat model.
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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 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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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The facility will initially focus on US, Bermudian and European business.
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In the new role, Edward Johnson will be rejoining former Aon Securities colleague Chris Parry.
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Charles Mixon joined the firm a year ago in a business development role.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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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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The tech firm is building a joint stock company with insurers and investors.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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Sources said that the carrier has held preliminary talks with private debt investors.
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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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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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The volume of property cat aggregates placed grew 50% in 2025.
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The vehicle will be capitalised by an asset manager with more than $100bn in AuM.
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The trend for private credit in alternative asset management is “set to continue”.
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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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The Japanese carrier faces integration challenges to make a success of the deal.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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Last year marked the second consecutive year in which carriers made a positive return.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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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.
