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Louisiana Citizens targets $150m Bayou Re catastrophe bond
Louisiana Citizens targets $150m Bayou Re catastrophe bond
Louisiana Citizens Property Insurance Corporation is looking to issue $150 million Bayou Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover named storms in its home state on an indemnity and per-occurrence basis.
#ART#ILS#CAT
·artemis.bm·
Louisiana Citizens targets $150m Bayou Re catastrophe bond
Munich Re seeks first cat bond since 2016, $100m Queen Street 2023 Re
Munich Re seeks first cat bond since 2016, $100m Queen Street 2023 Re
Munich Re is looking to issue at least $100 million or more Queen Street 2023 Re dac single-tranche three-year CAT bonds. They will cover US named storms on a per-occurrence basis, structured to use a PCS state-weighted industry-loss trigger.
#ART#ILS#CAT
·artemis.bm·
Munich Re seeks first cat bond since 2016, $100m Queen Street 2023 Re
PPG Industries unloads $309 million in U.S. pension liabilities
PPG Industries unloads $309 million in U.S. pension liabilities
Pittsburgh-based PPG Industries purchased a group annuity contract in March to transfer $309 million in U.S. pension plan liabilities to undisclosed insurance companies. As of Dec. 31, the company’s U.S. pension plan assets totaled $1.028 billion, while projected benefit obligations totaled $1.425 billion, for a funding ratio of 72.1%, according to its most recent 10-K filing.
#ART#Longevity#Pensions
·pensionpolicyinternational.com·
PPG Industries unloads $309 million in U.S. pension liabilities
Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd.
Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd.
Spinnaker Insurance Company is looking to issue at least $100 million Mountain Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover a range of US perils, US named storms, quakes, severe thunderstorms and winter storms on a per-occurrence and indemnity trigger basis.
#ART#ILS#CAT
·artemis.bm·
Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd.
USAA secures 100% upsized 40th Residential Re cat bond at $400m
USAA secures 100% upsized 40th Residential Re cat bond at $400m
USAA issued $200 million Residential Reinsurance 2023 Limited (Series 2023-1) two-tranche four-year CAT bonds, versus the original target of $200 million. They will cover U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorms, winter storms, wildfires, volcanic eruptions, meteorite impacts, and other perils (all including auto & renter policy flood losses) on an indemnity and annual aggregate basis.
#ART#ILS#CAT
·artemis.bm·
USAA secures 100% upsized 40th Residential Re cat bond at $400m
SCOR targets $75m Atlas Capital 2023-1 multi-peril retro cat bond
SCOR targets $75m Atlas Capital 2023-1 multi-peril retro cat bond
France-based SCOR is looking to issue at least $75 million of Atlas Capital DAC (Series 2023-1) single-tranche three-year CAT bonds. They will cover US named storm and earthquake risks, Canadian earthquakes and European windstorm industry-loss events on an annual aggregate and weighted industry loss trigger basis.
#ART#ILS#CAT
·artemis.bm·
SCOR targets $75m Atlas Capital 2023-1 multi-peril retro cat bond
New York MTA seeks MetroCat Re parametric storm surge cat bond renewal
New York MTA seeks MetroCat Re parametric storm surge cat bond renewal
The New York Metropolitan Transportation Authority (MTA) is looking to issue at least $75 million MetroCat Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover named New York area storm induced storm surges on a parametric trigger and per-occurrence basis, with the trigger being binary in terms of the nature of its payout.
#ART#ILS#CAT
·artemis.bm·
New York MTA seeks MetroCat Re parametric storm surge cat bond renewal
Allstate returns for $250m Florida focused Sanders Re III cat bond
Allstate returns for $250m Florida focused Sanders Re III cat bond
US insurer Allstate is looking to issue at least $250 million Sanders Re III Ltd. (Series 2023-2) two-tranche CAT bonds. They will cover Florida named storms, earthquakes, severe weather, wildfires, volcanic eruptions, and meteorite impacts on an indemnity, per-occurrence basis. A $250 million coupon-paying Class A tranche will mature in three years, and an un-sized zero-coupon Class B tranche will mature in one year.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Allstate returns for $250m Florida focused Sanders Re III cat bond
AT&T dials up deal to transfer $8.1 billion in U.S. pension liabilities
AT&T dials up deal to transfer $8.1 billion in U.S. pension liabilities
AT&T purchased group annuity contracts from Athene Annuity & Life Assurance to transfer $8.1 billion in U.S. pension plan liabilities. AT&T is purchasing the contracts with plan assets and will not be required to make any further contributions to the plan. The 96,000 AT&T participants and beneficiaries covered by the annuities represent about 50% of total retirees and beneficiaries.
#ART#Longevity#Pensions
·pionline.com·
AT&T dials up deal to transfer $8.1 billion in U.S. pension liabilities
Difficulty in Modelling Pandemic Risk a Main Reason Why Pandemic Bonds Won’t Return
Difficulty in Modelling Pandemic Risk a Main Reason Why Pandemic Bonds Won’t Return
The Pandemic Emergency Financing Facility (PEF) was launched in 2016 by the World Bank as a response to the West Africa Ebola Crisis in 2014. It issued ‘pandemic bonds’, designed to provide immediate funding – that would likely not be available via the capital markets – to poorer countries to help them fight a large-scale outbreak of a virus or disease. Whilst the PEF bonds weren’t the first mortality-based bond – Swiss Re issued a few between 2003 and 2015 – they were the first to be sponsored by a supranational body. At the time, investors seemed bullish on the idea; The World Bank raised $425mn ($320mn in bonds and $100mn in swaps) in an over-subscribed offering. But it’s been two years now since the World Bank closed its PEF and the consensus is that there won’t be any more pandemic bonds.
#ART#Mortality#WorldBank#Pandemic
·liferisk.news·
Difficulty in Modelling Pandemic Risk a Main Reason Why Pandemic Bonds Won’t Return
Eclipse Re issues nearly $18.8m in private cat bonds, its first of 2023
Eclipse Re issues nearly $18.8m in private cat bonds, its first of 2023
The Artex Capital Solutions-owned Eclipse Re issued $8.73 million Eclipse Re Ltd. (Series 2023-1A) and $10 million Eclipse Re Ltd. (Series 2023-2A) single-tranche one-year CAT bonds. None of the specific terms and conditions (e.g., underlying perils and type of trigger) are known.
#ART#ILS#CAT
·artemis.bm·
Eclipse Re issues nearly $18.8m in private cat bonds, its first of 2023
Nationwide secures $300m Aquila Re I cat bond at below-guidance pricing
Nationwide secures $300m Aquila Re I cat bond at below-guidance pricing
U.S. primary insurer Nationwide Mutual Insurance Company issued $300 million Aquila Re I Ltd. (Series 2023-1) three-tranche three-year CAT bonds, versus the original target of $150 million. They will cover multiple U.S. perils, including U.S. named storm, earthquake, severe thunderstorm, winter storm, wildfire, meteorite impact, and volcanic eruption, on an indemnity trigger and per-occurrence basis.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Nationwide secures $300m Aquila Re I cat bond at below-guidance pricing
SageSure linked entities launch third cat bond of year, a $75m Gateway Re 2023-2
SageSure linked entities launch third cat bond of year, a $75m Gateway Re 2023-2
SageSure is looking to issue $75 million Gateway Re Ltd. (Series 2023-2) zero-coupon single-tranche one-year CAT bonds. They will cover named storms affecting the US states of Alabama, North and South Carolina, Louisiana, Mississippi, and Texas, on an indemnity trigger and per-occurrence basis.
#ART#ILS#CAT
·artemis.bm·
SageSure linked entities launch third cat bond of year, a $75m Gateway Re 2023-2
Louisiana Citizens secures Bayou Re cat bond at $195m
Louisiana Citizens secures Bayou Re cat bond at $195m
Louisiana Citizens Property Insurance Corporation issued $195 million Bayou Re Ltd. (Series 2023-1) two-tranche three-year zero-coupon CAT bonds versus the initial $150 million target. They will cover named storms in its home state on an indemnity and per-occurrence basis.
#ART#CAT#ILS
·artemis.bm·
Louisiana Citizens secures Bayou Re cat bond at $195m
MTA secures $100m MetroCat Re cat bond at bottom of price guidance
MTA secures $100m MetroCat Re cat bond at bottom of price guidance
The New York Metropolitan Transportation Authority (MTA) issued $75 million MetroCat Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds versus the initial $75 million target. They will cover named New York area storm induced storm surges on a parametric trigger and per-occurrence basis, with the trigger being binary in terms of the nature of its payout.
#ART#CAT#ILS
·artemis.bm·
MTA secures $100m MetroCat Re cat bond at bottom of price guidance
Munich Re triples Queen Street cat bond to $300m, its biggest ever sponsored
Munich Re triples Queen Street cat bond to $300m, its biggest ever sponsored
Munich Re issued $300 million Queen Street 2023 Re dac single-tranche three-year CAT bonds, versus the original $100 million target. They will cover US named storms on a per-occurrence basis, structured to use a PCS state-weighted industry-loss trigger.
#ART#ILS#CAT
·artemis.bm·
Munich Re triples Queen Street cat bond to $300m, its biggest ever sponsored
CEA returns with $300m target for Sutter Re 2023-1 quake cat bond
CEA returns with $300m target for Sutter Re 2023-1 quake cat bond
The California Earthquake Authority (CEA) is looking to issue at least $300 million Sutter Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover annual aggregate California earthquake-related losses on an indemnity trigger basis.
#ART#ILS#CAT
·artemis.bm·
CEA returns with $300m target for Sutter Re 2023-1 quake cat bond
Palomar gets upsized $200m reinsurance with Torrey Pines Re cat bond
Palomar gets upsized $200m reinsurance with Torrey Pines Re cat bond
California-based Palomar Insurance issued $200 million Torrey Pines Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds versus the original $150 million target. They will cover California specific and US-wide earthquakes on an indemnity and per-occurrence basis.
#ART#ILS#CAT
·artemis.bm·
Palomar gets upsized $200m reinsurance with Torrey Pines Re cat bond
SCOR prices new Atlas Capital cat bond 17% below initial guidance mid-point
SCOR prices new Atlas Capital cat bond 17% below initial guidance mid-point
France-based SCOR issued $75 million of Atlas Capital DAC (Series 2023-1) single-tranche three-year CAT bonds. They will cover US named storm and earthquake risks, Canadian earthquakes and European windstorm industry-loss events on an annual aggregate and weighted industry loss trigger basis.
#ART#ILS#CAT
·artemis.bm·
SCOR prices new Atlas Capital cat bond 17% below initial guidance mid-point
British Steel Pension Scheme signs £2.7bn buy-in deal with L&G
British Steel Pension Scheme signs £2.7bn buy-in deal with L&G
The British Steel Pension Scheme (BSPS) has completed a £2.7 billion buy-in deal with Legal & General (L&G), to fully secure the remaining 40% of the scheme’s liabilities. The fourth and final bulk annuity transaction between BSPS and L&G follows deals agreed in November 2021, March 2022 and in January this year. Through the transactions, BSPS has become the largest scheme in the UK to be fully insured, with the benefits of around 67,000 scheme members now fully secured.
#ART#Longevity#Pensions
·professionalpensions.com·
British Steel Pension Scheme signs £2.7bn buy-in deal with L&G
Conduit Re launches debut retro cat bond, $100m Stabilitas Re
Conduit Re launches debut retro cat bond, $100m Stabilitas Re
Bermuda-based Conduit Re is looking to issue $100 million Stabilitas Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover PCS-reported US named storms and earthquakes on an industry loss trigger and annual aggregate basis.
#ART#ILS#CAT
·artemis.bm·
Conduit Re launches debut retro cat bond, $100m Stabilitas Re
Spinnaker secures $110m debut Mountain Re cat bond with top-end pricing
Spinnaker secures $110m debut Mountain Re cat bond with top-end pricing
Spinnaker Insurance Company issued $110 million Mountain Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds versus the original target of $100 million. They will cover a range of US perils, US named storms, quakes, severe thunderstorms and winter storms on a per-occurrence and indemnity trigger basis.
#ART#ILS#CAT
·artemis.bm·
Spinnaker secures $110m debut Mountain Re cat bond with top-end pricing
Allstate gets $370m Florida reinsurance with new Sanders Re III cat bond
Allstate gets $370m Florida reinsurance with new Sanders Re III cat bond
US insurer Allstate issued $370 million Sanders Re III Ltd. (Series 2023-2) two-tranche CAT bonds versus the original $250 million. They will cover Florida named storms, earthquakes, severe weather, wildfires, volcanic eruptions, and meteorite impacts on an indemnity, per-occurrence basis. A $300 million coupon-paying Class A tranche will mature in three years, and a $70 million zero-coupon Class B tranche will mature in one year.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Allstate gets $370m Florida reinsurance with new Sanders Re III cat bond