St. Johns Insurance Company, a Florida and South Carolina focused homeowners carrier, looks likely to upsize from $100 million to $120 million Putnam Re Pte. Ltd. (Series 2021-1) three-year term single-tranche transaction. It will provide indemnity and per-occurrence cover across a three-year term, against certain losses from named storms and hurricanes impacting Florida and South Carolina.

Artex SAC Limited has reportedly privately issued a $50 million tranche of Series 2021 Class A principal-at-risk Aquarelle notes and a $200 million tranche of Series 2021 Class B principal-at-risk notes. Both have maturity due at December 20th 2023, suggesting they could cover two US wind seasons perhaps, or a year and a half for another peril. This is likely the largest private CAT bond or insurance-linked securities (ILS) placement ever issued.

Herbie Re is now looking to issue $150 million of a single tranche of Series 2021-1 Class A four-year CAT notes structured on an annual aggregate and industry loss index basis. The covers a wide range of perils and regions. It is a particularly risky CAT bond, attaching at $50 million of losses, giving them an initial attachment probability of 11.43% and an initial expected loss of 7.32%, with price guidance now in a range from 17.25% to 17.75% (versus the original 17.75% to 18.5%).

Florida’s Citizens Property Insurance Corporation issued $950 million Everglades Re II Ltd. (Series 2021-1 & 2021-2) three-year catastrophe bonds. They had originally been targeting $500 million. It will provide fully-collateralized reinsurance protection against losses from Florida named storms and hurricanes, on an indemnity trigger and annual aggregate basis, across three tranches ($350 million of Class A, $275 million of Class B and $325 million of Class C notes).

Swiss Re has provided capacity to support a UK £3.7 billion longevity swap deal that uses a cell structure to intermediate the risk transfer for the ICL Group Pension Plan, one of the pension schemes of Fujitsu in the UK. It used a platform offered by Insight Investment that provided a Guernsey captive insurance cell which was used as an intermediary insurer in the deal. Then the Guernsey cell entered into the longevity swap arrangement with the pension plan, while Swiss Re simultaneously provided the reinsurance backing to the cell.

The Texas Windstorm Insurance Association (TWIA) has returned to the catastrophe bond market with a $250 million or larger Alamo Re Ltd. (Series 2021-1) three-year single-tranche transaction, covering losses from named storms and severe thunderstorms in Texas.

St. Johns Insurance Company, a Florida and South Carolina focused homeowners carrier, is seeking $100 million of collateralized reinsurance with a Putnam Re Pte. Ltd. (Series 2021-1) three-year term single-tranche transaction. It will provide indemnity and per-occurrence cover across a three-year term, against certain losses from named storms and hurricanes impacting Florida and South Carolina.

"Work continues on the first catastrophe bond for Jamaica and the World Bank has highlighted how the soon to be launched transaction will help to narrow the Caribbean nations natural disaster financing gap."

Citizens Property Insurance Corporation is targeting between $800 and $950 million with its latest Everglades Re II Ltd. (Series 2021-1 & 2021-2) catastrophe (CAT) three-year bond issue. They had been targeting $500 million. It will provide fully-collateralized reinsurance protection against losses from Florida named storms and hurricanes, on an indemnity trigger and annual aggregate basis, across three tranches ($300 to $350 million of Class A, $225 to $275 million of Class B and $275 to $325 million of Class C notes). For more detail check out Artemis.bm.

Allstate is bringing a $200 million or greater Sanders Re II Ltd. (Series 2021-1) (roughly) four-year single-tranche transaction to market. It will cover losses from US named storms, earthquakes, severe weather, wildfires and other perils, but reportedly will not cover Florida, as Allstate tends to deal with its Florida exposure separately.

USAA has seen its upsized $400 million (from $275 million) Residential Reinsurance 2021 Limited (Series 2021-1) four-year four-tranche transaction priced far below guidance in the latest sign of elevated cat bond investor demand. It will provide USAA with annual aggregate reinsurance protection covering losses from U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses).

Great American Insurance Group has returned to the catastrophe (CAT) bond market with a $200 million Riverfront Re Ltd. (Series 2021-1) two-tranche transaction to mature in December 2024. Both tranches will provide reinsurance protection provided on a per-occurrence basis, covering U.S. and Canada named storms, earthquakes, severe thunderstorms, winter storms, wildfires, meteorite impact, and volcanic eruption.

Herbie Re is looking to issue $50 million of a single tranche of Series 2021-1 Class A four-year CAT notes structured on an annual aggregate and industry loss index basis. The covers a wide range of perils and regions. It iis a particularly risky CAT bond, attaching at $50 million of losses, giving them an initial attachment probability of 11.43% and an initial expected loss of 7.32%, but with price guidance in a range from 17.75% to 18.5%.

USAA is now set to secure an upsized $400 million (from $275 million) of four-year, fully collateralized, multi-peril aggregate reinsurance from the capital markets with a Residential Reinsurance 2021 Limited (Series 2021-1) deal. It will provide USAA with annual aggregate reinsurance protection covering losses from U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses).

Prudential Financial and Zurich Assurance have worked together to provide an unknown UK pension scheme with a £6 billion longevity swap and reinsurance arrangement. The transaction uses a limited recourse, or pass-through structure whereby Zurich Assurance entered into the swap with the pension scheme, passing through the longevity risk to Prudential Financial who reinsured it.

Vantage Risk's issued $225 million Vista Re Ltd. (Series 2021-1) cat bonds, up from the originally sought $175 million. The three-year single-tranche deal covers certain losses from North American named storms and earthquakes, including the United States, Puerto Rico, U.S. Virgin Islands, D.C. and also Canada for earthquake risks, on an industry loss trigger basis, which state weighted and calculated over annual risk periods to provide aggregate coverage.

Vantage Risk's target for its first catastrophe bond has been lifted by 50%, as the recently launched Vista Re Ltd. (Series 2021-1) cat bond issuance looks set to hit $225 million in size, while at the same time pricing looks likely to come in at the bottom of, or below, guidance. The three-year single-tranche deal will cover certain losses from North American named storms and earthquakes, including the United States, Puerto Rico, U.S. Virgin Islands, D.C. and also Canada for earthquake risks, on an industry loss trigger basis, which state weighted and calculated over annual risk periods to provide aggregate coverage.

Florida’s Citizens Property Insurance Corporation is looking to issue at least $500 million Everglades Re II Ltd. (Series 2021-1 & 2021-2) three-year catastrophe (CAT) bonds. They will provide fully-collateralized reinsurance protection against losses from Florida named storms and hurricanes, on an indemnity trigger and annual aggregate basis, across three tranches ($175 million of Class A, $175 million of Class B and $150 million of Class C notes. For more detail check out Artemis.bm.

Aspen Insurance successfully secured its new Kendall Re Ltd. (Series 2021-1) two-tranche catastrophe bond transaction at its upsized target of $300 million, while at the same time pricing fell more than 15% from the initial mid-point of guidance across each of the tranches of risk on offer. two tranches . Both tranches ($200 and $100 million) will be exposed to losses from US named storms, including Puerto Rico, the US Virgin Islands and DC, as well as US and Canada earthquake, plus European windstorms on a weighted (state/county/Cresta) industry loss and annual aggregate basis.

USAA is looking to secure $275 million or more of four-year, fully collateralized, multi-peril aggregate reinsurance from the capital markets with a Residential Reinsurance 2021 Limited (Series 2021-1) deal. It will provide USAA with annual aggregate reinsurance protection covering losses from U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses).

Despite still being less than four months through the year, issuance of new catastrophe bonds and other related insurance-linked securities (ILS) we track here at Artemis is already approaching $6 billion in 2021.

Guy Carpenter's Isosceles platform has issued a new $25 million Isosceles Insurance Ltd. (Series 2021-B1) series of discounted zero coupon participating notes that mature March 30th 2022.

Aspen Insurance has increased its target size for its Kendall Re Ltd. (Series 2021-1) catastrophe bond from $225 million to $300 million, while pricing has been reduced on deal's two tranches ($200 and $100 million). Both tranches will be exposed to losses from US named storms, including Puerto Rico, the US Virgin Islands and DC, as well as US and Canada earthquake, plus European windstorms on a weighted (state/county/Cresta) industry loss and annual aggregate basis.

Vantage Risk is in the market to sponsor its first catastrophe bond, with a $150 million Vista Re Ltd. (Series 2021-1) North American three-year single-tranche deal. It will cover certain losses from North American named storms and earthquakes, including the United States, Puerto Rico, U.S. Virgin Islands, D.C. and also Canada for earthquake risks. The retrocessional reinsurance protection will be provided on an industry loss trigger basis, which is state weighted and calculated over annual risk periods to provide aggregate coverage, with PCS as the reporting agency in the case of all perils.

Louisiana Citizens Property Insurance Corporation is back in the catastrophe bond with a $125 million Pelican IV Re Ltd. (Series 2021-1) three-year two-tranche deal. A $75 million tranche will provide per-occurrence reinsurance protection and a $50 million one will provide annual aggregate coverage, both on an indemnity trigger basis and against losses from named storms and severe thunderstorms affecting the state of Louisiana.

Everest Re finalised the pricing on the latest $650 million of fully-collateralized retrocessional reinsurance protection from its Kilimanjaro Re catastrophe bond program at the low-end of already reduced guidance. It will be comprised of a $320 million four-year Kilimanjaro III Re Ltd. (Series 2021-1) tranche and $330 million five-year Kilimanjaro III Re Ltd. (Series 2021-2) tranche. They will cover certain losses from named storms and earthquakes that impact the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada.

Eclipse Re Ltd., the Horseshoe managed private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform, has completed its second issuance of this year, with an $8.7 million Eclipse Re Ltd. (Series 2021-02A) coming due on December 31, 2021.

The number of privately placed catastrophe bond transactions issued in the first-quarter of 2021 is the most ever recorded for the period and ensured that once again, the dollar-value of issuance from these cat bond lite deals came in above the ten-year average for the period.

State Farm issued $350 million three-year Merna Re II Ltd. (Series 2021-1) notes. They will provide the insurer with earthquake reinsurance against losses from events in the New Madrid fault region on an indemnity trigger and per-occurrence basis.