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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.

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.

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.

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.

The £446.9m Wyeth Group Pension and Life Assurance Scheme completed a £190m annuity buy-in transaction with Aviva.

"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."

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%.

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.

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.

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%.

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.

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.

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.

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.

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.

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%.

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.

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%.

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.

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%.

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%.

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%.

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.

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.

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%.

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.

RenaissanceRe (RenRe) is targeting an increased issuance size for its its 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. RenRe has upsized the deal from the original $150 million to $250 million, and pricing guidance was tightened from a 7.5% to 8.25% range to 7% to 7.5%.

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. It priced at the lower end of the revised-downward price guidances.

Assicurazioni Generali closed its 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 a couple of weeks ago ranged from 4% to 4.5%, but last week was tightened to 3.5% to 4%, and it ultimately settled at 3.5%.

Swiss Re is looking to issue $75 million or more new Vita Capital VI Limited (Series 2021-1) single-tranche 3.5-year mortality catastrophe bonds. The covered areas are Australia, Canada, the UK and the United States. The last Vita Capital mortality cat bond, a $100 million deal that only covered excess mortality events in Australia, Canada and the UK, was issued in 2015 but has now matured.