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"The mismatch between supply and demand in the catastrophe bond market persists and could now become accentuated, as the market pipeline of new cat bond deals continues to expand."

Louisiana Citizens Property Insurance Corporation is looking to issue $100 million Catahoula II Re Pte. Ltd. (Series 2022-1) two-tranche three-year CAT bonds. It will cover named storms and severe thunderstorms affecting Louisiana on a per-occurrence and indemnity trigger basis.

Travelers is now looking to issue up to $600 million of Long Point Re IV Ltd. (Series 2022-1) single-tranche four-year CAT bonds (versus the original $300 million+ target). It will cover tropical cyclones, earthquakes, severe thunderstorms, and winter storm events across northeastern U.S. states, on an indemnity trigger and per-occurrence basis.

SCOR is looking to issue at least $150 million Atlas Capital Reinsurance 2022 DAC (Series 2022-1) single-tranche three-year CAT bonds. It will cover losses caused by US named storms (including Puerto Rico and the US Virgin Islands), US earthquakes (including Puerto Rico), Canada earthquakes and European windstorms, on an industry loss trigger annual aggregate basis.

Florida’s Citizens Property Insurance is now looking to issue up to $200 million of Everglades Re II Ltd. (Series 2022-1) single-tranche three-year CAT bonds (versus the original $100 million+ target). It will cover named storms or hurricanes impacting the state of Florida on an annual aggregate and indemnity trigger basis.

Travelers is now looking to issued $575 million of Long Point Re IV Ltd. (Series 2022-1) single-tranche four-year CAT bonds (versus the original $300 million+ target). It will cover tropical cyclones, earthquakes, severe thunderstorms, and winter storm events across northeastern U.S. states, on an indemnity trigger and per-occurrence basis.

New York-headquartered TransRe issued $165 million three-tranche three-year Bowline Re Ltd. (Series 2022-1) CAT bonds covering US perils on a per-occurrence basis and Japanese earthquakes on an annual aggregate basis, on an industry loss trigger basis. The original target was $175 million.

The James Walker (Leith) Limited Retirement Benefit Scheme agreed to a full £43 million buy-in with Just Group in January.

Florida’s Citizens Property Insurance issued $200 million of Everglades Re II Ltd. (Series 2022-1) single-tranche three-year CAT bonds (versus the original $100 million+ target). It will cover named storms or hurricanes impacting the state of Florida on an annual aggregate and indemnity trigger basis.

"France headquartered global reinsurance company SCOR has raised the target size for its new Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond to as much as $250 million (versus the original $150 million target), while the price guidance has been raised almost 12%."

Artex Risk Solutions privately issued $100 million Artex SAC Limited – Bricolage Notes. No further details on the single-tranche three-year CAT bond are currently available.

"Hong Kong headquartered global reinsurer Peak Reinsurance Company (Peak Re) has raised its target for its first ever catastrophe bond, with the Hong Kong domiciled Black Kite Re Limited (Series 2022-1) issuance now aiming to secure up to $150 million of retrocession for the company (versus the original 75 million+ target)."

SCOR issued $240 million Atlas Capital Reinsurance 2022 DAC (Series 2022-1) single-tranche three-year CAT bonds (versus the original $150 million+ target). It will cover losses caused by US named storms (including Puerto Rico and the US Virgin Islands), US earthquakes (including Puerto Rico), Canada earthquakes and European windstorms, on an industry loss trigger annual aggregate basis.

Swiss Re is looking to issue $150 million of Matterhorn Re Ltd. (Series 2022-2) three-tranche CAT bonds. It would cover losses from U.S. east coast named wind storms (including Puerto Rico) on a per-occurrence industry loss trigger basis. One of the tranches would be zero-coupon with a short maturity, another would have a coupon but also short, and the third would be a coupon-paying multi-year tranche.

"US primary insurance giant Allstate making progress with its latest catastrophe bond, a Sanders Re III Ltd. (Series 2022-2) multi-peril issuance that seeks Florida focused reinsurance coverage for the carrier and now looks like it could upsize slightly to $275 million, but with pricing at the top-ends of guidance."

"The California Earthquake Authority (CEA) has lowered its target for its latest catastrophe bond, with its target now for up to $255 million in collateralized California earthquake reinsurance protection through the Ursa Re II Ltd. (Series 2022-1) issuance."

Allstate issued $287.5 million Sanders Re III Ltd. (Series 2022-2) three-tranche CAT bonds. The first two (totaling $275 million) are indemnity trigger, per-occurrence based and structured to cascade as other reinsurance beneath is eroded over their three-year terms. The third tranche ($37.5 million) is indemnity based and non-cascading over its one-year term. They will cover named storm, earthquake, severe thunderstorm, volcanic eruption, meteorite impact and wildfires impacting the state of Florida.

The Texas Windstorm Insurance Association (TWIA) issued $200 million of Alamo Re Ltd. (Series 2022-1) single-tranche three-year CAT bond. It will cover losses from named storms and severe thunderstorms in Texas on an indemnity trigger and annual aggregate basis.

Hong Kong-based Peak Reinsurance (Peak Re) issued $150 million of Black Kite Re Limited (Series 2022-1) single-tranche three-year CAT bonds (versus the original $75 million+ target). It will cover Japanese typhoon events using an industry loss trigger on a per-occurrence basis.

The California Earthquake Authority (CEA) issued $245 million of Ursa Re II Ltd. (Series 2022-1) two-tranche three-year CAT bonds (versus the original $275 million+ target). It will cover losses from California earthquakes on an indemnity and annual aggregate basis. The riskier "B" tranche was reduced from a targeted $125 million to $70 million.

"The first catastrophe bond to be sponsored by re/insurer Core Specialty, the Yosemite Re Ltd. (Series 2022-1) deal we first wrote about earlier this month, looks like it could struggle to reach its targeted minimum for size, with the issuance now updated to seeking between $65 million and $75 million of multi-peril US reinsurance for the company."

"Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, has lifted the target for its latest catastrophe bond, now seeking up to $200 million of reinsurance from the Catahoula II Re Pte. Ltd. (Series 2022-1) transaction(versus the original $100 million+)."

Marlin Re has pulled the $100 million of Marlin Re Ltd. (Series 2022-2) CAT bonds that were to cover Southern Fidelity Insurance Company's losses from named storm in Florida, Louisiana, Mississippi and South Carolina. Also the target for the Series 2022-1 issuance, that was to cover Weston Property and Casualty Insurance Company's losses from named storm in Florida, Louisiana, Mississippi, Texas and South Carolina, has been reduced from $70 million to $45 million. Both were comprised of three one- and two-year tranches, covering losses on an indemnity and per-occurrence basis.

The £10.3 billion British Steel Pension Scheme II has secured a second buy-in with Legal & General (L&G), insuring around 25% of its liabilities. At the end of 2021, the scheme agreed to a buy-in also with L&G, covering around 5% of liabilities. The overall objective is to reach full funding on a solvency or buyout’ basis.

Hymans Robertson’s Iain Pearce looks at whether the growing number of alternative derisking options currently available in the pension risk transfer sector could potentially disrupt the defined benefit buy-in market

"The Hymans Robertson sixth annual Risk Transfer Report gives comprehensive analysis of the pensions bulk annuity market."

Louisiana Citizens Property Insurance Corporation issued $175 million Catahoula II Re Pte. Ltd. (Series 2022-1) two-tranche three-year CAT bonds (versus the original $100 million+ target). It will cover named storms and severe thunderstorms affecting Louisiana on a per-occurrence and indemnity trigger basis.

Core Specialty $65 million of Yosemite Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds (versus the original target of $75 million+). It will cover losses from named storms and earthquakes across the United States on an indemnity and per-occurrence basis.

Everest Re is looking to issue $250 million or more Kilimanjaro III Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds. 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, on an industry-loss trigger basis.

Hanover Insurance Group, Inc. is looking to issue at least $100 million Commonwealth Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds. They will cover certain losses from named storms on a per-occurrence and indemnity trigger basis.