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"Oxbridge Re Ltd., the Cayman Islands based reinsurance firm with a Gulf Coast risk focus, has begun the initial offering of digital or tokenized reinsurance securities named DeltaCat Re, with the capital set to support collateralized reinsurance contracts underwritten via its sidecar structure, Oxbridge Re NS."

Japan-based Zenkyoren is looking to issue at least $200 million Nakama Re Ltd. (Series 2023-1) two-tranche five-year CAT bonds. They will cover Japanese earthquakes on an indemnity trigger and annual aggregate basis.

USAA is looking to issue at least $200 million Residential Reinsurance 2023 Limited (Series 2023-1) two-tranche four-year CAT bonds. 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.

The Texas Windstorm Insurance Association (TWIA) increased its issuance target for its Alamo Re Ltd. (Series 2023-1 & 2023-2) three-year CAT bonds from $250 million to $450 million, while opting for a single tranche versus the originally planned two. They will cover Texas named storms and severe thunderstorms on an indemnity trigger and annual aggregate basis.

White Rock Insurance (SAC) issued $4.6 million Asagao VI single-tranche one-year CAT bonds that will cover Japanese earthquake risks on a parametric basis.

Florida-based Heritage Insurance Holdings, Inc. is looking to issue at least $180 million Citrus Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover US named storms on an indemnity trigger and per-occurrence basis.

Florida-based Slide Insurance Company issued $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.

Aviva completed a £400 million bulk purchase annuity buy-in transaction with the trustees of the DB (UK) Pension Scheme in September 2022. Aviva will insure the defined benefit pension liabilities for nearly 1,300 members, using an ‘umbrella contract’ which will provide an efficient basis for future transactions.

The Texas Windstorm Insurance Association (TWIA) increased its issuance target for its Alamo Re Ltd. (Series 2023-1 & 2023-2) three-year CAT bonds to $500 million. It had already increased the target from $250 million to $450 million, while opting for a single tranche versus the originally planned two. They will cover Texas named storms and severe thunderstorms on an indemnity trigger and annual aggregate basis.

The California Earthquake Authority (CEA) increased its issuance target for its Ursa Re Ltd. (Series 2023-1) two-tranche two years seven month CAT bonds from $175 million to $200 million. They will cover California earthquakes on an annual aggregate basis.

State Farm issued $250 million Merna Re II Ltd. (Series 2023-1) and $200 million Merna Re II Ltd. (Series 2023-2) [single-tranche?] three-year CAT bonds. They both cover losses on a per-occurrence and indemnity trigger basis. The Series-1 bond covers US named storm and earthquake on a first-event basis for all states (excluding California and Texas) and on a second-event basis for Florida named storms. The Series-2 bonds cover named storms specifically for the state of Texas.

The Texas Windstorm Insurance Association (TWIA) issued $500 million Alamo Re Ltd. (Series 2023-1 & 2023-2) three-year CAT bonds, after increasing the target from $250 million to $450 million, while opting for a single tranche versus the originally planned two. They will cover Texas named storms and severe thunderstorms on an indemnity trigger and annual aggregate basis.

Japan-based Zenkyoren increased its issuance target for its Nakama Re Ltd. (Series 2023-1) two-tranche five-year CAT bonds from $200 million to $275 million. They will cover Japanese earthquakes on an indemnity trigger and annual aggregate basis.

US-based SageSure increased its issuance target for its Gateway Re II Ltd. (Series 2023-1) single-tranche three-year CAT bonds from $100 million to $125 million. 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.

The California Earthquake Authority (CEA) issued $200 million Ursa Re Ltd. (Series 2023-1) two-tranche two years seven month CAT bonds versus the original $175 million target. They will cover California earthquakes on an annual aggregate basis.

The North Carolina Insurance Underwriting Association (NCIUA) increased its issuance target for its Cape Lookout Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds from $200 million to $350 million. They will cover North Carolina named storms and severe thunderstorms on an indemnity and annual aggregate basis.

US-based SageSure increased its issuance target for its Gateway Re II Ltd. (Series 2023-1) single-tranche three-year CAT bonds from $100 million to $125 million. 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.

U.S. primary insurer Nationwide Mutual Insurance Company is looking to issue $150 million or more Aquila Re I Ltd. (Series 2023-1) three-tranche three-year CAT bonds. 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.

Japan-based Zenkyoren issued $225 million Nakama Re Ltd. (Series 2023-1) two-tranche five-year CAT bonds from, versus the initial $200 million target that had later been increased to $275 million. They will cover Japanese earthquakes on an indemnity trigger and annual aggregate basis.

The North Carolina Insurance Underwriting Association (NCIUA) issued $350 million Cape Lookout Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds, versus the original target of $200 million. They will cover North Carolina named storms and severe thunderstorms on an indemnity and annual aggregate basis.

New Zealand’s Toka Tū Ake Earthquake Commission (EOC) is looking to issue NZ $250 million ($156 million) Totara Re Pte. Ltd. (Series 2023-1) single-tranche four-year CAT bonds. They will cover New Zealand earthquakes, tsunamis, landslides, volcanic eruptions, hydrothermals, storms, and flood events on an indemnity and per-occurrence basis.

Alcoa Corporation purchased group annuity contracts covering $235 million of pension obligations and assets associated with defined benefit pension plans for certain Canadian retirees and beneficiaries. This is the Alcoa’s sixth pension annuity transaction for a total transfer of approximately $3.6 billion in pension obligations and assets since 2018. The latest group annuity contracts, which required no cash funding from Alcoa, will be executed by Industrial Alliance Insurance and Financial Services Inc. and will cover approximately 500 participants in the Canadian pension plans.

Total UK pension scheme buy-in and buy-out volumes reached £15.8 billion in the second half of 2022, bringing the full year total to around £27.7 billion, similar to the volume completed in 2021, according to Hymans Robertson. Approximately 80% of the H2 volume was in relation to buy-ins. There were £15.7 billion of longevity swaps done in 2022, the third successive year for longevity swaps to exceed £15 billion.

California-based Palomar Insurance is looking to issue at least $150 Torrey Pines Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover California specific and US-wide earthquakes on an indemnity and per-occurrence basis.

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.

Florida’s Citizens Property Insurance Corporation is looking to issue at least $200 million Everglades Re II Ltd. (Series 2023-1 & 2023-2) two-tranche nine-month CAT bonds. They will cover Florida named storms on an indemnity and annual aggregate basis.

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.

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.

The trustees of the Ibstock Pension Scheme have secured a £190m buy-in with Just Group, meaning that all of the scheme's defined benefit (DB) benefits are now covered.

The Safeway Pension Scheme has completed a £1.4 billion buy-in with Rothesay, securing the benefits of 7,200 pensioners and dependants, as well as a further 15,300 deferred members.