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Aetna to sponsor $200m Vitality Re XIV health insurance-linked securities
Aetna to sponsor $200m Vitality Re XIV health insurance-linked securities
US-based Aetna is looking to issue $200 million Vitality Re XIV Ltd (Series 2023) two-tranche four-year health insurance CAT bonds. The transaction will, like every other Vitality Re deal, transfer risk to the capital markets investors on a medical benefit claim ratio basis, so effectively an indemnity trigger based on claims experience.
#ART#ILS#CAT
·artemis.bm·
Aetna to sponsor $200m Vitality Re XIV health insurance-linked securities
Progressive set for upsized $135m Bonanza Re cat bond for ARX Holding
Progressive set for upsized $135m Bonanza Re cat bond for ARX Holding
Progressive's ARX Holding issued $135 million Bonanza Re Ltd. (Series 2023-1) two-tranche CAT bonds, up from the originally targeted $125 million. The $70 million of Class A notes will provide ARX with indemnity and per-occurrence protection for named storm losses for 2.5 years. The $65 million of Class B notes will provide multi-peril aggregate reinsurance protection over just a single year for losses from US named storm, earthquake, severe thunderstorm, winter storm, and wildfire events.
#ART#ILS#CAT
·artemis.bm·
Progressive set for upsized $135m Bonanza Re cat bond for ARX Holding
Beazley secures $45m cyber cat bond with Fermat Capital a backer
Beazley secures $45m cyber cat bond with Fermat Capital a backer
UK-based specialty insurance and reinsurance firm Beazley issued $45 million cyber CAT bonds that will payout if total claims from a cyber attack exceed $300 million from a covered event. Fermat Capital Management was one of the investors, and Gallagher Re was the structuring and placement agent.
#ART#ILS#CAT#CyberRisk
·artemis.bm·
Beazley secures $45m cyber cat bond with Fermat Capital a backer
Munich Re's Eden Re II sidecar shrinks to $131.1m for 2023
Munich Re's Eden Re II sidecar shrinks to $131.1m for 2023
Munich Re added a second ($113.6 million) tranche to its Eden Re II Ltd. Series 2023-1 Class A sidecar vehicle (participating notes maturing March 19th 2027). That brings the total amount issued to $113.1 million. That’s down on the Eden Re II Class A sidecar tranches of the last two years ($190 million last year and $235 million the year before that) possibly due to market conditions and hardening of reinsurance pricing.
#ART#ILS#CAT
·artemis.bm·
Munich Re's Eden Re II sidecar shrinks to $131.1m for 2023
Tomkins Schemes complete £132mn full buy-ins
Tomkins Schemes complete £132mn full buy-ins
Two pension schemes sponsored by UK-based Gates Group, the Tomkins Schemes, have completed full buy-ins worth a combined £132 million with Pension Insurance Corporation (PIC). The Tomkins Schemes were already partially covered by buy-ins, but as a result of the transaction, which was completed in December 2022, PIC now covers all defined benefit liabilities of the schemes.
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
Tomkins Schemes complete £132mn full buy-ins
Pension Risk Transfer Market Keeps Setting Records
Pension Risk Transfer Market Keeps Setting Records
Activity in the U.S. pension risk transfer market continues to reach new levels, according to LIMRA data. The year’s first half saw $17.6 billion in buy-ins and buy-outs, far surpassing the previous first-half sales record of $9.7 billion, set in 2018. Now, according to Legal & General Retirement America (LGRA), there were about $27 billion of deals, the second largest quarter ever for the market, exceeded only by 2012’s Q4, which was near $36 billion thanks to the massive GM and Verizon transactions.
#ART#Longevity#Pensions#UnitedStates
·plansponsor.com·
Pension Risk Transfer Market Keeps Setting Records
Hannover Re vehicle Seaside Re issued $32.5m of private catastrophe bonds
Hannover Re vehicle Seaside Re issued $32.5m of private catastrophe bonds
Hannover Re issued three Seaside Re one-year CAT bonds totaling $32.5 million; a $10 million Seaside Re (Series 2023-11); a $10 million Seaside Re (Series 2023-12); and a $12.5 million Seaside Re (Series 2023-31). All three were issued by Kaith Re on behalf of its segregated account Seaside Re and are exposed to U.S. property catastrophe risks.
#ART#CAT#ILS
·artemis.bm·
Hannover Re vehicle Seaside Re issued $32.5m of private catastrophe bonds
Kuvare sets up $400m life & annuity reinsurance "sidecar" Kindley Re
Kuvare sets up $400m life & annuity reinsurance "sidecar" Kindley Re
Kuvare Holdings has launched Kindley Re Ltd., a Class E licensed, Bermuda-domiciled life and annuity reinsurance side-car like company, with $400 million of backing. US-based Kuvare Insurance Services, will serve as investment manager to Kindley Re, while Davidson Kempner will also provide asset management support across select investment grade asset classes.
#ART#Longevity#Annuities
·artemis.bm·
Kuvare sets up $400m life & annuity reinsurance "sidecar" Kindley Re
Interserve Pension Scheme inks £400m buy-in with Aviva
Interserve Pension Scheme inks £400m buy-in with Aviva
The Interserve Pension Scheme has completed a £400 million buy-in with Aviva. This follows a £300 million pensioner-only buy-in in 2014 and means Aviva has now insured the pension liabilities for all Interserve section members, comprising 4,300 pensioners and a further 2,800 deferred members. Interserve is a British construction and support services business which went into administration in 2019 and which is expected to be wound up in 2024.
#ART#Longevity#Pensions
·professionalpensions.com·
Interserve Pension Scheme inks £400m buy-in with Aviva
SURE targets expanded cover with $200m Gateway Re 2023-1 cat bond
SURE targets expanded cover with $200m Gateway Re 2023-1 cat bond
US-based SURE is looking to issue $200 million or more Gateway Re Ltd. (Series 2023-1) three-tranche CAT bonds. The A and B tranches (targeted at $150 million and $50 million) will run for three years, and the C tranche for a year. They will cover losses from US named storms in Alabama, North and South Carolina, Louisiana, Mississippi, and Texas.
#ART#ILS#CAT
·artemis.bm·
SURE targets expanded cover with $200m Gateway Re 2023-1 cat bond
MS Amlin upsizes Asian reinsurance sidecar. Phoenix 3 Re hits $45m
MS Amlin upsizes Asian reinsurance sidecar. Phoenix 3 Re hits $45m
MS Amlin's Singapore-based operation has established a $45 million Singapore-domiciled special purpose reinsurance vehicle (SPRV) insurance-linked securities (ILS) deal, Phoenix 3 Re Pte. Ltd. This isn’t a CAT bond though, it is a quota share reinsurance arrangement, akin to a sidecar transaction. However, details, such as its term to maturity, are sketchy.
#ART#ILS#CAT
·artemis.bm·
MS Amlin upsizes Asian reinsurance sidecar. Phoenix 3 Re hits $45m
British Steel Pension Scheme pens £2bn buy-in with L&G
British Steel Pension Scheme pens £2bn buy-in with L&G
The British Steel Pension Scheme has completed a third buy-in deal with Legal & General (L&G) – insuring a further 30% of its liabilities, worth around £2 billion. The scheme - which is sponsored by Tata Steel UK - said the transaction follows two previous buy-in deals with L&G in November 2021 and May 2022 which insured around 5% and 25% of liabilities respectively.
#ART#Longevity#Pensions
·professionalpensions.com·
British Steel Pension Scheme pens £2bn buy-in with L&G
Cat bond deals from The Hartford and Farmers delayed on market conditions
Cat bond deals from The Hartford and Farmers delayed on market conditions
CAT bond deals from The Hartford and Farmers Insurance that were originally scheduled for issuance in the fourth-quarter of 2022 were delayed due to the uncertain market conditions and the level of execution risk in the wake of hurricane Ian. The Hartford had Foundation Re IV Ltd. bond set up in Bermuda and ready to go, and pre-marketing a Topanga Re Ltd. Series 2022-1 deal.
#ART#ILS#CAT
·artemis.bm·
Cat bond deals from The Hartford and Farmers delayed on market conditions
CCR Re grows 157 Re sidecar 40%+ for 2023, adds another investor
CCR Re grows 157 Re sidecar 40%+ for 2023, adds another investor
"CCR Re, the state-owned reinsurance firm based in France, has successfully renewed its 157 Re collateralised reinsurance sidecar vehicle for 2023, increasing the amount of capital raised for the structure by over 40% and adding another investor."
#ART#ILS#CAT
·artemis.bm·
CCR Re grows 157 Re sidecar 40%+ for 2023, adds another investor
Aetna’s new Vitality Re XIV health ILS priced near historic highs
Aetna’s new Vitality Re XIV health ILS priced near historic highs
US-based Aetna issued $200 million Vitality Re XIV Ltd (Series 2023) two-tranche four-year health insurance CAT bonds. The transaction, like every other Vitality Re deal, transfers risk on a medical benefit claim ratio basis, so effectively an indemnity trigger based on claims experience.
#ART#ILS#CAT
·artemis.bm·
Aetna’s new Vitality Re XIV health ILS priced near historic highs
Ariel Re returns for third Titania Re cat bond, a $115m 2023-1 issuance
Ariel Re returns for third Titania Re cat bond, a $115m 2023-1 issuance
Ariel Re is looking to issue $115 million Titania Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. It will cover certain losses from U.S. 50 state, Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes on an industry-loss triggered basis.
#ART#ILS#CAT
·artemis.bm·
Ariel Re returns for third Titania Re cat bond, a $115m 2023-1 issuance
Morrisons scheme secures buy-in on back of gilt yields rise
Morrisons scheme secures buy-in on back of gilt yields rise
The Wm Morrison 1967 Pension Scheme has agreed a £762 million buy-in with Rothesay, securing the remainder of the liabilities for the 1967 section of the Morrisons Retirement Saver Plan. The deal secures the benefits of 2,650 pensioners and dependents and a further 5,483 deferred members, following a previous transaction with an unnamed insurer.
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
Morrisons scheme secures buy-in on back of gilt yields rise
Weyerhaeuser buys annuity to cut $420 million in Canadian pension liabilities
Weyerhaeuser buys annuity to cut $420 million in Canadian pension liabilities
Seattle-based Weyerhaeuser purchased a group annuity contract from an insurance company to transfer about $420 million in Canadian pension plan liabilities in Q4 2022.This is Weyerhaeuser's first risk transfer involving Canadian liabilities, but over the years it has been active in risk transfer markets on account of its US pension liabilities ($1.5 billion to Athene Annuity & Life in 2019 and $765 million to Metropolitan Tower Life Insurance in 2020).
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
Weyerhaeuser buys annuity to cut $420 million in Canadian pension liabilities
IMI 2014 Deferred Fund signs £175mn partial buy-in
IMI 2014 Deferred Fund signs £175mn partial buy-in
The £563 million IMI 2014 Deferred Fund has signed a partial £175 million buy-in with Pension Insurance Corporation (PIC). The transaction covers the liabilities for 1,378 members, from which around 97% are deferred members. PIC has now insured about £1 billion of IMI's pension liabilities since 2016, through 6 partial buy-in transactions. The liabilities of the fund are now fully insured.
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
IMI 2014 Deferred Fund signs £175mn partial buy-in
SURE upsizes new Gateway Re 2023-1 cat bond by 78% to $355m
SURE upsizes new Gateway Re 2023-1 cat bond by 78% to $355m
US-based SURE issued $355 million Gateway Re Ltd. (Series 2023-1) three-year three-tranche CAT bonds, up from the original $200 million target. Originally there was a one-year C tranche, but that was dropped. They will cover losses from US named storms in Alabama, North and South Carolina, Louisiana, Mississippi, and Texas.
#ART#ILS#CAT
·artemis.bm·
SURE upsizes new Gateway Re 2023-1 cat bond by 78% to $355m
Ariel Re looks to upsize new Titania Re cat bond to $125m at lower pricing
Ariel Re looks to upsize new Titania Re cat bond to $125m at lower pricing
Ariel Re is looking to upsize its issue of Titania Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds from $115 million to $125 million. It will cover certain losses from U.S. 50 state, Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes on an industry-loss triggered basis.
#ART#ILS#CAT
·artemis.bm·
Ariel Re looks to upsize new Titania Re cat bond to $125m at lower pricing
British American Tobacco fund completes third buy-in with PIC
British American Tobacco fund completes third buy-in with PIC
The British American Tobacco UK Pension Fund concluded a third buy-in with Pension Insurance Corporation (PIC) insuring £250 million of liabilities in October 2022. PIC has now insured all £4.1bn of the fund's liabilities, covering the pensions of all 10,000 members. The first buy-in was completed in May 2019 and the second in 2021
#ART#Longevity#Pensions#UnitedKingdom
·professionalpensions.com·
British American Tobacco fund completes third buy-in with PIC
U.S. Steel buys annuity from Pacific Life to transfer pension liabilities
U.S. Steel buys annuity from Pacific Life to transfer pension liabilities
United States Steel purchased a group annuity contract from Pacific Life Insurance to transfer about $115 million in U.S. pension plan liabilities on November 1, 2022. The purchase transferred the responsibility of paying benefits for about 850 U.S. retirees and beneficiaries to the insurer. It was the second pension buyout transaction for the steelmaker in the past two years.
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
U.S. Steel buys annuity from Pacific Life to transfer pension liabilities
Riverstone gets $305m multi-year collateralised reinsurance funded via JP Morgan
Riverstone gets $305m multi-year collateralised reinsurance funded via JP Morgan
Lloyd’s specialist underwriter RiverStone International, has secured $305 million of multi-year collateralised reinsurance, with funding led by investment bank JP Morgan and transacted via a White Rock cell structure. Riverstone is a significant player in the legacy and run-off reinsurance market.
#ART#ILS#CAT
·artemis.bm·
Riverstone gets $305m multi-year collateralised reinsurance funded via JP Morgan
Arcadia Group avoids Pension Protection Fund with buy-in
Arcadia Group avoids Pension Protection Fund with buy-in
UK-based Arcadia Group Pension Scheme and Arcadia Group Senior Executive Pension Scheme insured £850 million in liabilities through a buy-in with Aviva. The trustees were able to secure benefits above the Pension Protection Fund levels. Arcadia went into administration in 2020, sending its pension funds for the Pension Protection Fund's assessment.
#ART#Longevity#Pensions
·pionline.com·
Arcadia Group avoids Pension Protection Fund with buy-in
Ariel Re secures $125m Titania Re cat bond at low-end of reduced pricing
Ariel Re secures $125m Titania Re cat bond at low-end of reduced pricing
Ariel Re issued $125 million Titania Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds, versus the original $115 million target. It will cover certain losses from U.S. 50 state, Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes on an industry-loss triggered basis.
#ART#ILS#CAT
·artemis.bm·
Ariel Re secures $125m Titania Re cat bond at low-end of reduced pricing
FEMA / NFIP return with $250m target FloodSmart Re 2023-1 catastrophe bond
FEMA / NFIP return with $250m target FloodSmart Re 2023-1 catastrophe bond
The U.S. Federal Emergency Management Agency (FEMA) is looking to issue at least $250 million of FloodSmart Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover flood losses incurred by the National Flood Insurance Program (NFIP) arising from US named storm events on an indemnity and per-occurrence trigger basis.
#ART#ILS#CAT
·artemis.bm·
FEMA / NFIP return with $250m target FloodSmart Re 2023-1 catastrophe bond