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RenaissanceRe is looking to issue $150 million or more Mona Lisa Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds, to cover risks in its own portfolio and that of its flagship partner capital vehicle DaVinci Re. They will cover losses related to U.S., Puerto Rico, U.S. Virgin Islands, and D.C. named storm and earthquake protection, as well as protection for Canadian earthquakes, based on a PCS industry loss index trigger. A $75 million tranche will provide per-occurrence protection, and the other will provide annual aggregate reinsurance.

The UK-based Robinson & Sons Limited Pension Fund has agreed a full buy-in of its £44 million of pension scheme liabilities with Legal & General. The deal will cover all pensions for the scheme’s approximately 500 members and eligible dependents. The purchase of the policy will be financed entirely using existing assets held within the scheme, which is in surplus.

Coats U.K. Pension Scheme completed a £350 million buy-in with Aviva. The transaction, which covers 3,700 members, is intended to set the scheme on a journey towards full insurance.

The California Earthquake Authority (CEA) issued $305 million Ursa Re II Ltd. (Series 2022-2) two-tranche three-year CAT bonds. It will cover losses related to California earthquakes on an indemnity and annual aggregate basis.

The £11.8 billion Co-operative Pension Scheme’s £2.1 billion Bank Section has completed a full £1.2 billion buy-in with Rothesay covering all liabilities for 2,474 pensioners and dependents and a further 6,531 deferred members in the "Bank" section. The insurance policy was purchased using existing assets held within the section.

Eclipse Re Ltd., has listed three private cat bond issues; $10 million of Series 2022-04A notes, $13.875 million of Series 2022-05A notes, and just over $5.662 million of Series 2022-07A notes. Little else is known about them.

Progressive's ARX Holding is looking to issue $125 million or more Bonanza Re Ltd. (Series 2023-1) two-tranche CAT bonds. The Class A notes will provide ARX with indemnity and per-occurrence protection for named storm losses for three years. The 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.

US-based Liberty Mutual is looking to upsize its Mystic Re IV Ltd. (Series 2023-1) single-tranche three-year CAT bond issue from $125 million to $150 million. It will cover losses from named storms and earthquakes affecting the US, Canada and the Caribbean, on a per-occurrence and indemnity trigger basis.

Reinsurance Group of America (RGA) has completed a $1.7 billion longevity risk transfer arrangement that featured a swap and reinsurance provision for US-based Western & Southern Financial Group. It covers roughly 11,000 single premium immediate annuity contracts.

GeoVera Insurance issued $100 million Veraison Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. It covers US earthquake-related losses on a per-occurrence basis.

US-based Liberty Mutual issued $150 million Mystic Re IV Ltd. (Series 2023-1) single-tranche three-year CAT bond issue (up-sized from the originally targeted $125 million). It will cover losses from named storms and earthquakes affecting the US, Canada and the Caribbean, on a per-occurrence and indemnity trigger basis.

Eighty-eight per cent of companies reviewed their DB benefits in 2022, per consultancy Aon’s survey of more than 330 schemes, covering all DB pension benefit reviews until September 2022. For 72 per cent of those companies, the reviews led to closure to future accrual – up from 68 per cent in 2020. Twelve per cent of employers made no changes, compared with 15 per cent in 2020. Sixteen per cent of employers elected to maintain future DB accrual, but made changes to reduce costs. Ninety-four per cent of DB schemes are closed to new entrants, Aon said. Of those that remain open to accrual, 22 per cent are open because they have few active members left, with the same proportion citing “regulated industry/protections” for being open.

Ark Insurance Holdings, a property and casualty insurance and reinsurance subsidiary of the White Mountains Insurance Group, has sponsored a $250 million collateralized reinsurance sidecar Outrigger Re. The quota share arrangement will provide reinsurance protection on a portion of Ark Bermuda’s global property catastrophe reinsurance portfolio, from on January 1st 2023.

Sompo International is upsizing its issuance target for its Sakura Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds from $100 million to up to $150 million. They will cover losses relating to US and Canadian from named storms and earthquakes, with a dual-trigger based on a PCS industry loss index, providing per-occurrence retro reinsurance protection for earthquake risks and annual aggregate for named storms.

American Family Mutual Insurance Company is upsizing its issuance target for its Four Lakes Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds from $100 million to $125 million. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfires across the United States on an indemnity trigger and per-occurrence basis.

Sompo International issued $150 million Sakura Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds versus the originally targeted $100 million. They will cover losses relating to US and Canadian from named storms and earthquakes, with a dual-trigger based on a PCS industry loss index, providing per-occurrence retro reinsurance protection for earthquake risks and annual aggregate for named storms.

Munich Re’s sidecar vehicle Eden Re II Ltd. has issued a $17.5 million tranche of Series 2023-1 Class A participating notes maturing March 19th 2027. That’s down on the Eden Re II Class A sidecar tranches of the last two years ($42.1 million last year and $55.1 million the year before that) possibly due to market conditions and hardening of reinsurance pricing.

American Family Mutual Insurance Company issued $100 million Four Lakes Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds after looking to upsize it to $125 million. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfires across the United States on an indemnity trigger and per-occurrence basis.

RenaissanceRe has upsized the issue target for its Mona Lisa Re Ltd. (Series 2023-1) two-tranche three-year CAT bond issue from $150 million to $200 million. It will cover risks in its own portfolio and that of its flagship partner capital vehicle DaVinci Re related to U.S., Puerto Rico, U.S. Virgin Islands, and D.C. named storm and earthquake protection, as well as protection for Canadian earthquakes, based on a PCS industry loss index trigger. A $75 million tranche will provide per-occurrence protection, and the other will provide annual aggregate reinsurance.

Bermuda-based Isosceles Insurance, a private insurance-linked securities (ILS) and CAT bond platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has privately issued $18.48 million of Isosceles Insurance Ltd. (Series 2022-H) single-tranche one-year CAT bonds.

Chinese domestic insurer PICC Property and Casualty sponsored a $32.5 million Great Wall Re Limited single-tranche three-year deal, to provide it with earthquake reinsurance in China. It utilises an indemnity trigger and provides its protection to PICC P&C on a per-occurrence basis.

RenaissanceRe issued $185 million Mona Lisa Re Ltd. (Series 2023-1) two-tranche three-year CAT bond, up from the original $150 million target. It will cover risks in its own portfolio and that of its flagship partner capital vehicle DaVinci Re related to U.S., Puerto Rico, U.S. Virgin Islands, and D.C. named storm and earthquake protection, as well as protection for Canadian earthquakes, based on a PCS industry loss index trigger. A $100 million tranche will provide per-occurrence protection, and the other will provide annual aggregate reinsurance.

$217.25 million of Operational Re IV CAT four-tranche three-year CAT bonds were issued, presumably by Credit Suisse via an arrangement with Zurich Insurance. They will cover the investment bank's peak operational risk exposure on an aggregated basis. Based on previous issues, loss events likely include cyber risk exposures, fraud, fiduciary issues, losses due to improper business practices or unauthorized activity, accounting errors, documentation errors, regulatory compliance issues, HR issues, discrimination in the workplace, and personal injury.

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.

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.

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.

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.

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.

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.