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Catastrophe bond & related ILS set for record $10bn+ H1 in 2021
Catastrophe bond & related ILS set for record $10bn+ H1 in 2021
"Issuance of new catastrophe bonds and other related insurance-linked securities (ILS) is now set to break new ground for the first-half of 2021, with more than $10 billion of issuance now anticipated, according to the latest data from Artemis.bm."
#ART#ILS#CAT
·artemis.bm·
Catastrophe bond & related ILS set for record $10bn+ H1 in 2021
Allstate seeks Sanders Re cat bond expansion to $250m
Allstate seeks Sanders Re cat bond expansion to $250m
Allstate is upping the size of its Sanders Re II Ltd. (Series 2021-1) (roughly) four-year single-tranche transaction from $200 million to $250 million. 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#CAT#ILS#UnitedStates
·artemis.bm·
Allstate seeks Sanders Re cat bond expansion to $250m
St. Johns gets upsized $120m Putnam Re cat bond with low-end pricing
St. Johns gets upsized $120m Putnam Re cat bond with low-end pricing
St. Johns Insurance Company, a Florida and South Carolina focused homeowners carrier, issued an upsized (from the initial $100 million) $120 million Putnam Re Pte. Ltd. (Series 2021-1) three-year term single-tranche notes. 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
·artemis.bm·
St. Johns gets upsized $120m Putnam Re cat bond with low-end pricing
Great American secures upsized $305m Riverfront 2021 cat bond
Great American secures upsized $305m Riverfront 2021 cat bond
Great American Insurance Group issued an upsized (from $200 million) $305 million Riverfront Re Ltd. (Series 2021-1) two-tranche notes 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#ILS#CAT
·artemis.bm·
Great American secures upsized $305m Riverfront 2021 cat bond
Allstate gets upsized $250m Sanders Re cat bond with pricing down 13%
Allstate gets upsized $250m Sanders Re cat bond with pricing down 13%
Allstate issued $250 million (up from the originally targetted $200 million) Sanders Re II Ltd. (Series 2021-1) (roughly) four-year single-tranche transaction. 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
·artemis.bm·
Allstate gets upsized $250m Sanders Re cat bond with pricing down 13%
Ariel Re's Syndicate 1910 seeks first cat bond with $150m Titania Re
Ariel Re's Syndicate 1910 seeks first cat bond with $150m Titania Re
Ariel Re’s Lloyd’s of London Syndicate 1910 is set to issue $150 million of Titania Re Ltd. (Series 2021-1) single-tranche three-year CAT bonds. The notes will cover certain losses from U.S., Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes.
#ART#ILS#CAT
·artemis.bm·
Ariel Re's Syndicate 1910 seeks first cat bond with $150m Titania Re
Liberty Mutual returns for $240m Mystic Re IV indemnity cat bond
Liberty Mutual returns for $240m Mystic Re IV indemnity cat bond
Liberty Mutual is coming to the market with a $240 million Mystic Re IV Ltd. (Series 2021-2) two-tranche catastrophe bond transaction maturing at end-2024, covering hurricane and earthquake loss events on a per-occurrence and indemnity trigger basis. Liberty Mutual had sponsored a $300 million Mystic Re IV Ltd. (Series 2021-1) catastrophe bond last December.
#ART#ILS#CAT
·artemis.bm·
Liberty Mutual returns for $240m Mystic Re IV indemnity cat bond
AIB signs £61m buy-in with L&G after pioneering derisking solution
AIB signs £61m buy-in with L&G after pioneering derisking solution
The £1.1bn AIB Group UK Pension Scheme converted about 25% of an existing £250 million assured payment policy (APP) with Legal & General into a buy-in policy. An APP is similar to a buy-in, but does not cover longevity risk. In exchange for a premium paid to the insurer, the scheme will receive a stream of cash flows that match its liability profile and vary with changes, such as in interest rates or inflation. The original APP deal was concluded at the end of 2019.
#ART#Longevity#Pensions
·pensions-expert.com·
AIB signs £61m buy-in with L&G after pioneering derisking solution
Collateralized reinsurance renewals firmer than cat bonds or ILW's
Collateralized reinsurance renewals firmer than cat bonds or ILW's
"While the catastrophe bond market has been first to experience investor-demand and capacity driven softening, as spreads have increasingly tightened on primary issues over recent months, this isn’t yet reading across to the entire collateralized reinsurance market at the mid-year renewal season, we’re told."
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Collateralized reinsurance renewals firmer than cat bonds or ILW's
Vermont Mutual seeks first cat bond with $100m Baldwin Re
Vermont Mutual seeks first cat bond with $100m Baldwin Re
Vermont Mutual Insurance Company is seeking $100 million of reinsurance from a Baldwin Re Ltd. (Series 2021-1) four-year single-tranche cat bond that will cover it against losses from multi-peril events in certain north east US states. The notes are being offered to cat bond investors with price guidance in a range from 2.75% to 3.25%.
#ART#ILS#CAT
·artemis.bm·
Vermont Mutual seeks first cat bond with $100m Baldwin Re
TUI pension schemes agree £800m buy-ins with L&G
TUI pension schemes agree £800m buy-ins with L&G
The £2.1bn TUI Group UK Pension Trust, comprising the BAL Scheme, TUI UK Scheme and TAPS Scheme, has secured two buy-ins worth around £800m with Legal & General Assurance Society (L&G). The BAL section has secured a £610m partial buy-in and the TAPS section a £184m full buy-in, marking the scheme's first pension risk transactions with L&G. Touristik Union International (TUI) is a multinational travel and tourism company headquartered in Germany.
#ART#Longevity#Pensions
·pensions-expert.com·
TUI pension schemes agree £800m buy-ins with L&G
Liberty Mutual raises Mystic Re IV cat bond target to $300m
Liberty Mutual raises Mystic Re IV cat bond target to $300m
Liberty Mutual lifted its target for its new Mystic Re IV Ltd. (Series 2021-2) two-tranche catastrophe bond transaction maturing at end-2024, covering named storms and earthquakes affecting the US, Canada and the Caribbean on a per-occurrence and indemnity trigger basis. Liberty Mutual had sponsored a $300 million Mystic Re IV Ltd. (Series 2021-1) catastrophe bond last December.
#ART#CAT#ILS
·artemis.bm·
Liberty Mutual raises Mystic Re IV cat bond target to $300m
Titania Re cat bond pricing looks set to fall roughly 10% for Ariel Re
Titania Re cat bond pricing looks set to fall roughly 10% for Ariel Re
The first catastrophe bond that will benefit reinsurance firm Ariel Re’s Lloyd’s of London Syndicate 1910 looks set to see its pricing fall by roughly 10%, as the marketed spreads dropped on the Titania Re Ltd. (Series 2021-1) retro cat bond. The $150 million of Titania Re Ltd. (Series 2021-1) single-tranche three-year catastrophe bonds will cover certain losses from U.S., Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes. Pricing guidance has dropped from the initial 5.0% to 5.5% range to 4.5% to 5.0%.
#ART#CAT#ILS
·artemis.bm·
Titania Re cat bond pricing looks set to fall roughly 10% for Ariel Re
Generali targets EUR200m Lion III Re "green cat bond"
Generali targets EUR200m Lion III Re "green cat bond"
Assicurazioni Generali is back in the catastrophe bond market with its fourth issuance, a EUR 200 million Lion III Re DAC single-tranche four-year CAT bond with added “green” features. First, the Lion III Re cat bond will free up an equivalent amount of capital from Generali’s own balance-sheet to be used for projects as specified in the green insurance-linked securities (ILS) framework. Second, the collateral will be invested specifically into green bonds issued by the European Bank for Reconstruction and Development (EBRD). Finally, the third green cat bond feature is related to reporting on the projects Generali will allocate balance-sheet capital to and the EBRD’s green bond reporting.
#ART#CAT#ILS
·artemis.bm·
Generali targets EUR200m Lion III Re "green cat bond"
Tokio Marine seeks $200m Umigame Re Japan typhoon & flood cat bond
Tokio Marine seeks $200m Umigame Re Japan typhoon & flood cat bond
Tokio Marine & Nichido Fire Insurance is back in the catastrophe bond market with a $200 million Umigame Re Pte. Ltd. (Series 2021-1) three-tranche issue maturing at the end of March 2025 (almost four years). All three tranches ($100 million, $50 million and $50 million) will cover losses from Japanese typhoons or Japanese flood events, on an indemnity trigger and per-occurrence basis.
#ART#CAT#ILS
·artemis.bm·
Tokio Marine seeks $200m Umigame Re Japan typhoon & flood cat bond
RenRe targets $150m Mona Lisa Re 2021-1 catastrophe bond
RenRe targets $150m Mona Lisa Re 2021-1 catastrophe bond
RenaissanceRe is back in the catastrophe bond market with a new $150 million or more Mona Lisa Re Ltd. (Series 2021-1) single-tranche four-year transaction. It will cover losses from U.S., Puerto Rico, U.S. Virgin Islands and D.C. named storms and earthquakes, as well as Canada earthquakes.
#ART#CAT#ILS
·artemis.bm·
RenRe targets $150m Mona Lisa Re 2021-1 catastrophe bond
Frontline & First Protective seek $100m+ Astro Re named storm cat bond
Frontline & First Protective seek $100m+ Astro Re named storm cat bond
Frontline Insurance is seeking a $100 million or greater source of named storm reinsurance protection for itself and subsidiary First Protective from its Astro Re Pte. Ltd. (Series 2021-1) single-tranche four-year deal. It will cover named storm losses affecting the states of Florida, Alabama, Georgia, North Carolina and South Carolina, on an indemnity trigger and per-occurrence basis.
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Frontline & First Protective seek $100m+ Astro Re named storm cat bond
Liberty Mutual secures $300m of reinsurance from Mystic Re IV cat bond
Liberty Mutual secures $300m of reinsurance from Mystic Re IV cat bond
Liberty Mutual issued $300 million Mystic Re IV Ltd. (Series 2021-2) two-tranche catastrophe bonds maturing at end-2024, covering named storms and earthquakes affecting the US, Canada and the Caribbean on a per-occurrence and indemnity trigger basis. The original target issuance was $240 million. Liberty Mutual had sponsored a $300 million Mystic Re IV Ltd. (Series 2021-1) catastrophe bond last December.
#ART#ILS#CAT
·artemis.bm·
Liberty Mutual secures $300m of reinsurance from Mystic Re IV cat bond
Ariel Re secures $150m Titania Re cat bond at 14% drop in price
Ariel Re secures $150m Titania Re cat bond at 14% drop in price
Ariel Re Lloyd’s of London Syndicate 1910 issued $150 million of Titania Re Ltd. (Series 2021-1) single-tranche three-year catastrophe bonds, covering certain losses from U.S., Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes. They were priced at 4.5% versus the intial pricing guidance of 5.0% to 5.5%.
#ART#ILS#CAT
·artemis.bm·
Ariel Re secures $150m Titania Re cat bond at 14% drop in price
Shipping agency scheme completes £17m buy-in with L&G
Shipping agency scheme completes £17m buy-in with L&G
The John Good & Sons Limited Pension Scheme has agreed a £17m full scheme buy-in with Legal & General (L&G). The shipping agency defined benefit scheme, which has had its assets managed by L&G Investment Management since 2003, prepared for the transaction through data cleansing and derisking its assets into the manager’s Buyout Aware funds. These were specifically designed for schemes approaching buyout, with an investment strategy aligned with factors that affect buyout pricing.
#ART#Longevity#Pensions
·pensions-expert.com·
Shipping agency scheme completes £17m buy-in with L&G
Vermont Mutual aims to upsize first cat bond to $150m, at reduced pricing
Vermont Mutual aims to upsize first cat bond to $150m, at reduced pricing
Vermont Mutual Insurance Company is targeting an increase in size of its Baldwin Re Ltd. (Series 2021-1) four-year single-tranche cat bond issue from $100 million to $150 million. It will cover losses from multi-peril events in certain north east US states. The notes are being offered to cat bond investors with price guidance in a range from 2.25% to 2.75% versus the original target of 2.75% to 3.25%.
#ART#CAT#ILS
·artemis.bm·
Vermont Mutual aims to upsize first cat bond to $150m, at reduced pricing
Blackstone captive seeks $50m parametric quake cat bond Wrigley Re
Blackstone captive seeks $50m parametric quake cat bond Wrigley Re
Gryphon Mutual Insurance Company, a real estate captive insurer which we understand to be owned by investment giant Blackstone, is entering the catastrophe bond market with the help of global reinsurance firm Hannover Re, with the company seeking $50 million of parametric California earthquake protection from a Wrigley Re Ltd. (Series 2021-1) transaction.
#ART#ILS#CAT
·artemis.bm·
Blackstone captive seeks $50m parametric quake cat bond Wrigley Re
Wrigley Re cat bond price guidance falls for Blackstone's captive
Wrigley Re cat bond price guidance falls for Blackstone's captive
Blackstone-owned Gryphon Mutual is seeking $50 million of parametric California earthquake protection from a Wrigley Re Ltd. (Series 2021-1) single-tranche three-year transaction. It will cover losses from California earthquakes on a parametric trigger and per-occurrence basis. Since June 7, when it was first revealed, price guidance has tightened from a 2.75% to 3.25% range to 2.25% to 2.75%.
#ART#ILS#CAT
·artemis.bm·
Wrigley Re cat bond price guidance falls for Blackstone's captive
Generali targets lower price for first green cat bond, Lion III Re
Generali targets lower price for first green cat bond, Lion III Re
Assicurazioni Generali is back in the catastrophe bond market with its fourth issuance, a EUR 200 million Lion III Re DAC single-tranche four-year CAT bond with added “green” features. First, the Lion III Re cat bond will free up an equivalent amount of capital from Generali’s own balance-sheet to be used for projects as specified in its green insurance-linked securities (ILS) framework. Second, the collateral will be invested specifically into green bonds issued by the European Bank for Reconstruction and Development (EBRD). Finally, the third green cat bond feature is related to reporting on the projects Generali will allocate balance-sheet capital to and the EBRD’s green bond reporting. The initial spread guidance ranged from 4% to 4.5%, but it has since tightened to 3.5% to 4%.
#ART#ILS#CAT
·artemis.bm·
Generali targets lower price for first green cat bond, Lion III Re
Tokio Marine targets lower pricing for $200m Umigame Re cat bond
Tokio Marine targets lower pricing for $200m Umigame Re cat bond
Tokio Marine & Nichido Fire Insurance is back in the catastrophe bond market with a $200 million Umigame Re Pte. Ltd. (Series 2021-1) three-tranche issue maturing at the end of March 2025 (almost four years). All three tranches ($100 million, $50 million and $50 million) will cover losses from Japanese typhoons or Japanese flood events, on an indemnity trigger and per-occurrence basis. The initial price guidance last week ranged from 2.5% to 2.75%, but it has since tightened to 2.25% to 2.5%.
#ART#ILS#CAT
·artemis.bm·
Tokio Marine targets lower pricing for $200m Umigame Re cat bond
Vermont Mutual's $150m Baldwin Re cat bond set for 25% price drop
Vermont Mutual's $150m Baldwin Re cat bond set for 25% price drop
Vermont Mutual Insurance Company has issued $150 million Baldwin Re Ltd. (Series 2021-1) four-year single-tranche cat bond issue at the lower end of the already reduced price guidance. The notes will cover losses from multi-peril events in certain north east US states. The initial price guidance several weeks ago ranged from 2.75% to 3.25%, but last week it tightened to 2.25% to 2.75% and the issue size was increased from $100 million to $150 million.
#ART#ILS#CAT
·artemis.bm·
Vermont Mutual's $150m Baldwin Re cat bond set for 25% price drop
QinetiQ scheme completes buy-in with L&G
QinetiQ scheme completes buy-in with L&G
The £2bn QinetiQ Pension Scheme completed a £130m buy-in with Legal & General, and established an umbrella contract that enables future transactions with L&G to be completed quickly and easily on the same pre-agreed terms when favourable pricing opportunities arise. The scheme previously secured a £690m buy-in with Scottish Widows in April 2019, which covered all pensioners at the time.
#ART#Longevity#Pensions
·pensions-expert.com·
QinetiQ scheme completes buy-in with L&G
Blackstone's parametric Wrigley Re cat bond prices 20% below initial mid-point
Blackstone's parametric Wrigley Re cat bond prices 20% below initial mid-point
Blackstone-owned Gryphon Mutual issued $50 million of parametric California earthquake protection from a Wrigley Re Ltd. (Series 2021-1) single-tranche three-year transaction. It will cover losses from California earthquakes on a parametric trigger and per-occurrence basis. On June 7, when the deal was first revealed, the price guidance was 2.75% to 3.25%. And then earlier this week it tightened to 2.25% to 2.75% and was ultimately fixed at 2.4%.
#ART#ILS#CAT
·artemis.bm·
Blackstone's parametric Wrigley Re cat bond prices 20% below initial mid-point
Arch targets first retro cat bond with $100m Claveau Re
Arch targets first retro cat bond with $100m Claveau Re
Bermuda-based Arch Capital is looking to issue at least $100 million Claveau Re Ltd. (Series 2021-1) single-tranche four-year catastrophe bonds. It will cover against losses on an industry loss trigger and annual aggregate basis across a wide range of perils, including US named storms, earthquakes, severe thunderstorms, wildfires and winter storms; US Caribbean quakes; Japanese typhoons and earthquakes; Canadian named storms, severe thunderstorms and winter storms; European windstorms; Italian earthquakes; Turkish earthquakes; Australian earthquakes and tropical cyclones; and New Zealand earthquakes.
#ART#ILS#CAT
·artemis.bm·
Arch targets first retro cat bond with $100m Claveau Re