NOV buys annuity to transfer $184 million in U.S. pension liabilities
NOV Inc. bought a group annuity contract from Principal Life Insurance Co. to transfer about $184 million in U.S. pension plan liabilities.
Molson-Coors taps annuity to transfer $185 million in pension liabilities
Molson-Coors Beverage Co. purchased a group annuity contract to transfer about $185 million in Canadian pension plan liabilities.
FEMA gets upsized $275m new NFIP cat bond, but reinsurance tower shrinking
The U.S. Federal Emergency Management Agency (FEMA) $275 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.
Florida Citizens sponsoring $200m Lightning Re industry loss cat bond
Florida’s Citizens Property Insurance Corporation is looking to issue $200 million Lightning Re Ltd. (Series 2023-1) industry loss-triggered single-tranche three-year CAT bonds. They will cover personal lines losses from named storms in the state of Florida.
W. R. Berkley grows Lifson Re sidecar capital to $380m for 2023
"W. R. Berkley Corporation, the US headquartered insurance holding company, has secured additional investor commitments for its Lifson Re collateralized reinsurance sidecar vehicle, growing the vehicles capital base to $380 million for 2023."
Andover Companies seeks debut $125m Locke Tavern Re catastrophe bond
US-based Andover Companies is looking to issue at least $125 million Locke Tavern Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. It will cover Northeast US named storms, severe thunderstorms, winter storms, and earthquakes, on an indemnity trigger and per-occurrence basis.
Security First to sponsor its fifth cat bond, a $100m First Coast Re IV
Florida-based Security First Insurance Company is looking to issue at least $100 million First Coast Re IV Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover Florida named storms and severe thunderstorms on an indemnity-triggered per-occurrence cascading basis.
2022 Single Premium US Buy-Out Sales Topple Prior Record
In 2022, U.S. buy-out and buy-in sales collectively were a record $51.9 billion, 36% higher than in 2021, according to the Life Insurance Marketing and Research Association (LIMRA). Total buy-out sales were a record $48.3 billion in 2022, up 42% from 2021, but single premium buy-in sales fell nearly 9% to $3.6 billion in 2022. The buyouts included a $16 billion group annuity contract with Prudential Insurance Co. of America and Metropolitan Life Insurance Co.
RSA agrees to £6.5bn buy-in with Pension Insurance Corporation
UK insurer RSA has agreed to offload £6.5 billion of pension liabilities to Pension Insurance Corporation, marking the biggest transaction of this kind in the UK. RSA will make an upfront contribution of £500mn to enable the transaction, which will release about £150mn of group capital.
GKN Group pension scheme trustee completes £513m buy-in
GKN Group pension scheme (No. 4) has completed a £513m full scheme buy-in with Just Group, insuring the benefits of 2,262 pensioners and 1,963 deferred members. It covers all deferred and pensioner members of the scheme and removes the investment longevity risk of the scheme from the business.
American Integrity returns for $100m Florida named storm cat bond
American Integrity Insurance Company of Florida is looking to issue at least $100 million Integrity Re Ltd. (Series 2023-1) single-tranche two-year CAT bonds.They will cover named storm events in Florida on an indemnity and cascading per-occurrence basis across two Atlantic wind seasons.
Allstate seeks $225m+ multi-peril catastrophe bond Sanders Re 2023-1
US-based primary insurer Allstate is looking to issue at least $225 million Sanders Re III Ltd. (Series 2023-1) three-tranche CAT bonds, a one-year zero-coupon tranche and two four-year interest-paying tranches. They will cover US named storms, earthquakes, severe weather events, wildfires, volcanic eruptions and meteorite impacts, all on an indemnity trigger basis.
Spirent pension scheme completes £142m buy-in with PIC
UK-based Spirent Communications plc Staff Pension & Life Assurance scheme completed a £142 million buy-in with PIC, fully insuring all of the scheme's defined benefit (DB) liabilities. The transaction, which completed in Q4 2022, secured the pension benefits of 1,353 members, including 490 deferred members.
Swiss Re gets $700m collateralised stop-loss cover via J.P. Morgan
Swiss Re has secured $700 million of four-year alternative capital protection for severe underwriting losses, through a collateralized stop-loss arrangement using its Matterhorn Re SPI funded by J.P. Morgan and its institutional investor base. It has been structured with the potential to increase to US $1 billion in size, should Swiss Re decide to extend it. The collateral will be held in a segregated account and invested in AAA-rated European Bank for Reconstruction and Development notes.
Citizens more than doubles Lightning Re cat bond target to $500m, at reduced pricing
Florida’s Citizens Property Insurance Corporation is now looking to issue $500 million Lightning Re Ltd. (Series 2023-1) industry loss-triggered single-tranche three-year CAT bonds, versus the original target of $200 million. They will cover personal lines losses from named storms in the state of Florida.
TWIA seeks $250m+ dual-series Alamo Re 2023 cat bonds to maximise opportunity
he Texas Windstorm Insurance Association (TWIA) looking to issue $250 million Alamo Re Ltd. (Series 2023-1 & 2023-2) two-tranche three-year CAT bonds. They will cover Texas named storms and severe thunderstorms on an indemnity trigger and annual aggregate basis.
Convex targets $100m+ second Hypatia catastrophe bond
Convex Group is looking to issue at least $100 million Hypatia Ltd. (Series 2023-1) single-tranche y-year CAT bonds. They will cover U.S. named storms, including Puerto Rico, D.C and the US Virgin Islands, and both U.S. and Canadian earthquake risks, on an industry loss basis.
Chile's World Bank cat bond target lifted, now up to $350m
The International Bank for Reconstruction and Development (IBRD) is increasing the issuance target on its IBRD – Chile 2023 single-tranche three-year CAT bonds from $150 million to $350 million. The bonds will provide the Republic of Chile with earthquake disaster insurance protection, featuring a parametric trigger and providing protection on a per-occurrence basis.
Kin secures new $100m Hestia Re cat bond at ~11% price discount
Insurtech company Kin Insurance issued a$100 million Hestia Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover Florida named storms on a indemnity trigger and per-occurrence basis.
Chile secures $350m parametric earthquake cat bond as IBRD notes price
The International Bank for Reconstruction and Development (IBRD) issued $350 million IBRD – Chile 2023 single-tranche three-year CAT bonds versus the original $350 million target. The bonds will provide the Republic of Chile with earthquake disaster insurance protection, featuring a parametric trigger and providing protection on a per-occurrence basis.
Chile gets $280m of quake cat swaps to go with $350m cat bond
The World Bank and the arrangers of the $350 million IBRD – Chile 2023 single-tranche three-year CAT bond issue have secured $280 million of additional coverage using a catastrophe swap structure.
Andover Companies seeks upsize to $175m for Locke Tavern Re cat bond
US-based Andover Companies has upsized the issuance target for its Locke Tavern Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds from $125 million to $175 million. It will cover Northeast US named storms, severe thunderstorms, winter storms, and earthquakes, on an indemnity trigger and per-occurrence basis.
Citizens secures Lightning Re industry loss cat bond at $500m with 11% spread
Florida’s Citizens Property Insurance Corporation issued $500 million Lightning Re Ltd. (Series 2023-1) industry loss-triggered single-tranche three-year CAT bonds, versus the original target of $200 million. They will cover personal lines losses from named storms in the state of Florida.
Slide targets debut catastrophe bond with $100m Purple Re issuance
Florida-based Slide Insurance Company is looking to issue at least $100 million Purple Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover named storms that hit the states of Florida and South Carolina on an indemnity trigger and per-occurrence basis.
Allstate ups Sanders Re 2023-1 cat bond target to $250m, absent riskiest tranche
US-based primary insurer Allstate has upsized the issuance target for its Sanders Re III Ltd. (Series 2023-1) from $225 million to $250 million, but there are now only two four-year interest-paying tranches. Allstate was also looking to issue a one-year zero-coupon tranche. They will cover US named storms, earthquakes, severe weather events, wildfires, volcanic eruptions and meteorite impacts, all on an indemnity trigger basis.
American Integrity now targets 50% upsize to $150m for new Florida cat bond
American Integrity Insurance Company of Florida has upsized the issuance target for its Integrity Re Ltd. (Series 2023-1) single-tranche two-year CAT bonds from $100 million to $150 million.They will cover named storm events in Florida on an indemnity and cascading per-occurrence basis across two Atlantic wind seasons.
Convex aims to upsize Hypatia 2023-1 cat bond at below guidance pricing
Convex Group has upsized the issuance target for its Hypatia Ltd. (Series 2023-1) single-tranche three-year CAT bonds from $100 million to as much as $150 million. They will cover U.S. named storms, including Puerto Rico, D.C and the US Virgin Islands, and both U.S. and Canadian earthquake risks, on an industry loss basis.
American Integrity secures 50% upsized $150m Integrity Re 2023-1 cat bond
American Integrity Insurance Company of Florida issued $150 million Integrity Re Ltd. (Series 2023-1) single-tranche two-year CAT bonds.They will cover named storm events in Florida on an indemnity and cascading per-occurrence basis across two Atlantic wind seasons.
Andover Companies gets debut cat bond at upsized $175m with 19% price drop
US-based Andover Companies issued $175 million Locke Tavern Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds versus the original $125 million target. It will cover Northeast US named storms, severe thunderstorms, winter storms, and earthquakes, on an indemnity trigger and per-occurrence basis.
Gateway Re II Ltd. cat bond launched for two more SageSure insurers
US coastal property managing general underwriter SageSure is looking to issue at least $100 million Gateway Re II Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will provide protection to SafePort Insurance Company and SafeChoice Insurance Company, against losses from US named storms across the states of Alabama, Louisiana, Mississippi, New York, North Carolina, South Carolina, Texas, and Virginia.