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Cat bond market can grow to $50bn, pandemic risk & ESG are drivers: Swiss Re
Cat bond market can grow to $50bn, pandemic risk & ESG are drivers: Swiss Re
"After a particularly busy first-half of 2021 for catastrophe bond issuance, global reinsurance firm Swiss Re’s Capital Markets unit believes that a $50 billion market is possible by 2025 and that two drivers of further insurance-linked securities (ILS) market growth could be pandemic risk and ESG."
#ART#ILS#CAT
·artemis.bm·
Cat bond market can grow to $50bn, pandemic risk & ESG are drivers: Swiss Re
State of the 144A P&C Catastrophe Bond Market: 2008-2021YTD
State of the 144A P&C Catastrophe Bond Market: 2008-2021YTD
In the first half of 2021, there was a total of $7.9 billion in new CAT bond new issuance – a 25% increase over the same period in 2020. The total outstanding risk capital increased by $2 billion (accounting for maturities) over 2020 levels.
#ART#CAT#ILS
·gccapitalideas.com·
State of the 144A P&C Catastrophe Bond Market: 2008-2021YTD
Asia's cat bond & insurance-linked securities market to expand: Fitch
Asia's cat bond & insurance-linked securities market to expand: Fitch
Fitch Ratings expects accelerating CAT bond issuance from Asia’s insurance-linked securities (ILS) domiciles, more CAT bond and insurance-linked securities sponsors to emerge from the region and a gradual increase in use of alternative reinsurance capital in Asia Pacific. “The ILS market will benefit from the prolonged low interest-rate environment, which has prompted reinsurers to adopt alternative capital as a funding source in the past few years,” Fitch explained.
#ART#CAT#ILS
·artemis.bm·
Asia's cat bond & insurance-linked securities market to expand: Fitch
Longevity Derivatives and Financial Instruments Analytical Report
Longevity Derivatives and Financial Instruments Analytical Report
InvestTech Advanced Solutions published a report providing a bird’s eye view, explanation, and analysis of longevity derivatives, including a comparison with other financial instruments. The Report identifies several major trends and insights regarding the landscape of the different types of longevity-derived financial instruments and many other important factors based on a detailed examination of the main users, overall industry dynamics, and market size.
#ART#Longevity
·einnews.com·
Longevity Derivatives and Financial Instruments Analytical Report
Children’s car seat manufacturer completes £30m triple buy-in
Children’s car seat manufacturer completes £30m triple buy-in
"Britax Childcare Group has completed a triple buy-in for its three defined benefit schemes worth £30 million with Just Group. The deal covers around 300 members, or 70 per cent of the children’s car seat and stroller manufacturer’s liabilities, across its three DB schemes – the Britax Childcare Limited Pension Fund, the Jessups Group of Companies Pension and Life Assurance Plan (1973) and the Lloyds Garage Pension Scheme."
#ART#Longevity#Pensions
·pensions-expert.com·
Children’s car seat manufacturer completes £30m triple buy-in
Fujitsu pension scheme completes £7.7m buy-in with Aviva
Fujitsu pension scheme completes £7.7m buy-in with Aviva
"The Fujitsu General (UK) Co Limited Pension and Life Assurance Plan has completed a £7.7 million full buy-in with Aviva. The transaction secures the liabilities of all deferred members, and was carried out in the context of a new covenant and security package put in place for the scheme by its sponsor. The scheme, established in 1979, is in the process of winding up. In May that the ICL Group Pension Plan, a defined benefit scheme also sponsored by Fujitsu, entered a £3.7 billion longevity hedge with Swiss Re."
#ART#Longevity#Pensions
·pensions-expert.com·
Fujitsu pension scheme completes £7.7m buy-in with Aviva
Zenkyoren targets $500m Nakama Re cat bond out of Singapore
Zenkyoren targets $500m Nakama Re cat bond out of Singapore
Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, is back in the insurance-linked securities (ILS) market, targeting a $500 million Nakama Re Pte. Ltd. (Series 2021-1) two-tranche catastrophe bond issuance. The indemnity-triggered coverage is set to run across almost five years to October 2026, with three annual aggregate risk periods, each three-years in length, that overlap across the term. The notes to be issued by Nakama Re Pte. Ltd. will be exposed to losses from Japanese earthquakes, including losses from shake and related perils including tsunami’s, fire, flooding and sprinkler leakage.
#ART#CAT#ILS
·artemis.bm·
Zenkyoren targets $500m Nakama Re cat bond out of Singapore
R&Q launches $300m Gibson Re sidecar with investor support
R&Q launches $300m Gibson Re sidecar with investor support
Randall & Quilter (R&Q) Investment Holdings, the specialist non-life insurance and reinsurance legacy investor and program manager, has announced the formation and launch of a $300 million legacy insurance focused collateralised reinsurance sidecar named Gibson Re. The idea is to bring onboard third-party capital to assist in undertaking larger legacy and run-off insurance or reinsurance transactions, leaning on institutional investor appetite for property and casualty insurance-linked returns to enable R&Q to increase its presence in what has become a highly-competitive market segment in recent years.
#ART#CAT#ILS
·artemis.bm·
R&Q launches $300m Gibson Re sidecar with investor support
SCOR launched $100m single-investor worldwide CAT XL sidecar
SCOR launched $100m single-investor worldwide CAT XL sidecar
"It has just come to light that SCOR launched a new $100 million single-investor collateralized reinsurance sidecar in April 2021. This new reinsurance sidecar is structured to provide coverage on a collateralized quota share basis, with the subject business SCOR’s worldwide catastrophe excess-of-loss reinsurance book (worldwide CAT XL)."
#ART#ILS#CAT
·artemis.bm·
SCOR launched $100m single-investor worldwide CAT XL sidecar
Longevity swaps outpace bulk annuities in H1 2021: Aon
Longevity swaps outpace bulk annuities in H1 2021: Aon
The UK market for longevity swaps has outpaced the use of bulk annuities, when it comes to pension risk transfer deals, through the first-half of 2021 and the second-half could also be busy as there is spare capacity in the market to be used, according to Aon. In the first-half of 2021, three large longevity swap transactions totalled almost £13 billion, versus £7.7 billion of bulk annuity deals. Longevity swaps are popular with pension schemes due to their increased flexibility, such as the ease with which they can be converted in future to a full bulk annuities. Also many longevity swaps are now transacted using a segregated cell or special purpose vehicle as an intermediary insurer, allowing pension schemes to more directly transact with sources of reinsurance capital.
#ART#Longevity#Pensions
·artemis.bm·
Longevity swaps outpace bulk annuities in H1 2021: Aon
John Laing agrees £320m deal with Aviva, Artemis finalises full buy-in
John Laing agrees £320m deal with Aviva, Artemis finalises full buy-in
The John Laing Pension Fund has completed a £320 million bulk annuity transaction with Aviva Group, which follows a £211 million buy-in completed in December 2008 that was also with Aviva. The insurer will take in the defined benefit pension liabilities for 1,850 current pensioners, becoming responsible for the investment and longevity risk of these members from the fund. The Artemis (closed) Pension Plan agreed a £19 million full buy-in with Just Group in August 2021. A key factor for the deal’s success was the scheme’s governance – since the plan had a sole trustee who worked closely with the sponsor throughout the transaction – and the scheme’s data and benefit documentation, which were “transaction ready”.
#ART#Longevity#Pensions
·pensions-expert.com·
John Laing agrees £320m deal with Aviva, Artemis finalises full buy-in
The last great risk facing defined benefit pension schemes
The last great risk facing defined benefit pension schemes
With most risks hedged and greatly reduced, longevity risk is now one of the largest remaining risks for many pension schemes. Traditionally, most pension schemes have ignored longevity risk, or sought to manage it through insurance buy-ins or buy-outs. A longevity swap can remove the same amount of longevity risk as buy-ins and buy-outs, but it has the advantage of leaving all of a scheme’s assets available for investment to deal with unexpected shocks that affect the economics of the scheme. However, implementing a longevity swap in practice remains relatively complex and time-consuming. With further standardisation transactions could become less complex, through improved structuring and streamlined legal documentation – which could in turn lead to lower overall legal and advisory costs. And appetite from reinsurers will grow as implementation timelines shorten and demand from pension schemes increases.
#ART#Longevity#Pensions
·pensions-expert.com·
The last great risk facing defined benefit pension schemes
Selecta UK scheme agrees £250m full buy-in with Legal & General
Selecta UK scheme agrees £250m full buy-in with Legal & General
The Selecta UK Pension Plan has completed a £250m million full buy-in with Legal & General Assurance. The buy-in secures the benefit payments of approximately 1,000 pensioners and 1,000 deferred members of the coffee and vending machine operator’s pension fund. The scheme has an existing relationship with L&G as Legal & General Investment Management has been a manager for the scheme since 1992.
#ART#Longevity#Pensions
·pensions-expert.com·
Selecta UK scheme agrees £250m full buy-in with Legal & General
Zenkyoren secures its largest cat bond ever, with $775m Nakama Re 2021-1
Zenkyoren secures its largest cat bond ever, with $775m Nakama Re 2021-1
Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives successfully secured its largest slice of catastrophe bond protection ever, as its new two-tranche Nakama Re Pte. Ltd. (Series 2021-1) issuance achieved the top-end target of $775 million. They had originally been targeting $500 million. The indemnity-triggered coverage is set to run across almost five years to October 2026, with three annual aggregate risk periods, each three-years in length, that overlap across the term. The notes to be issued by Nakama Re Pte. Ltd. will be exposed to losses from Japanese earthquakes, including losses from shake and related perils including tsunami’s, fire, flooding and sprinkler leakage.
#ART#ILS#CAT
·artemis.bm·
Zenkyoren secures its largest cat bond ever, with $775m Nakama Re 2021-1
Pricing hiked for LADWP's new Power Protective Re wildfire cat bond
Pricing hiked for LADWP's new Power Protective Re wildfire cat bond
Power Protective Re is planning to issue a single tranche of Series 2021-1 Class A notes covering wildfire losses across the state of California for the Los Angeles Department of Water and Power (LADWP), on an indemnity and per-occurrence basis, across a three-year term. A covered event can be a wildfire related loss to the LADWP’s infrastructure and equipment and also losses to the LADWP where the utility is deemed liable for a wildfire.
#ART#ILS#CAT
·artemis.bm·
Pricing hiked for LADWP's new Power Protective Re wildfire cat bond
Pension risk transfer activity expected to increase in H2 2021
Pension risk transfer activity expected to increase in H2 2021
"UK pension funds signed a total of 23 buyout, buy-in and longevity swap deals during the first six months of 2021, compared with 25 pension risk transfers tracked during the same time period last year. Inflows into bulk annuity deals dropped by more than 70 per cent, from £18.9bn in the first half of 2020 to £5.6bn during the first six months of this year. The significant drop in inflows can be explained by smaller pension risk transfer deals that have been completed this year. The data reveal an average deal size this year of around £260m, compared with £900m in 2020. Last year’s high inflows were driven by large individual transactions, such as the £10bn longevity swap secured by the £17.9bn Lloyds Bank Pension Scheme No. 1, the circa £8bn Lloyds Bank Pension No. 2 and the £13.7bn HBOS Final Salary Pension Scheme."
#ART#Longevity#Pensions
·pensions-expert.com·
Pension risk transfer activity expected to increase in H2 2021
LADWP gets $30m of wildfire cover from new Power Protective Re cat bond
LADWP gets $30m of wildfire cover from new Power Protective Re cat bond
Los Angeles Department of Water and Power (LADWP) secured $30 million of wildfire insurance cover with its Power Protective Re Ltd. (Series 2021-1) single-tranche deal. The notes cover LADWP's wildfire losses across the state of California on an indemnity and per-occurrence basis, across a three-year term. A covered event can be a wildfire related loss to the LADWP’s infrastructure and equipment and also losses to the LADWP where the utility is deemed liable for a wildfire.
#ART#ILS#CAT
·artemis.bm·
LADWP gets $30m of wildfire cover from new Power Protective Re cat bond
First Hong Kong cat bond, Greater Bay Re gets China Re $30m of typhoon cover
First Hong Kong cat bond, Greater Bay Re gets China Re $30m of typhoon cover
China Re secured $30 million of retro reinsurance protection with its Greater Bay Re Ltd. (Series 2021-1) zero-coupon one-year cat bond, the first catastrophe bond to be issued out of Hong Kong. The notes will cover certain losses from Chinese typhoons, on an indemnity trigger basis. Coverage is understood to include the Greater Bay region and other areas of high exposure to typhoons.
#ART#ILS#CAT
·artemis.bm·
First Hong Kong cat bond, Greater Bay Re gets China Re $30m of typhoon cover
Catastrophe bond issuance still on record pace after Q3: Report
Catastrophe bond issuance still on record pace after Q3: Report
"Catastrophe bond and related insurance-linked securities (ILS) issuance continued at record pace through the third-quarter of 2021, with over $2.6 billion of new risk capital issued and the market now well on-track to beat all its records in 2021, according to the latest report and data from Artemis."
#ART#ILS#CAT
·artemis.bm·
Catastrophe bond issuance still on record pace after Q3: Report
Cat bond market sets new record as 12-month issuance soars
Cat bond market sets new record as 12-month issuance soars
The catastrophe bond and related insurance-linked securities (ILS) market has set another new record, as the amount of issuance across the twelve-month period to end of September 2021 reached a new all-time-high. For the twelve-months to September 30th 2021, the Artemis Deal Directory has recorded more deal-flow that in any other 12-month period since it first began tracking this marketplace.
#ART#CAT#ILS
·artemis.bm·
Cat bond market sets new record as 12-month issuance soars
$400m renewal of Acorn Re parametric US quake cat bond targeted
$400m renewal of Acorn Re parametric US quake cat bond targeted
Hannover Re is seeking to issue at least $400 million single-tranche Acorn Re Ltd. (Series 2021-1) parametric catastrophe bonds that provides earthquake related workers compensation protection. Hannover, acting as the ceding reinsurer, is sitting in front of Oak Tree Assurance Ltd., a Vermont domiciled workers compensation captive owned by the Kaiser Permanente group of health plan companies. The Acorn Re 2021-1 cat bond will also provide some additional protection to other Hannover Re reinsureds, which have exposure within the parametric earthquake box. The covered area is focused on the U.S., Canadian and Mexican west coast.
#ART#ILS#CAT
·artemis.bm·
$400m renewal of Acorn Re parametric US quake cat bond targeted
USAA targets $225m+ ResRe 2021-2 per-occurrence catastrophe bond
USAA targets $225m+ ResRe 2021-2 per-occurrence catastrophe bond
USAA is back in the catastrophe bond market for its regular November issuance of a per-occurrence indemnity-trigger catastrophe bond, targeting at least $225 million of multi-peril reinsurance protection from a two-tranche Residential Reinsurance 2021 Limited (Series 2021-2) transaction. It covers 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
·artemis.bm·
USAA targets $225m+ ResRe 2021-2 per-occurrence catastrophe bond
Isosceles Insurance ILS platform issues new $21.5m private cat bond
Isosceles Insurance ILS platform issues new $21.5m private cat bond
Isosceles Insurance, the private insurance-linked securities (ILS) and catastrophe bond issuance platform operated by Marsh McLennan and reinsurance broker Guy Carpenter issued $21.5 million of single-tranche Isosceles Insurance Ltd. (Series 2021-H) discounted zero coupon participating notes maturing August 5, 2022. No other details are currently available, as it is a private placement, but stay tuned to Artemis.bm for any details that do pop up.
#ART#ILS#CAT
·artemis.bm·
Isosceles Insurance ILS platform issues new $21.5m private cat bond
Eclipse Re in $45.2m issuance, takes private cat bonds to $740m in 2021
Eclipse Re in $45.2m issuance, takes private cat bonds to $740m in 2021
"Eclipse Re Ltd., the Horseshoe managed private syndicated collateralized reinsurance note, private catastrophe bond issuance and reinsurance transformer platform, has issued four new tranches of cat bond notes, totaling roughly $45.2 million, with the four tranches potentially part of the same reinsurance or retrocession program arrangements."
#ART#ILS#CAT
·artemis.bm·
Eclipse Re in $45.2m issuance, takes private cat bonds to $740m in 2021
Sempra to secure minimum $180m size for SD Re wildfire cat bond
Sempra to secure minimum $180m size for SD Re wildfire cat bond
Electrical utility Sempra Energy is looking to issue a minimum of $180 million of two-tranche indemnity-basis SD Re 2021-1 catastrophe bonds, to provide protection against certain financial losses it could suffer due to wildfires that have been caused by its own infrastructure or facilities in California.
#ART#ILS#CAT
·artemis.bm·
Sempra to secure minimum $180m size for SD Re wildfire cat bond
Healthcare diagnostics scheme completes £130m full buy-in
Healthcare diagnostics scheme completes £130m full buy-in
The PerkinElmer (UK) Pension Scheme has completed a £130 million full buy-in with Phoenix Group subsidiary Standard Life, covering all pensioner and deferred members of the UK healthcare diagnostics company's scheme. The buy-in provides insurance for the scheme’s defined benefit pensions, with potential to convert to a buyout in the future. This deal was Standard Life’s first full-buy in.
#ART#Longevity#Pensions
·pensions-expert.com·
Healthcare diagnostics scheme completes £130m full buy-in
Acorn Re parametric quake cat bond target raised to $475m
Acorn Re parametric quake cat bond target raised to $475m
Hannover Re is upsizing issue size of its single-tranche Acorn Re Ltd. (Series 2021-1) parametric catastrophe bonds from $400 million to $475 million. The bonds will provide earthquake related workers compensation protection. Hannover, acting as the ceding reinsurer, is sitting in front of Oak Tree Assurance Ltd., a Vermont domiciled workers compensation captive owned by the Kaiser Permanente group of health plan companies. The Acorn Re 2021-1 cat bond will also provide some additional protection to other Hannover Re reinsureds, which have exposure within the parametric earthquake box. The covered area is focused on the U.S., Canadian and Mexican west coast.
#ART#CAT#ILS
·artemis.bm·
Acorn Re parametric quake cat bond target raised to $475m
USAA lifts ResRe 2021-2 cat bond target to $300m as pricing drops
USAA lifts ResRe 2021-2 cat bond target to $300m as pricing drops
USAA is hoping to upsize its latest catastrophe bond, with the new Residential Reinsurance 2021 Limited (Series 2021-2) transaction now seeking up to $300 million (from the original $225 million) of four-year collateralized multi-peril property per-occurrence indemnity-trigger two-tranche catastrophe reinsurance for the insurer, while price guidance has been lowered. It covers 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
·artemis.bm·
USAA lifts ResRe 2021-2 cat bond target to $300m as pricing drops