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Sutton seeks CA wildfire cover with $75m Greengrove Re 2025-1 CAT bond
Sutton seeks CA wildfire cover with $75m Greengrove Re 2025-1 CAT bond
Sutton National Group is looking to issue at least $75million Greengrove Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. The covered region and perils are set to be California and wildfires as well as fires following earthquake events, on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART
·artemis.bm·
Sutton seeks CA wildfire cover with $75m Greengrove Re 2025-1 CAT bond
Heritage secures $200m Citrus Re 2025-1 catastrophe bond at reduced pricing
Heritage secures $200m Citrus Re 2025-1 catastrophe bond at reduced pricing
Heritage Insurance Holdings will issue $200 million Citrus Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms that hit the U.S. states of Alabama, Florida, Georgia, Hawaii, Mississippi, North Carolina and South Carolina on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Heritage secures $200m Citrus Re 2025-1 catastrophe bond at reduced pricing
Sompo Japan targets $150m Sakura Re 2025-1 typhoon and flood cat bond
Sompo Japan targets $150m Sakura Re 2025-1 typhoon and flood cat bond
Sompo Japan is looking to issue at least $150 million Sakura Re Ltd. (Series 2025-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from Japanese typhoons and flood losses on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART
·artemis.bm·
Sompo Japan targets $150m Sakura Re 2025-1 typhoon and flood cat bond
SageSure targets $125m Gateway Re 2025-2 cat bond for reciprocal exchanges
SageSure targets $125m Gateway Re 2025-2 cat bond for reciprocal exchanges
SageSure is looking to issue at least $125 million Gateway Re Ltd. (Series 2025-2) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from US named storms on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART
·artemis.bm·
SageSure targets $125m Gateway Re 2025-2 cat bond for reciprocal exchanges
NCIUA secures its largest cat bond at $600m, as Cape Lookout Re 2025-1 priced
NCIUA secures its largest cat bond at $600m, as Cape Lookout Re 2025-1 priced
The North Carolina Insurance Underwriting Association (NCIUA) will issue $600 million Cape Lookout Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $350 million target. They will cover losses from named North Carolina storms on an annual aggregate basis. [Source: Artemis.bm]
#CAT#ILS#ART
·artemis.bm·
NCIUA secures its largest cat bond at $600m, as Cape Lookout Re 2025-1 priced
Kin secures 50% upsized $300m Hestia Re 2025-1
Kin secures 50% upsized $300m Hestia Re 2025-1
Kin Insurance will issue $200 million Hestia Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $200 million target. They will cover losses from Florida named storms on a indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Kin secures 50% upsized $300m Hestia Re 2025-1
What is a reinsurance sidecar?
What is a reinsurance sidecar?
According to Artemis.bm, a reinsurance sidecar is a financial structure established to allow investors (often external or third-party) to take on the risk and benefit from the return of specific books of insurance or reinsurance business. Reinsurance sidecars are normally fully-collateralized, either of limited duration (e.g., one year) or permanent structures which underwrite new business at each renewal season. For more detail go to: https://www.artemis.bm/library/what-is-a-reinsurance-sidecar/
#ART#Longevity#Mortality#Annuities
·artemis.bm·
What is a reinsurance sidecar?
Reserves ceded to life & annuity sidecars neared $55bn in 2023
Reserves ceded to life & annuity sidecars neared $55bn in 2023
AM Best reports that total ceded life insurance and annuity (L/A) reserves to sidecars increased to nearly $55 billion in 2023, tripling from around $17 billion in 2021. Individual annuities have seen substantial growth amid rising interest rates, which has expanded demand for additional capital in the reinsurance market to support capacity. This in turn has fueled sidecar formation. According to AM Best, around a dozen U.S. L/A companies ceded business to sidecars at year end 2023 and a handful were also formed in 2024. "Martello Re (Mass Mutual), Ivy Re II (Global Atlantic/KKR), and Prismic Life Re (Prudential/Warbug Pincus) combine for nearly three quarters of the ceded reserves [with the] vast majority of reserves ceded covering liabilities for indexed and fixed annuities." Artemis.bm maintains a comprehensive list of collateralized reinsurance sidecars transactions at: https://www.artemis.bm/reinsurance-sidecars. [Source: Artemis.bm]
#ART#Longevity#Mortality#Annuities
·artemis.bm·
Reserves ceded to life & annuity sidecars neared $55bn in 2023
Security First prices $250m First Coast Re IV 2025 cat bond at low-end of reduced guidance
Security First prices $250m First Coast Re IV 2025 cat bond at low-end of reduced guidance
Florida-based Security First Insurance Company will issue $250 million First Coast Re IV Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds, versus the original target of $210 million. They will cover losses from Florida named storms on an indemnity trigger per-occurrence and cascading basis (the reinsurance will cascade down the tower if layers beneath are eroded). [Source: Artemis.bm]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Security First prices $250m First Coast Re IV 2025 cat bond at low-end of reduced guidance
Build America secures $275m Fidus Re financial guarantee ILS
Build America secures $275m Fidus Re financial guarantee ILS
Build America Mutual Assurance Company (BAM) will issue $275 million Fidus Re Ltd. (Series 2025-1) single-tranche twelve-year catastrophe (CAT) bonds. They will cover losses from on a defined, static portion of BAM's in-force financial guarantee portfolio on an indemnity trigger basis. [Source: Artemis.bm]
#ILS#CAT#ART
·artemis.bm·
Build America secures $275m Fidus Re financial guarantee ILS
American Integrity issues $565m Integrity Re III CAT bond
American Integrity issues $565m Integrity Re III CAT bond
American Integrity Insurance Company will issue $565 million Integrity Re III Ltd. (Series 2025-1) six-tranche catastrophe (CAT) bonds of varying terms to maturity from two to three years, versus the original target of $375 million for a seven-tranche deal. All tranches will cover losses from named storm reinsurance protection across the states of Florida, Georgia, North Carolina and South Carolina, on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
American Integrity issues $565m Integrity Re III CAT bond
Core Specialty returns for second Yosemite Re cat bond to cover StarStone US
Core Specialty returns for second Yosemite Re cat bond to cover StarStone US
Core Specialty Insurance Holdings is looking to issue at least $75 million Yosemite Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes across the United States on an indemnity and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART
·artemis.bm·
Core Specialty returns for second Yosemite Re cat bond to cover StarStone US
Pacific Life Re and NN Life complete €2bn longevity swap in Dutch market
Pacific Life Re and NN Life complete €2bn longevity swap in Dutch market
Pacific Life Re has completed a longevity swap reinsurance agreement with Nationale-Nederlanden (NN Life). It covers a €2 billion block of in-force individual annuity life policies and includes an ongoing commitment to reinsure future new business through a flow arrangement. This is Pacific Life Re’s first longevity swap transaction in the Dutch market, but the firm has completed numerous ones with U.K. counterparties. [Source: Artemis.bm]
#ART#Longevity#Pension#Netherlands
·artemis.bm·
Pacific Life Re and NN Life complete €2bn longevity swap in Dutch market
Heritage targets $200m named storm reinsurance from Citrus Re 2025-1 cat bond
Heritage targets $200m named storm reinsurance from Citrus Re 2025-1 cat bond
Heritage Insurance Holdings is looking to issue at least $200 million Citrus Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms that hit the U.S. states of Alabama, Florida, Georgia, Hawaii, Mississippi, North Carolina and South Carolina on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Heritage targets $200m named storm reinsurance from Citrus Re 2025-1 cat bond
AXIS seeks $150m Northshore Re II 2025-1 named storm & quake cat bond
AXIS seeks $150m Northshore Re II 2025-1 named storm & quake cat bond
AXIS Capital is looking to issue at least $150 million Northshore Re II Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American named storms and earthquakes on a per-occurrence territory-weighted industry loss trigger basis. [Source: Artemis.bm]
#CAT#ILS#ART
·artemis.bm·
AXIS seeks $150m Northshore Re II 2025-1 named storm & quake cat bond
Hiscox secures $200m Ocelot Re 2025 cat bond at reduced pricing
Hiscox secures $200m Ocelot Re 2025 cat bond at reduced pricing
Hiscox Group will issue $200 million Ocelot Re Ltd. (Series 2025-1) two-tranche four-year catastrophe (CAT) bonds. They will cover losses from US and Canada named storms and earthquakes. One tranche of will be structured to provide annual aggregate and weighted PCS industry-loss trigger based coverage, while the second will provide industry-loss index trigger second and subsequent event occurrence protection. [Source: Artemis.bm]
#ART#ILS#CAT
·artemis.bm·
Hiscox secures $200m Ocelot Re 2025 cat bond at reduced pricing
Allstate seeks $300m occurrence multi-peril reinsurance from Sanders Re 2025-1 cat bond
Allstate seeks $300m occurrence multi-peril reinsurance from Sanders Re 2025-1 cat bond
Allstate is looking to issue at least $300 million Sanders Re II Ltd. (Series 2025-1) four-tranche catastrophe (CAT) bonds. Two tranches will run for three years, and the others for five years. They will cover property and auto losses from named storm, earthquake, severe weather, wildfire, volcanic eruption, or meteorite impact events, across all US states except for Florida, on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]
#CAT#ART#ILS#UnitedStates
·artemis.bm·
Allstate seeks $300m occurrence multi-peril reinsurance from Sanders Re 2025-1 cat bond
General Dynamics announces $673 million pension buy-out
General Dynamics announces $673 million pension buy-out
In October 2024, General Dynamics purchased an irrevocable group annuity (buy-out) contract for $673 million using retirement plan assets held in trust to transfer the related outstanding qualified pension obligations to two insurance companies. As a result of the transaction, the insurance companies are now required to pay and administer the retirement benefits owed to approximately 16,000 U.S. retirees and beneficiaries, with no change to the amount, timing or form of the monthly retirement benefit payments. In connection with this transaction, General Dynamics recognized a non-cash settlement charge of approximately $80 million in its qualified U.S. government pension plans related to the GAAP acceleration of deferred actuarial losses included in accumulated other comprehensive loss (AOCL) for the plans. [Source: General Dynamics 2024 10K filing)
#ART#Longevity#Pensions#UnitedStates
·s22.q4cdn.com·
General Dynamics announces $673 million pension buy-out
Low & Bonar Group pension scheme completes £50m buy-in with Just
Low & Bonar Group pension scheme completes £50m buy-in with Just
The trustee of the Low & Bonar Group Retirement Benefits Scheme completed a £50 million full buy-in with Just (www.wearejust.co.uk), covering all remaining uninsured members of the scheme. All 1,700 members of the scheme are now insured, building on the scheme's two existing pensioner buy-in policies, the first of which was secured with Just in 2015. [Source: Pensions Age]
#ART#Longevity#Pensions#UnitedKingdom
·pensionsage.com·
Low & Bonar Group pension scheme completes £50m buy-in with Just
SageSure secures largest cat bond yet, as $520m Gateway Re 2025 priced at low-end
SageSure secures largest cat bond yet, as $520m Gateway Re 2025 priced at low-end
SageSure will issue $520 million Gateway Re Ltd. (Series 2025-1) five-tranche three-year catastrophe (CAT) bonds, versus the original $410 million target. Three tranches are coupon bearing and designed to secure per-occurrence excess-of-loss reinsurance protection, while two others are zero-coupon notes designed to secure excess-of-loss second and subsequent coverage. They will cover losses from US named storms on an indemnity trigger basis, with slight variations between tranches as to which states are covered. [Source: Artemis.bm]
#ART#CAT#ILS
·artemis.bm·
SageSure secures largest cat bond yet, as $520m Gateway Re 2025 priced at low-end
Flood Re targets debut £100m Vision 2039 UK flood catastrophe bond
Flood Re targets debut £100m Vision 2039 UK flood catastrophe bond
U.K.-based Flood Re is looking to issue at least £100 million London Bridge 2 PCC Limited (Vision 2039 – 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.K. floods on an indemnity trigger and annual aggregate basis. [Source: Artemis.bm]
#CAT#UnitedKingdom#ILS#ART
·artemis.bm·
Flood Re targets debut £100m Vision 2039 UK flood catastrophe bond
Legal & General secures £370m buy-in for TUI Group UK Pension Trust
Legal & General secures £370m buy-in for TUI Group UK Pension Trust
Legal & General Assurance Society Limited completed a £370 million buy-in for the BAL section of the TUI Group UK Pension Trust. This follows an initial £610 million buy-in in 2021, and now all benefits within the section have been secured. [Source: Reinsurance News]
#Pensions#Longevity#ART
·reinsurancene.ws·
Legal & General secures £370m buy-in for TUI Group UK Pension Trust
CEA prices Ursa Re 2025-1 cat bond for 100% upsized $400m of reinsurance
CEA prices Ursa Re 2025-1 cat bond for 100% upsized $400m of reinsurance
The California Earthquake Authority (CEA) will issue $400 million Ursa Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $200 million target. They will cover losses from California earthquakes on an indemnity trigger and annual aggregate basis. [Source: Artemis.bm]
#ART#CAT#ILS
·artemis.bm·
CEA prices Ursa Re 2025-1 cat bond for 100% upsized $400m of reinsurance
NCIUA sponsoring $350m named storm cat bond, Cape Lookout Re 2025-1
NCIUA sponsoring $350m named storm cat bond, Cape Lookout Re 2025-1
The North Carolina Insurance Underwriting Association (NCIUA) is looking to issue at least $350 million Cape Lookout Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from name North Caolina storms on an annual aggregate basis. [Source: Artemis.bm]
#ART#CAT#ILS
·artemis.bm·
NCIUA sponsoring $350m named storm cat bond, Cape Lookout Re 2025-1
Tower Hill secures 75% upsized $175m Winston Re 2025-1 catastrophe bond
Tower Hill secures 75% upsized $175m Winston Re 2025-1 catastrophe bond
Florida-based Tower Hill Insurance Exchange will issue $175 million Winston Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $175 million target. They will cover losses from named storms in Florida on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Tower Hill secures 75% upsized $175m Winston Re 2025-1 catastrophe bond
Mondelez International announces pension buy-in for plan termination
Mondelez International announces pension buy-in for plan termination
During the third quarter of 2024 Mondelez International entered into a boy-out agreement with two third party insurance companies for the Mondelēz Global LLC Retirement Plan for US salaried employees. As part of the buy-in, all of the MDLZ Global Plan assets were transferred to the insurance companies. The agreement features a an option to elect a future buy-out conversion. The annuity contract provides all future benefit plan payments to the MDLZ Global Plan participants upon execution of the plan amendment to terminate the plan. The Mondelēz Global LLC Retirement Plan was terminated on December 31, 2024, and Mondelez intends to execute the buy-out conversion in 2025. [Source: https://ir.mondelezinternational.com/node/29326/html]
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
Mondelez International announces pension buy-in for plan termination