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"Re/insurer MS Amlin has again returned to the capital markets for a fifth renewal of its collateralized catastrophe quota share reinsurance sidecar vehicle Phoenix Re and it takes the sidecar platform to its largest yet at $90 million for 2025." [Source: Artemis.bm]

Hiscox Group is looking to issue at least $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]

Legal & General (L&G) has completed a £1.4 billion buy-in with the Sanofi Pension Scheme. The deal insures the benefits of 4,900 retirees and 5,600 deferred members. It means that the pension scheme is now fully insured with L&G, following a 2021 £760 million buy-in. [Source: Pensions Expert]

Florida-based Security First Insurance Company is looking to issue at least $210 million First Coast Re IV Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. 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]

Hannover Re will issue $200 million 3264 Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $175 million. They will cover losses from North America named storms and earthquakes, US severe thunderstorms and winter storms, Puerto Rican and US Virgin Islands earthquakes, Japanese typhoons and earthquakes, Canadian severe thunderstorms and winter storms, European windstorms; Italian earthquakes, Turkish earthquakes, Australian tropical cyclones and earthquakes, and New Zealand earthquakes, on an annual aggregate basis using either PCS or PERILS industry loss index triggers. [Source: Artemis.bm]

Swiss Re will issue $210 million Matterhorn Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $150 million target. They will cover losses from North American earthquakes and named storms on an annual aggregate and weighted industry loss index trigger basis. [Source: Artemis.bm]

The Rockwool Limited Penson Scheme completed a £53 million full-scheme buy-in with Royal London. The transaction was led by Isio, which worked alongside the scheme’s professional corporate sole trustee Independent Governance Group (IGG), legal adviser Eversheds Sutherland, and Royal London. [Source: PensionsAge]

Inigo Insurance will issue $115 million Montoya Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from U.S. named storms, and U.S. and Canada earthquakes, using a PCS industry loss index trigger, the Class A tranche on an annual aggregate basis and the Class B tranche on a second and subsequent event per-occurrence basis. [Source: Artemis.bm]

U.S.-based Aetna will issue $250 million Vitality Re XVI Ltd (Series 2025) three-tranche four-year health and medical benefits catastrophe (CAT) bonds. They will cover payouts on Aetna's health and medical insurance on a medical benefit claim ratio basis, which is effectively an indemnity trigger based on the health and medical benefits insurers’ claims experience. [Source: Artemis.bm]

Plumbing Longevity Pensions Margin Derivatives United Kingdom LDI

SageSure is looking to issue at least $410 million Gateway Re Ltd. (Series 2025-1) five-tranche three-year catastrophe (CAT) bonds. 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]

Florida-based Tower Hill Insurance Exchange is looking to issue at least $100 million Winston Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms in Florida on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

The California Earthquake Authority (CEA) is looking to issue at least $200 million Ursa Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from California earthquakes on an indemnity trigger and annual aggregate basis. [Source: Artemis.bm]

Lane Clark & Peacock (LCP) is forecasting £40-50 billion of buy-ins for the third year running and over 300 transactions for the first time. Well-funded schemes are finding themselves in a position of real choice between insurance, run-on, or a combination of the two. However, LCP expects insurance to remain the ultimate endgame for the majority of schemes, driving continued high demand for buy-ins over the next decade. Numbers of smaller scheme transactions will continue to grow as insurers increase their dedicated capacity, which will propel 2025 transaction numbers to new heights. LCP expects buy-in pricing to remain favorable as insurance capacity continues to exceed demand and as new entrants make their presence felt, further increasing competition. [Source: LCP]

"Compass Group has secured the “majority” of its defined benefit (DB) scheme’s membership through a £1.5 billion bulk annuity deal with Standard Life. The buy-in covers 14,000 pensioner members and 11,000 deferred members of the Compass Group Pension Plan." [Source Pensions Expert]

"C&J Clark Pension Fund completed a £540 million buy-in with Pension Insurance Corporation (PIC), securing the pensions of almost 5,000 pensioners and dependents and over 3,000 deferred policyholders. It follows the scheme's first buy-in with PIC, for £280 millions in 2022, and means the PIC has now insured all £820 million of the fund's defined benefit (DB) liabilities." [Source PensionsAge]

GeoVera Insurance Holdings, Ltd. is looking to issue at least $275 million Veraison Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from US earthquakes on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Canada-based TD Insurance will issue C$150 million MMIFS Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from earthquakes and severe convective storms (SCS) in Canada on an indemnity and per-occurrence basis. [Source: Artemis.bm]

White Mountains Insurance Group subsidiary Ark Insurance Holdings has renewed its collateralized reinsurance sidecar Outrigger Re Ltd. for the 2025 calendar year. White Mountains contributed $150 million of capital of its $230 million funding. [Source: Artemis.bm]

Swiss Re is looking to issue at least $150 million Matterhorn Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American earthquakes and named storms on an annual aggregate and weighted industry loss index trigger basis.. [Source: Artemis.bm]

Hannover Re is looking to issue at least $175 million 3264 Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from North America named storms and earthquakes, US severe thunderstorms and winter storms, Puerto Rican and US Virgin Islands earthquakes, Japanese typhoons and earthquakes, Canadian severe thunderstorms and winter storms, European windstorms; Italian earthquakes, Turkish earthquakes, Australian tropical cyclones and earthquakes, and New Zealand earthquakes, on an annual aggregate basis using either PCS or PERILS industry loss index triggers. [Source: Artemis.bm]

France-based CCR Re announced the successful renewal and launch of a seventh property catastrophe (CAT) sidecar in the 157 Re series of deals. Now in its seventh year, the company has sponsored a 157 Re reinsurance sidecar annually since 2019, but the sizes of the sidecars have never been disclosed. [Source: Artemis.bm]

Inigo Insurance is looking to issue at least $100 million Montoya Re Ltd. (Series 2025-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms, and U.S. and Canada earthquakes, using a PCS industry loss index trigger, the Class A tranche on an annual aggregate basis and the Class B tranche on a second and subsequent event per-occurrence basis. [Source: Artemis.bm]

Munich Re's Eden Re II Ltd. collateralized reinsurance sidecar vehicle issued the second tranche of its Series 2025-1 Class A participating notes maturing on March 19, 2030. This $85.5 million tranche brings the total issuance to $150 million, the same size as the previous year's renewal. [Source: Artemis.bm]

U.S.-based Aetna is looking to issue at least $250 million Vitality Re XVI Ltd (Series 2025) three-tranche four-year health and medical benefits catastrophe (CAT) bonds. They will cover payouts on Aetna's health and medical insurance on a medical benefit claim ratio basis, which is effectively an indemnity trigger based on the health and medical benefits insurers’ claims experience. [Source: Artemis.bm]

Catastrophe bond and related insurance-linked securities (ILS) market issuance of $4.5 billion in the fourth-quarter was sufficient to take the full-year 2024 total to a record $17.7 billion, while the outstanding market reached a new all-time-high of $49.5 billion, Artemis’ new quarterly cat bond market report shows.

Munich Re's Eden Re II Ltd. collateralized reinsurance sidecar vehicle issued $64.5 million of Series 2025-1 Class A participating notes maturing on March 19, 2030. Munich Re typically brings two tranches of listed reinsurance sidecar notes to market every year, one in late December (which this note represents), and the other in early January, which is typically much larger. [Source: Artemis.bm]