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Vermont Mutual Insurance Company is looking to issue $100 million Baldwin Re Ltd. (Series 2023-1) single-tranche four-year CAT bonds. It will cover US Northeast, named storm, earthquake, severe weather, and fire, on an indemnity and per-occurrence basis.

Hannover Re is looking to issue at least $100 million Acorn Re Ltd. (Series 2023-1) single-tranche three+-year CAT bonds. They will cover U.S. west coast region earthquake damage on a per-occurrence parametric basis.

New Jersey Manufacturers Insurance is looking to issue at least $175 million Lower Ferry Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover US named storms across the Northeast US states of New Jersey, Pennsylvania, Delaware, New York, Connecticut, Maryland and Ohio, on an indemnity and per-occurrence basis.

The California Earthquake Authority (CEA) issued $425 million Sutter Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds, versus the original $300 million target. They will cover annual aggregate California earthquake-related losses on an indemnity trigger basis.

US-based The Hanover Insurance Group issued $150 million Commonwealth Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds, versus the original $125 million target. They will cover named storm losses across the states of Connecticut, Delaware, DC, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont and Virginia, on an indemnity and per-occurrence basis.

AXA is looking to issue at least €125 million Eiffel Re Ltd. (Series 2023-1) single-tranche 3.5-year CAT bonds. They will cover windstorms in Europe, including the United Kingdom, on an industry-loss trigger and per-occurrence basis, with Cresta, the PERILS operated organization as reporting agent.

Bermuda-based Conduit Re issued $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.

Aegon U.K. Staff Retirement and Death Benefit Scheme, Edinburgh, insured £160 million ($199 million) in pension liabilities through a buy-in with Scottish Widows. The latest deal covers the liabilities of 500 retired plan participants for the £1 billion pension fund.

The Massachusetts Property Insurance Underwriting Association (MPIUA) is looking to issue at least $175 million Mayflower Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover Massachusetts named storm, severe thunderstorm and winter storm events on an indemnity based and annual aggregate basis.

Korean Re issued $75 million Solomon Re Ltd. (Series 2023-1) single-tranche three-year CAT bonds. They will cover certain losses from US named storms and earthquakes, on a per-occurrence industry loss trigger basis.

"The Finance Minister of Jamaica Nigel Clarke has told Reuters that his country intends to renew its catastrophe bond coverage when it reaches maturity at the end of this year and will do so as a stand-alone cat bond for Jamaica, or as a regional Caribbean wide one if others want to participate."

U.S.-based Slide Insurance Company is looking to issue at least $100 million Purple Re Ltd. (Series 2023-2) single-tranche three-year CAT bonds. They will cover named storm losses in Florida and South Carolina on an indemnity trigger and per-occurrence basis.

"One of the interesting trends seen in the catastrophe bond market through recent years and a clear reaction to loss activity experienced, is the shift away from aggregate cat bond coverage, back towards per-occurrence structures becoming the more dominant form seen."

Harrods Group Pension Plan, London, insured £400 million in liabilities through a full buy-in with Scottish Widows.

Aon issued EUR 100 million Randolph Re (Groupama) CAT bonds. They will provide French insurer Groupama with coverage of weather related claims in France on an indemnity basis. Nothing is currently known about the number of tranches or term to maturity.

UK-based Nationwide Pension Fund Trustee Limited has entered into a £1.7 billion longevity swap agreement with the UK subsidiary of Zurich Insurance ("Zurich Assurance"), with US-based Prudential Financial acting as the reinsurance capital provider.

US-based private equity firm Blackstone is looking to issue at least $250 million Wrigley Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. Both tranches are indemnity based, with the Class A tranche covering named storm-related losses across the US and Canada on a per occurrence basis, and earthquakes across US states except California and Canada on an annual aggregate basis. The Class B tranche will cover California earthquakes on an annual aggregate basis.

AXA issued €125 million Eiffel Re Ltd. (Series 2023-1) single-tranche 3.5-year CAT bonds versus the €125 million initial target. They will cover windstorms in Europe, including the United Kingdom, on an industry-loss trigger and per-occurrence basis, with Cresta, the PERILS operated organization as reporting agent.

Hannover Re issued $150 million Acorn Re Ltd. (Series 2023-1) single-tranche three+-year CAT bonds versus the $125 million initial target. They will cover U.S. west coast region earthquake damage on a per-occurrence parametric basis.

New Jersey Manufacturers Insurance issued $190 million Lower Ferry Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds versus the $175 million initial target. They will cover US named storms across the Northeast US states of New Jersey, Pennsylvania, Delaware, New York, Connecticut, Maryland and Ohio, on an indemnity and per-occurrence basis.

U.S.-based Slide Insurance Company issued $100 million Purple Re Ltd. (Series 2023-2) single-tranche three-year CAT bonds. They will cover named storm losses in Florida and South Carolina on an indemnity trigger and per-occurrence basis.

Cayman Islands-based Oxbridge Re sold $2.4 million of DeltaCat Re tokenized reinsurance securities, representing fractionalized interests in reinsurance contracts written by its Oxbridge Re NS reinsurance sidecar. They are tokenized on the Avalanche blockchain.

Artemis reports that issuance of property catastrophe bonds in the first-half of 2023 hit an all-time high for the period of almost $9.7 billion, which beats the full-year total from 2022 and sets a new record for any half-year of cat bond issuance.

UK-based Mabey Pension Scheme insured £94 million in liabilities through a buy-in with Just Group. The transaction covered the liabilities of about 1,000 plan participants.

US-based SageSure is looking to issue at least $50 million Gateway Re Ltd. (Series 2023-3) single-tranche three-year CAT bonds. It covers named storms in Alabama, North and South Carolina, Louisiana, Mississippi, Texas, Virginia, and New York on a county-weighted industry-loss index annual aggregate basis.

The catastrophe (CAT) bond and related insurance-linked securities (ILS) market saw $7.1 billion of new issuance in the second-quarter of 2023, becoming the biggest single quarter of issuance in the market’s history, Artemis’ latest quarterly report shows. [Artemis]

While the insurance-linked securities (ILS) market is now beginning to see broader growth resuming, with some successful capital raises across private ILS and collateralized reinsurance, the catastrophe (CAT) bond market is still leading the way as the main source of ILS market growth in 2023, Aon Securities’ latest data shows. The broker issued its latest reinsurance market report recently, highlighting a return to growth for alternative reinsurance capital and that it hit a new high of $100 billion at the end of Q1 2023. [Artemis]

UK-based APi Group insured £1.1 billion in liabilities for two of its pension funds — Chubb Pension Plan and Chubb Security Pension Fund — through full buy-ins with Standard Life. The transactions, which were the first pension risk transfer deals for both plans, covered 14,000 plan participants. [Pensions & Investments]

UK-based United Utilities Group PLC insured £1.8 billion in liabilities for its pension funds through a buy-in with with Legal & General, The deal covers the benefits of United Utilities Pension Scheme and the United Utilities PLC Group of the Electricity Supply Pension Scheme.