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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.

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.

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.

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.

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.

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.

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.

The £673.8 million UK-based Amey OS Pension Scheme has secured a £400 million buy-in transaction with Pension Insurance Corporation. The partial annuity purchase insures the pensions of 3,473 members, including 1,938 deferred members.

"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."

"The current hard market for insurance-linked securities (ILS) and catastrophe bonds is equally as hard as the post-Katrina year of 2006, according to new analysis from consultancy Lane Financial."

UK chemical company Venator Group has agreed to a £430 million buy-in of its Tioxide Pension Fund with Legal & General. The transaction, which covers the benefits of around 2,700 retirees and deferred members, was agreed to in November 2022.

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.

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.

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.

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).

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.

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.

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.

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

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.

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.

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.

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.

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.

The International Bank for Reconstruction and Development (IBRD) is looking to issue $150 million of IBRD – Chile 2023 single-tranche three-year CAT bonds to provide the Republic of Chile with earthquake disaster insurance protection. The notes will feature a parametric trigger and provide their protection on a per-occurrence basis.

Insurtech company Kin Insurance is looking to issue at least $100 million Hestia Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. It will cover Florida named storms on a indemnity trigger and per-occurrence basis.

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 Beverage Co. purchased a group annuity contract to transfer about $185 million in Canadian pension plan liabilities.

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’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.