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USAA gets $300m target, lower pricing for new Res Re 2021-2 cat bond
USAA gets $300m target, lower pricing for new Res Re 2021-2 cat bond
USAA has successfully secured the upsized target of $300 million (versus the originally targeted $225 million) of collateralized multi-peril property per-occurrence indemnity-trigger catastrophe reinsurance with its new four-year two-tranche Residential Reinsurance 2021 Limited (Series 2021-2) transaction, which also priced at the reduced coupon levels. 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 gets $300m target, lower pricing for new Res Re 2021-2 cat bond
Charity scheme to leave PPF assessment in £30m buy-in
Charity scheme to leave PPF assessment in £30m buy-in
"The John Townsend Trust Pension and Assurance Scheme has agreed a £30 million full scheme buy-in with Legal & General, moving out of the assessment period at the Pension Protection Fund (PPF). The transaction covers the benefits of more than 280 pension scheme members and is a first step towards a buyout, which is expected by the end of 2022. The scheme entered PPF assessment in December 2015, following the insolvency of its sponsor John Townsend Trust, which operated the Royal School for Deaf Children in Margate."
#ART#Longevity#Pensions
·pensions-expert.com·
Charity scheme to leave PPF assessment in £30m buy-in
Cat bonds - a bridge between private capital & humanitarian needs: Howden
Cat bonds - a bridge between private capital & humanitarian needs: Howden
"Catastrophe bonds and other insurance or reinsurance related solutions can be a bridge between the private capital markets and humanitarian project funding needs, according to David Howden, CEO of Howden Group... 'We can’t keep relying on government and charities to find more money – there is far more private capital available than public – and there is huge appetite from this capital to invest in ESG, but it needs a market. So I’m here today to ask for your help in creating that market.'"
#ART#CAT#ILS
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Cat bonds - a bridge between private capital & humanitarian needs: Howden
Allstate targets $350m Sanders Re II named peril cat bond
Allstate targets $350m Sanders Re II named peril cat bond
Allstate is looking to issue a $350 million Sanders Re II Ltd. (Series 2021-2) two-tranche catastrophe bond to provide both multi-peril per-occurrence and aggregate reinsurance protection on an indemnity trigger basis across a range of US named perils across a three year and four month term. The first four months will cover only covering the insurer on a per-occurrence basis and the remaining three years will provide both per-occurrence and aggregate reinsurance protection.
#ART#CAT#ILS#UnitedStates
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Allstate targets $350m Sanders Re II named peril cat bond
Covéa sponsors €200m Hexagon III Re cat bond in Singapore
Covéa sponsors €200m Hexagon III Re cat bond in Singapore
French mutual insurance society Covéa is looking to issue €200 million Hexagon III Re Pte. Ltd. (Series 2021-1) two-tranche four-year catastrophe bonds out of Singapore. One tranche is focused solely on windstorm coverage in France, Monaco and Andorra and the other includes hail and other natural peril events, such as snowfall, earthquake, frost, ice, flooding, volcanic risks, mudslides and avalanches. Both will provide Covea with indemnity reinsurance protection on a per-occurrence basis.
#ART#CAT#ILS
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Covéa sponsors €200m Hexagon III Re cat bond in Singapore
£100m+ London Bridge Risk deal simplifies Ontario Teachers' access to Lloyd's
£100m+ London Bridge Risk deal simplifies Ontario Teachers' access to Lloyd's
The London Bridge Risk Protected Cell Company insurance-linked securities structure that enables quota share access to the Lloyd’s insurance and reinsurance market for third-party investors helps to “simplify” investment structures for the first backer of a deal, Ontario Teachers’ Pension Plan. Coverage begins in 2021 and is expected to be expanded in 2022, with initial capital in excess of £100 million expected to be deployed and which is expected to grow over time.
#ART#CAT#ILS
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£100m+ London Bridge Risk deal simplifies Ontario Teachers' access to Lloyd's
Alphabet (Google) targets $250m+ third quake catastrophe bond
Alphabet (Google) targets $250m+ third quake catastrophe bond
Google’s parent Alphabet is seeking to to issue $250 million or more Phoenician Re Ltd. (Series 2021-1) catastrophe (CAT) three-year single-tranche bonds. This is going to be the third issuance of a series of catastrophe bond notes with Alphabet has sponsored to provide California earthquake insurance protection, this time on a per-occurrence basis and using an indemnity trigger.
#ART#ILS#CAT
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Alphabet (Google) targets $250m+ third quake catastrophe bond
Farmers targets first catastrophe bond, with $100m+ Topanga Re
Farmers targets first catastrophe bond, with $100m+ Topanga Re
US insurer Farmers Insurance Group, a subsidiary of Zurich Insurance Group, is seeking to issue at least $100 million Topanga Re Ltd. (Series 2021-1) four-year two-tranche CAT bonds, in its first entry into this market. It will cover certain losses from named storms, earthquakes, severe weather and wildfires affecting the United States, on a per-occurrence and indemnity trigger basis.
#ART#ILS#CAT
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Farmers targets first catastrophe bond, with $100m+ Topanga Re
Reuters scheme agrees to full buy-in
Reuters scheme agrees to full buy-in
The Reuters Supplementary Pension Scheme agreed to a £310 million full buy-in with Legal & General Assurance Society. The deal involved the assessment and insurance of a complex multi-currency benefit structure.
#ART#Longevity#Pensions
·pensions-expert.com·
Reuters scheme agrees to full buy-in
Minnesota Life returns for second La Vie Re mortality catastrophe bond
Minnesota Life returns for second La Vie Re mortality catastrophe bond
Securian Financial Group, the life insurance subsidiary of Minnesota Life Insurance Company is looking to issue $100 million or more of La Vie Re Limited (Series 2021-1) three-year mortality bonds. It will provide extreme mortality protection on an indemnity basis, with the notes triggering based on the Minnesota Life's annual loss ratio and for the covered business.
#ART#Mortality#CAT
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Minnesota Life returns for second La Vie Re mortality catastrophe bond
Covéa's Hexagon III Re cat bond target lowered, as pricing diverges
Covéa's Hexagon III Re cat bond target lowered, as pricing diverges
French mutual insurance society Covéa is has had to reduce its target for its Hexagon III Re Pte. Ltd. (Series 2021-1) two-tranche four-year catastrophe bonds out of Singapore, from €200 million to between €150 million and €190 million. The Class B tranche is focused solely on windstorm coverage in France, Monaco and Andorra, and the Class A tranche includes hail and other natural peril events, such as snowfall, earthquake, frost, ice, flooding, volcanic risks, mudslides and avalanches. Both will provide Covea with indemnity reinsurance protection on a per-occurrence basis.
#ART#CAT#ILS
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Covéa's Hexagon III Re cat bond target lowered, as pricing diverges
Ariel Re sponsors its second cat bond, a $150m Titania Re 2021-2
Ariel Re sponsors its second cat bond, a $150m Titania Re 2021-2
Global reinsurance firm Ariel Re is looking to issue $150 million of Titania Re Ltd. (Series 2021-2) three-year single-tranche catastrophe bonds. They will cover certain losses from U.S. 50 state, Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes.
#ART#CAT#ILS
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Ariel Re sponsors its second cat bond, a $150m Titania Re 2021-2
Allstate's target for latest Sanders Re II cat bond lifted to $400m
Allstate's target for latest Sanders Re II cat bond lifted to $400m
Allstate has increased the target issuance size from $350 million to $400 million for its Sanders Re II Ltd. (Series 2021-2) two-tranche catastrophe bond. It will provide both multi-peril per-occurrence and aggregate reinsurance protection on an indemnity trigger basis across a range of US named perils across a three year and four month term. The first four months will cover only covering the insurer on a per-occurrence basis and the remaining three years will provide both per-occurrence and aggregate reinsurance protection.
#ART#ILS#CAT#UnitedStates
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Allstate's target for latest Sanders Re II cat bond lifted to $400m
Covéa secures Hexagon III Re cat bond at downsized €153 million
Covéa secures Hexagon III Re cat bond at downsized €153 million
French mutual insurance society Covéa issued €153 million Hexagon III Re Pte. Ltd. (Series 2021-1) two-tranche four-year catastrophe bonds out of Singapore The original target had been €200 million. The Class B tranche is focused solely on windstorm coverage in France, Monaco and Andorra, and the Class A tranche includes hail and other natural peril events, such as snowfall, earthquake, frost, ice, flooding, volcanic risks, mudslides and avalanches. Both will provide Covea with indemnity reinsurance protection on a per-occurrence basis.
#ART#CAT#ILS
·artemis.bm·
Covéa secures Hexagon III Re cat bond at downsized €153 million
UK derisking activity ramps up in Q3
UK derisking activity ramps up in Q3
UK pension scheme derisking activity picked up in the third quarter of 2021, with 17 buy-in and buyout transactions being signed, worth £4.9 billion, which is more than double the volume of $2.7 billion in the second quarter. The third quarter transactions included three large buy-ins that were worth almost £1 billion each, including the £925 million Legal & General Group UK Pension and Assurance Fund assured payment policy transaction with Legal & General Assurance Society.
#ART#Longevity#Pensions
·pensions-expert.com·
UK derisking activity ramps up in Q3
American Family targets $100m+ Four Lakes Re 2021-1 cat bond
American Family targets $100m+ Four Lakes Re 2021-1 cat bond
American Family Mutual Insurance Company is looking to issue at least $100 million of Four Lakes Re Ltd. (Series 2021-1) three-year single-tranche multi-peril CAT bonds. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms, wildfires, volcanic eruptions and meteorite impacts across the United States, on an indemnity and per-occurrence trigger basis.
#ART#CAT#ILS
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American Family targets $100m+ Four Lakes Re 2021-1 cat bond
Prologis targets cat bonds for earthquake insurance with Logistics Re
Prologis targets cat bonds for earthquake insurance with Logistics Re
Warehousing and supply-chain focused real estate owner and investor Prologis is looking to issue at least $95 million Logistics Re Ltd. (Series 2021-1) three-year single-tranche CAT bonds. They will provide Prologis with US earthquake insurance protection, covering the 50 states (with California the peak exposure) on an indemnity and per-occurrence basis.
#ART#CAT#ILS
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Prologis targets cat bonds for earthquake insurance with Logistics Re
Alphabet (Google) aims to upsize third catastrophe bond to $285m
Alphabet (Google) aims to upsize third catastrophe bond to $285m
Google’s parent Alphabet is looking to upsize its Phoenician Re Ltd. (Series 2021-1) three-year single-tranche CAT bonds from $250 million to $285 million. This will be the third issuance of a series of CAT bond notes with Alphabet has sponsored to provide California earthquake insurance protection, this time on a per-occurrence basis and using an indemnity trigger.
#ART#CAT#ILS
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Alphabet (Google) aims to upsize third catastrophe bond to $285m
American Strategic targets aggregate cover with new Bonanza Re cat bond
American Strategic targets aggregate cover with new Bonanza Re cat bond
ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, is looking to issue at least $100 million Bonanza Re Ltd. (Series 2021-1) one-year two-tranche zero-coupon discount CAT bonds. Both tranches of notes will cover losses from U.S. named storms, severe thunderstorms, winter storms, wildfires and earthquakes, on an indemnity trigger basis.
#ART#CAT#ILS
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American Strategic targets aggregate cover with new Bonanza Re cat bond
Catastrophe bonds break annual record at $11.1bn already in 2021
Catastrophe bonds break annual record at $11.1bn already in 2021
Catastrophe bond issuance in 2021 has continued to accelerate and with the completion of the latest transaction, the total amount of risk capital issued in pure, Rule 144a syndicated property cat bond transactions has reached $11.1 billion, now surpassing the previous annual record set last year.
#ART#CAT#ILS
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Catastrophe bonds break annual record at $11.1bn already in 2021
Google's new catastrophe bond to settle at $275m
Google's new catastrophe bond to settle at $275m
Google’s parent Alphabet ended up issuing $275 million Phoenician Re Ltd. (Series 2021-1) three-year single-tranche CAT bonds, versus the originally targeted from $250 million. This will be the third issuance of a series of CAT bond notes issued by Alphabet to provide California earthquake insurance protection, this time on a per-occurrence basis and using an indemnity trigger.
#ART#CAT#ILS
·artemis.bm·
Google's new catastrophe bond to settle at $275m
Swiss Re seeking first Matterhorn Re catastrophe bond of 2021
Swiss Re seeking first Matterhorn Re catastrophe bond of 2021
Swiss Re is looking to issue $150 million or more Matterhorn Re Ltd. (Series 2021-1) four-year single-tranche CAT bonds. They will cover certain U.S. named storm and U.S. and Canadian earthquake losses, triggered on a per-occurrence basis, using weighted industry loss index triggers from Property Claim Services (PCS).
#ART#CAT#ILS
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Swiss Re seeking first Matterhorn Re catastrophe bond of 2021
Hannover Re seeks $100m peak peril aggregate 3264 Re retro cat bond
Hannover Re seeks $100m peak peril aggregate 3264 Re retro cat bond
Hannover Re is looking to issue $100 million or greater of 3264 Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds. The bonds will cover losses from U.S. named storms, thunderstorms, wildfires and winter storms, as well as U.S. & Canada earthquakes, European windstorms, Caribbean earthquakes, Japan typhoons and earthquakes, Italy earthquakes, Turkey earthquakes, Australian cyclones and earthquakes, and New Zealand earthquakes, on an industry loss trigger basis.
#ART#ILS#CAT
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Hannover Re seeks $100m peak peril aggregate 3264 Re retro cat bond
COVID-19 concerns see La Vie Re mortality cat bond issuance pulled
COVID-19 concerns see La Vie Re mortality cat bond issuance pulled
Securian Financial Group, the life insurance subsidiary of Minnesota Life Insurance Company has been looking to issue $100 million or more of La Vie Re Limited (Series 2021-1) three-year mortality bonds. However, it has now apparently been cancelled after investor feedback related to investor concerns over the inclusion of coverage for increased mortality due to the COVID-19 pandemic. It was to have provided extreme mortality protection on an indemnity basis, with the notes triggering based on the Minnesota Life's annual loss ratio and for the covered business.
#ART#Mortality#ILS#CAT
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COVID-19 concerns see La Vie Re mortality cat bond issuance pulled
Farmers lifts Topanga Re cat bond target to $150m - 160m
Farmers lifts Topanga Re cat bond target to $150m - 160m
US insurer Farmers Insurance Group, a subsidiary of Zurich Insurance Group, is increasing the issuance target of its Topanga Re Ltd. (Series 2021-1) four-year two-tranche CAT bonds from $100 million to $150-160 million. It will cover certain losses from named storms, earthquakes, severe weather and wildfires affecting the United States, on a per-occurrence and indemnity trigger basis.
#ART#ILS#CAT
·artemis.bm·
Farmers lifts Topanga Re cat bond target to $150m - 160m
Longevity swaps expected in 2022, but capacity may be more limited: Mercer
Longevity swaps expected in 2022, but capacity may be more limited: Mercer
There have been £12 billion worth of longevity swaps in the UK pension risk transfer market in 2021, with total risk transfer including bulk annuity buy-in and out deals expected to reach £40 billion. Mercer reportedly expects that 2022 will eclipse this figure, forecasting some £60 billion of UK pension risk transfer for next year. However, insurance and reinsurance capacity to support these large pension de-risking deals may not be as abundant, given the expected higher levels of market activity.
#ART#Longevity#Pensions#UnitedKingdom
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Longevity swaps expected in 2022, but capacity may be more limited: Mercer
Ariel Re looks to upsize its Titania Re 2021-2 cat bond to $175m
Ariel Re looks to upsize its Titania Re 2021-2 cat bond to $175m
Global reinsurance firm Ariel Re is upsizing its issuance target for its Titania Re Ltd. (Series 2021-2) three-year single-tranche catastrophe bonds from $150 million to $175 million. The bonds will cover certain losses from U.S. 50 state, Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes.
#ART#ILS#CAT
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Ariel Re looks to upsize its Titania Re 2021-2 cat bond to $175m
NN Group targets first catastrophe bond with Orange Capital Re
NN Group targets first catastrophe bond with Orange Capital Re
Nationale-Nederlanden (NN) Group is seeking to issue EUR 75 million or more Orange Capital Re DAC (Series 2021-1) single-tranche three-year CAT bonds. The bonds will cover losses from windstorms and severe thunderstorms in the Netherlands and Belgium on an indemnity trigger and per-occurrence basis.
#ART#ILS#CAT
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NN Group targets first catastrophe bond with Orange Capital Re