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Everest Re secures $650m Kilimanjaro III cat bond at reduced pricing
Everest Re secures $650m Kilimanjaro III cat bond at reduced pricing
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.
#ART#ILS#CAT
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Everest Re secures $650m Kilimanjaro III cat bond at reduced pricing
Louisiana Citizens returns to Bermuda for $125m Pelican IV Re 2021 cat bond
Louisiana Citizens returns to Bermuda for $125m Pelican IV Re 2021 cat bond
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.
#ART#ILS#CAT
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Louisiana Citizens returns to Bermuda for $125m Pelican IV Re 2021 cat bond
Vantage Risk targets first catastrophe bond with $150m Vista Re
Vantage Risk targets first catastrophe bond with $150m Vista Re
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.
#ART#ILS#CAT
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Vantage Risk targets first catastrophe bond with $150m Vista Re
Aspen aims to upsize Kendall Re 2021 cat bond to $300m, at lower pricing
Aspen aims to upsize Kendall Re 2021 cat bond to $300m, at lower pricing
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.
#ART#CAT#ILS
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Aspen aims to upsize Kendall Re 2021 cat bond to $300m, at lower pricing
USAA returns with $275m aggregate Residential Re 2021-1 cat bond
USAA returns with $275m aggregate Residential Re 2021-1 cat bond
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).
#ART#ILS#CAT
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USAA returns with $275m aggregate Residential Re 2021-1 cat bond
Aspen secures $300m Kendall Re 2021 cat bond, pricing falls 15%+
Aspen secures $300m Kendall Re 2021 cat bond, pricing falls 15%+
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.
#ART#ILS#CAT
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Aspen secures $300m Kendall Re 2021 cat bond, pricing falls 15%+
Citizens seeks $500m coastal & personal account Everglades 2021 cat bond
Citizens seeks $500m coastal & personal account Everglades 2021 cat bond
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.
#ART#ILS#CAT#UnitedStates
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Citizens seeks $500m coastal & personal account Everglades 2021 cat bond
Vantage lifts Vista Re catastrophe bond target 50% to $225m
Vantage lifts Vista Re catastrophe bond target 50% to $225m
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.
#ART#ILS#CAT
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Vantage lifts Vista Re catastrophe bond target 50% to $225m
Vantage secures $225m Vista Re cat bond with 10% drop in price
Vantage secures $225m Vista Re cat bond with 10% drop in price
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.
#ART#ILS#CAT
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Vantage secures $225m Vista Re cat bond with 10% drop in price
Prudential Financial & Zurich help UK pension to £6bn longevity swap
Prudential Financial & Zurich help UK pension to £6bn longevity swap
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.
#ART#Longevity#Pensions
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Prudential Financial & Zurich help UK pension to £6bn longevity swap
USAA's new Residential Re 2021-1 cat bond to grow to $400m
USAA's new Residential Re 2021-1 cat bond to grow to $400m
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).
#ART#CAT#ILS
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USAA's new Residential Re 2021-1 cat bond to grow to $400m
Fidelis seeks worldwide multi-peril cover from third Herbie Re cat bond
Fidelis seeks worldwide multi-peril cover from third Herbie Re cat bond
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%.
#ART#CAT#ILS
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Fidelis seeks worldwide multi-peril cover from third Herbie Re cat bond
Great American returns for $200m Riverfront Re 2021 cat bond
Great American returns for $200m Riverfront Re 2021 cat bond
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.
#ART#CAT#ILS
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Great American returns for $200m Riverfront Re 2021 cat bond
USAA's new $400m ResRe catastrophe bond priced far below guidance
USAA's new $400m ResRe catastrophe bond priced far below guidance
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).
#ART#ILS#CAT
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USAA's new $400m ResRe catastrophe bond priced far below guidance
Allstate looks to cat bonds for $200m Sanders Re occurrence gap fill
Allstate looks to cat bonds for $200m Sanders Re occurrence gap fill
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.
#ART#ILS#CAT#UnitedStates
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Allstate looks to cat bonds for $200m Sanders Re occurrence gap fill
Florida Citizens aims to near double new cat bond to $950m in size
Florida Citizens aims to near double new cat bond to $950m in size
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.
#ART#ILS#CAT#UnitedStates
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Florida Citizens aims to near double new cat bond to $950m in size
St. Johns Insurance enters cat bond market with $100m Putnam Re
St. Johns Insurance enters cat bond market with $100m Putnam Re
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.
#ILS#CAT#ART#UnitedStates
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St. Johns Insurance enters cat bond market with $100m Putnam Re
TWIA returns for $250m+ Alamo Re cat bond renewal for 2021
TWIA returns for $250m+ Alamo Re cat bond renewal for 2021
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.
#ART#CAT#ILS#UnitedStates
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TWIA returns for $250m+ Alamo Re cat bond renewal for 2021
Swiss Re backs £3.7bn longevity swap deal for Fujitsu pension scheme
Swiss Re backs £3.7bn longevity swap deal for Fujitsu pension scheme
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.
#Longevity#Pensions#ART
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Swiss Re backs £3.7bn longevity swap deal for Fujitsu pension scheme
Citizens secures $950m of cat bond cover with Everglades Re 2021
Citizens secures $950m of cat bond cover with Everglades Re 2021
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).
#ART#CAT#ILS#UnitedStates
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Citizens secures $950m of cat bond cover with Everglades Re 2021
Fidelis set to triple new Herbie Re cat bond to $150m in size
Fidelis set to triple new Herbie Re cat bond to $150m in size
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%).
#ART#ILS#CAT
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Fidelis set to triple new Herbie Re cat bond to $150m in size
$250m Aquarelle deal could be largest private cat bond ever
$250m Aquarelle deal could be largest private cat bond ever
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.
#ART#ILS#CAT
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$250m Aquarelle deal could be largest private cat bond ever
St. Johns first Putnam Re cat bond set to increase to $120m
St. Johns first Putnam Re cat bond set to increase to $120m
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.
#ART#ILS#CAT#UnitedStates
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St. Johns first Putnam Re cat bond set to increase to $120m
TWIA to double Alamo Re 2021 cat bond to $500m
TWIA to double Alamo Re 2021 cat bond to $500m
The Texas Windstorm Insurance Association (TWIA) is ex[ected to double the size of its new Alamo Re Ltd. (Series 2021-1) three-year single-tranche transaction, covering losses from named storms and severe thunderstorms in Texas. Originally slated for $250 million, TWIA is now looking to issue $400 million.
#ART#ILS#CAT#UnitedStates
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TWIA to double Alamo Re 2021 cat bond to $500m
Great American to lift Riverfront 2021 cat bond to $285m-$305m
Great American to lift Riverfront 2021 cat bond to $285m-$305m
Great American Insurance Group has lifted the issuance target for its Riverfront Re Ltd. (Series 2021-1) two-tranche catastrophe bond transaction to mature in December 2024, from $200 million to as much as $305 million. 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.
#ART#ILS#CAT
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Great American to lift Riverfront 2021 cat bond to $285m-$305m
Fidelis secures upsized $150m Herbie Re cat bond at 5% price reduction
Fidelis secures upsized $150m Herbie Re cat bond at 5% price reduction
Herbie Re issued $150 million of single tranche of Series 2021-1 Class A four-year CAT notes structured on an annual aggregate and industry loss index basis. This was triple the size originally indicated, and pricing fell 5% below the initial mid-point of guidance (17.25% versus the initial 17.75% to 18.5%). It 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%.
#ART#CAT#ILS
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Fidelis secures upsized $150m Herbie Re cat bond at 5% price reduction