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The European ETF launch has benefited from the performance of the Brookmont US cat bond ETF. -
The sponsor is offering two notes but will only place one depending on market interest.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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One fund tracked by the index had a negative month.
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The fund held $10mn in AuM, with $3mn the minimum investment required.
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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal.
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Demand for top layer coverage may also need to be supported by underlying market growth.
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The single note is offering an effective coupon of 23.5% at the midpoint of guidance.
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The firm anticipates potential growth in cyber cat ILS similar to property cat ILS post-2005.
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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle.
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The venture will launch in early 2026 and include captives, ART, cyber ILS and specialty (re)insurance elements.
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Assets under management in UCITS cat bond funds stood at $17.8bn as of 7 November, according to data from Plenum Investments.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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The two funds feed into the $892.5mn Schroder IF Flexible Cat Bond Fund.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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Growth included a $240mn increase in partner capital in DaVinci equity plus debt.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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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 ratings agency first indicated it would consider a new methodology in March.
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The single Class A note is offering an initial spread range of 1,050-1,150 to investors.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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Hole will spearhead the launch of the underwriting and analytics platform.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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Pre-tax income at the vehicle was $30mn in the first nine months of 2025.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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The firm said this was due to planned returns of capital to ongoing investors.
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Total yield is down from 11.18% in the last week of October 2024.
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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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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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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
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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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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 sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.
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The cedant’s current deal is due to mature at the end of January 2026.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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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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While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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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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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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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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