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Florida Citizens to seek $850m of cat bonds before 2021 hurricane season
Florida Citizens to seek $850m of cat bonds before 2021 hurricane season
Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds. Right now, Florida Citizens has two chunks of catastrophe bond coverage in-force, $110 million of reinsurance from the Everglades Re II Ltd. (Series 2020-2) transaction that provides some aggregate reinsurance protection for Florida Citizens personal lines account tower.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Florida Citizens to seek $850m of cat bonds before 2021 hurricane season
Security First's new cat bond jumps 125% to $225m, prices down 16%
Security First's new cat bond jumps 125% to $225m, prices down 16%
Security First Insurance Company is now set for its largest catastrophe bond transaction yet, as its new First Coast Re III Pte. Ltd. (Series 2021-1) issuance has more than doubled in size to $225 million while being marketed. The single-tranche bond will provide Security First Insurance with a source of Florida named storms and severe thunderstorms reinsurance protection, across an almost four year term, with coverage on an indemnity trigger and cascading, per-occurrence basis.
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Security First's new cat bond jumps 125% to $225m, prices down 16%
Sompo seeks $200m Sakura Re 2021 Japan & US multi-peril cat bond
Sompo seeks $200m Sakura Re 2021 Japan & US multi-peril cat bond
Japanese insurer/reinsurer Sompo has returned to the catastrophe bond market to sponsor its first issuance in four years, as it seeks a $200 million source of Japanese and US multi-peril catastrophe reinsurance with a four-year two-tranche Sakura Re Ltd. (Series 2021-1) deal. They will cover US earthquakes and Japanese typhoons and floods.
#ART#CAT#ILS
·artemis.bm·
Sompo seeks $200m Sakura Re 2021 Japan & US multi-peril cat bond
World Bank to sponsor Jamaican cat bond before 2021 hurricane season
World Bank to sponsor Jamaican cat bond before 2021 hurricane season
The Government of Jamaica aims to have its World Bank supported catastrophe bond issued and in place, providing a much-needed source of capital market backed disaster insurance protection in advance of the 2021 hurricane season. The deal has been a work-in-progress for some years, but was delayed by the Covid-19 pandemic and the ensuing financial market volatility.
#ART#CAT#ILS
·artemis.bm·
World Bank to sponsor Jamaican cat bond before 2021 hurricane season
Arch Capital sponsors $70m Voussoir Re 2021 sidecar renewal
Arch Capital sponsors $70m Voussoir Re 2021 sidecar renewal
Bermuda-headquartered Arch Capital Group has returned to the capital markets to sponsor a $69.92 million three-year single-tranche sidecar, issuance of Series 2020-1 Class B participating notes through its special purpose insurer Voussoir Re.
#ART#CAT#ILS
·artemis.bm·
Arch Capital sponsors $70m Voussoir Re 2021 sidecar renewal
NCIUA’s new cat bond hits $250m raised target, price drops 13%
NCIUA’s new cat bond hits $250m raised target, price drops 13%
The North Carolina Insurance Underwriting Association (NCIUA) latest catastrophe bond has now upsized by 150%, with the Cape Lookout Re Ltd. (Series 2021-1) transaction set to provide it $250 million of reinsurance from the capital markets. At the same time, the spread on the cat bond notes dropped considerably thanks to ILS investor appetite, with the pricing eventually fixed at the bottom of reduced guidance, indicating a roughly 13% decline in pricing during marketing.
#ART#CAT#ILS
·artemis.bm·
NCIUA’s new cat bond hits $250m raised target, price drops 13%
SCOR gets quota share longevity retro from Mangrove sidecar
SCOR gets quota share longevity retro from Mangrove sidecar
French reinsurer SCOR has put in place a sidecar-like, quota share retrocession vehicle named Mangrove Insurance PCC Limited through which it transfers some of its longevity risk to third-party investors. It provides SCOR with retrocessional cover for longevity risks arising from nine existing in-force reinsurance treaties it has in place with clients in the United Kingdom, across a long risk period from October 1st 2019 until October 1st 2048. Artemis.bm speculates that the structure might renew or roll over at defined intervals to enable a degree of investor liquidity.
#ART#Longevity
·artemis.bm·
SCOR gets quota share longevity retro from Mangrove sidecar
Palomar's new Torrey Pines catastrophe bond grows to $400m
Palomar's new Torrey Pines catastrophe bond grows to $400m
Palomar Insurance Holdings is set for a successful visit to the catastrophe bond market with its new Torrey Pines Re Pte. Ltd. (Series 2021-1) two-tranche cat bond that has grown by one-third while marketing to reach $400 million in size. Both tranches will provide earthquake reinsurance protection, covering 50 states of the U.S., across a just over three-year term to the end of June 2024 and on an indemnity and per-occurrence trigger basis.
#ART#CAT#ILS
·artemis.bm·
Palomar's new Torrey Pines catastrophe bond grows to $400m
Universal's Cosaint Re cat bond target lifted to $150m, while pricing drops
Universal's Cosaint Re cat bond target lifted to $150m, while pricing drops
The first catastrophe bond to be sponsored by Florida headquartered insurer Universal Insurance Holdings looks likely to upsize with the target now lifted by 50% to $150 million, while at the same time the price guidance for the three-year single-tranche Cosaint Re Pte. Ltd. (Series 2021-1) transaction has been lowered. Universal is looking to secure collateralized reinsurance protection against losses from U.S. named storms.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Universal's Cosaint Re cat bond target lifted to $150m, while pricing drops
Tokio Marine's new Kizuna Re cat bond the latest price drop in 2021
Tokio Marine's new Kizuna Re cat bond the latest price drop in 2021
"The price guidance has been lowered for Tokio Marine & Nichido Fire Insurance Co’s fifth Kizuna Re catastrophe bond, making the $150 million Kizuna Re III Pte. Ltd. (Series 2021-1) transaction the latest to see its pricing fall during marketing."
#ART#CAT#ILS
·artemis.bm·
Tokio Marine's new Kizuna Re cat bond the latest price drop in 2021
Hannover Re and AXA UK in £3bn longevity swap, a non-pensioner first
Hannover Re and AXA UK in £3bn longevity swap, a non-pensioner first
The AXA UK Group Pension Scheme has entered into a £3 billion longevity swap with reinsurance firm Hannover Re, covering longevity risk associated with pensions that may come into payment after March 31 2019. Unlike most such swaps, the majority of the longevity risk transferred is related those yet to draw pension benefits. The swap closed on February 27th 2021 and form’s part of the AXA pension scheme’s investment portfolio, building upon previous longevity risk transfer transactions undertaken to protect pensions that had already come into payment up to March 31 2019.
#ART#Longevity#Pensions
·artemis.bm·
Hannover Re and AXA UK in £3bn longevity swap, a non-pensioner first
Pension longevity risk transfers reach record-breaking £55.8bn in 2020
Pension longevity risk transfers reach record-breaking £55.8bn in 2020
According to LCP and Mercer, longevity risk transfers by UK pension schemes reached a record level of £55.8 billion in 2020 (versus £51.6 billion in 2019). Total buy-in and buyout volumes were £31.7 billion (versus £43.8 billion in 2019). There were six longevity swaps totalling £24.1 billion (vesus £7.8bn) including a £10 billion swap between Lloyds Banking Group Pensions Trustees Limited and Pacific Life Re. https://www.lcp.uk.com/media-centre/2021/03/longevity-risk-transfer-soars-to-record-high-in-2020-as-pandemic-led-to-exceptional-buy-in-pricing/
#ART#Longevity#Pensions
·pensionsage.com·
Pension longevity risk transfers reach record-breaking £55.8bn in 2020
First volcanic eruption cat bond issued for the Danish Red Cross
First volcanic eruption cat bond issued for the Danish Red Cross
The first catastrophe bond covering pure volcanic eruption risk has now been completed, with a $3 million privately placed issuance brought to market by Replexus and Howden Capital Markets and backed by leading cat bond investors for the Danish Red Cross. The catastrophe bond covers the risk of eruption of 10 volcanoes across three continents. Using a parametric trigger that takes into account both the height of the volcanic eruption ash plume and the wind direction, to define where ash would fall and disruption most likely be, the idea is that the catastrophe bond should pay-out quickly for specific scenarios where aid from humanitarian funds would be required.
#ART#CAT#ILS
·artemis.bm·
First volcanic eruption cat bond issued for the Danish Red Cross
Tokio Marine's new Kizuna Re cat bond pricing drops 16%
Tokio Marine's new Kizuna Re cat bond pricing drops 16%
Tokio Marine & Nichido Fire Insurance Co’s fifth Kizuna Re catastrophe bond will be the latest to experience a significant drop in price during its marketing to investors, with the $150 million Kizuna Re III Pte. Ltd. (Series 2021-1) transactions pricing now fixed some 16% below the initial mid-point of guidance.
#ART#ILS#CAT
·artemis.bm·
Tokio Marine's new Kizuna Re cat bond pricing drops 16%
Sompo doubles target for Sakura Re 2021 cat bond to $400m
Sompo doubles target for Sakura Re 2021 cat bond to $400m
Sompo has doubled its target for its latest catastrophe bond with its Sakura Re Ltd. (Series 2021-1)  transaction now aiming to secure the company $400 million of Japanese and US multi-peril catastrophe reinsurance protection.
#ART#ILS#CAT
·artemis.bm·
Sompo doubles target for Sakura Re 2021 cat bond to $400m
Merchant Navy plans to insure all liabilities by 2025
Merchant Navy plans to insure all liabilities by 2025
The £4.1bn Merchant Navy Officers Pension Fund plans to insure all of its remaining liabilities by 2025, with the goal to achieve sufficient funding to secure at least 103 per cent of member benefits. Since the last trennial valuation in 2018, the fund has reduced its investment risk through the conversion of its longevity swap with Pacific Life Re into a £1.6bn buy-in with the Pension Insurance Corporation in February 2020.
#ART#Longevity#Pensions
·pensions-expert.com·
Merchant Navy plans to insure all liabilities by 2025
General Motors completes £53m bulk annuity deal
General Motors completes £53m bulk annuity deal
General Motors' Vauxhall Associated Companies Pension Fund has completed a £53m bulk annuity purchase with Aviva. Separately, the scheme's latest triennial actuarial valuation was due last year, after the 2017 valuation showed a funding level of 70.6 per cent, which corresponded to a shortfall of £15.5m. The scheme's sponsor agreed to a recovery plan, making payments until the end of 2023.
#ART#Longevity#Pensions
·pensions-expert.com·
General Motors completes £53m bulk annuity deal
Everest Re launches $800m Kilimanjaro III Re cat bond issues
Everest Re launches $800m Kilimanjaro III Re cat bond issues
Everest Re is looking to issue $400 million of four-year Kilimanjaro III Re Series 2021-1 and $400 million of five-year Kilimanjaro III Series 2021-2 catastrophe bonds, for a combined amount of $800 million. They will cover certain losses from named storms and earthquakes impacting the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada. Both will be comprised of three tranches, the $150 million A tranches will provide per-occurrence reinsurance protection, and the $125 million B tranches and $250 million C tranches will provide annual aggregate reinsurance coverage.
#ART#CAT#ILS
·artemis.bm·
Everest Re launches $800m Kilimanjaro III Re cat bond issues
Sompo's $400m Sakura Re cat bond pricing finalised
Sompo's $400m Sakura Re cat bond pricing finalised
Pricing has now been finalised for Sompo’s new $400 million sized Sakura Re Ltd. (Series 2021-1) catastrophe bond transaction, with both tranches of notes seeing their coupon fixed at the mid-point of guidance or lower. It was comprised of a $200 million tranche of Series 2021-1 Class A notes exposed to Japanese typhoons and floods on a first-event basis, and if limit is remaining after a first loss, they would also cover US earthquakes on a second-event basis. The other $200 million tranche of Series 2021-1 Class B notes is exposed to US earthquakes on a first-event basis and if limit is remaining after a loss, then would also cover Japanese typhoons and floods on a second-event basis.
#ART#ILS#CAT
·artemis.bm·
Sompo's $400m Sakura Re cat bond pricing finalised
Catastrophe bond & related ILS issuance hit $4.63bn in Q1 2021
Catastrophe bond & related ILS issuance hit $4.63bn in Q1 2021
Issuance of new catastrophe bonds and related insurance-linked securities (ILS) continued apace in the first-quarter of 2021, with the period seeing $4.63 billion of new risk capital come to market. This was slightly below the record-breaking $5 billion issued in the opening quarter of last year. Catastrophe risk focused deals made up 60% of issuance in Q1 2021, but mortgage ILS continues to feature.
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Catastrophe bond & related ILS issuance hit $4.63bn in Q1 2021
Shepherd Foods completes £3m buyout with Aviva
Shepherd Foods completes £3m buyout with Aviva
The Shepherd Foods (London) Limited defined benefit pension scheme has completed a £3 million buyout with Aviva Group. The deal, which was completed on February 25, secures the benefits of 11 deferred members and two pensioner members.
#ART#Longevity#Pensions
·pensions-expert.com·
Shepherd Foods completes £3m buyout with Aviva
Aspen targets catastrophe bond renewal with $225m Kendall Re 2021-1
Aspen targets catastrophe bond renewal with $225m Kendall Re 2021-1
Aspen Insurance is seeking to sponsor a $225 million Kendall Re Ltd. (Series 2021-1) two-tranche transaction, to replace the also $225 million Kendall Re Ltd. (Series 2018-1) cat bond slated to mature this month. 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.
#ART#CAT#ILS
·artemis.bm·
Aspen targets catastrophe bond renewal with $225m Kendall Re 2021-1
Association of British Insurers completes £26m buy-in
Association of British Insurers completes £26m buy-in
The Association of British Insurers Pension & Assurance Scheme has completed a £26m buy-in with Aviva. The deal covers 191 pensioner members, and the fund received assistance from Mercer in its search for an insurer. This is the second buy-in the scheme has inked up with Aviva, the first being a £10m deal completed in 2017.
#ART#Longevity#Pensions
·pensions-expert.com·
Association of British Insurers completes £26m buy-in
Tokio Marine to redeem $150m of its Kizuna II 2018 cat bond
Tokio Marine to redeem $150m of its Kizuna II 2018 cat bond
Tokio Marine has opted to redeem a $150 million tranche of its Kizuna Re II Ltd. (Series 2018-1) Japan earthquake focused catastrophe bond, as the notes have not faced any loss events in the three years since their issue.
#ART#CAT#ILS
·artemis.bm·
Tokio Marine to redeem $150m of its Kizuna II 2018 cat bond
State Farm sponsors $350m New Madrid quake Merna Re II cat bond for 2021
State Farm sponsors $350m New Madrid quake Merna Re II cat bond for 2021
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.
#ART#ILS#CAT
·artemis.bm·
State Farm sponsors $350m New Madrid quake Merna Re II cat bond for 2021
Cat bond lite issuance continues apace in 2021
Cat bond lite issuance continues apace in 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.
#ART#ILS#CAT
·artemis.bm·
Cat bond lite issuance continues apace in 2021
Eclipse Re Ltd. private cat bond platform in $8.7m issuance
Eclipse Re Ltd. private cat bond platform in $8.7m issuance
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.
#ART#ILS#CAT
·artemis.bm·
Eclipse Re Ltd. private cat bond platform in $8.7m issuance