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AmRisc, LLC, a coastal commercial property insurance specialist subsidiary of Truist Insurance Holdings, has raised $325 million of capacity for a collateralized reinsurance sidecar named Trouvaille Re Ltd., with alternative investment firm Stone Point in support. The capital was raised by a combination of collateralized capital sourced from a diversified group of investors and capacity provided by the transaction’s fronting carrier, MS Transverse.

Louisiana Citizens Property Insurance Corporation is looking to issue $225 million Bayou Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storm losses that hit the state of Louisiana on an indemnity trigger and per-occurrence basis. [Artemis]

USAA is looking to issue at least $175 million Residential Reinsurance 2024 Limited (Series 2024-1) three-tranche catastrophe (CAT) bonds. One of the tranches is a zero-coupon one-year note, and the other two tranches will provide four years of cover. They will cover losses from U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses) on an annual aggregate and indemnity basis. [Artemis]

The first-quarter of 2024 saw a record $4.23 billion of new issuance across full 144A property catastrophe bond transactions, cat bonds covering non-catastrophe risks, such as health risks in this case, and privately placed cat bond deals. This is just the second time in the market’s history that first quarter issuance has exceeded $4 billion, and at $4.23 billion, issuance was 30% higher than Q1 2023 and is above the 10-year average for the period by roughly $1.1 billion.

Slide Insurance will issue $210 million Purple Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $150 million target. They will cover losses from named storms that affect Florida and South Carolina on an indemnity and per-occurrence basis. [Artemis]

The Government of Mexico will issue, in partnership with the World Bank (IBRD), $420 million IBRD CAR Mexico 2024 three-tranche four-year catastrophe (CAT) bonds, versus the original $360 million target. They will cover losses from earthquakes and Atlantic hurricanes that impact Mexico on a parametric trigger per-occurrence basis. The size of payout will be dependent on an earthquake's magnitude or the depth of central pressure of a hurricane. [Artemis]

The Jamaican government is looking to issue at least $150 million IBRD CAR Jamaica 2024 single-tranche catastrophe (CAT) bonds. The bonds will cover four hurricane seasons, so they will mature on December 29th 2027, so they are not quite four-year bonds. They will be issued by the World Bank (IBRD) under its global debt issuance facility and the Capital-At-Risk notes program. The bonds will cover losses from Atlantic named windstorms that hit Jamaica on a parametric per-occurrence basis. [Artemis]

De Beers UK Pension Scheme has completed an £870 million full buy-in with Pension Insurance Corporation (PIC), securing the pensions of 1,464 current pensioners and 473 deferred members. [Pensions Age]

The trustee of the Riverstone Management Pension and Life Assurance Plan has completed a £95 million full buy-in with Standard Life, securing the benefits of all 388 members in the scheme. The transaction relates to a pension scheme sponsored by Brit Insurance and is the second Brit-sponsored scheme to achieve a full scheme buy-in. As well as insuring full benefits, the deal also includes an enhancement to members’ benefits to give full future inflation protection. [Pensions Age]

Battery maker Energizer has completed a full scheme buy-in with Just Group worth £44 million, the insurer announced this week. The transaction secures benefits for 409 pensioners and 358 deferred members of the Energizer UK Pension Plan. [Pensions Expert]

Florida Peninsula Insurance issued $150 million Palm Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from named storm losses in the state of Florida, on a per-occurrence and indemnity trigger basis.

U.S. primary insurer Nationwide Mutual Insurance Company is looking to issue at least $150 million Aquila Re I Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from the perils of US named storm, earthquake, severe thunderstorm, winter storm, wildfire, meteorite impact, volcanic eruption on an indemnity triggered and per-occurrence basis. [Artemis]

American European Insurance will isuue $125 million Charles River Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from named storms that affect the states of Massachusetts, New Jersey, New York and South Carolina, on a per-occurrence and indemnity trigger basis. [Artemis]

Aspen Insurance Holdings Limited is looking to issue at least $150 million Kendall Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from US named storms, including Puerto Rico, the US Virgin Islands and DC, as well as US and Canada earthquake, plus European windstorms on a weighted (state/county/Cresta) industry loss and annual aggregate basis. [Artemis]

Lucite International U.K. Pension Fund completed a £130 million pension plan buy-in with U.K. financial services firm Just Group in March 2024. The pension plan is sponsored by Lucite parent company Mitsubishi Chemical U.K. and secures the benefits of 438 plan participants, including 156 retirees. [Pensions & Investments]

Epson U.K. Ltd. completed a £60 million pension plan buy-in with Just Group. The deal secures the benefits of 113 retirees and a further 289 deferred plan participants. [Pensions & Investments]

The Mexican government added a $125 million four-year tranche to its recently issued $420 million World Bank facilitated IBRD CAR Mexico 2024 three-tranche four-year catastrophe (CAT) bond. The new notes cover losses from Pacific named storms on a parametric basis, whereas the earlier deal covered earthquakes and Atlantic hurricanes. [Artemis]

Hannover Re issued $13.75 million Cumulus Re (Series 2024-1) single-tranche one-year catastrophe (CAT) bonds. They will cover losses from cloud outages on a parametric basis. [Artemis]

American Coastal Insurance will issue $200 million Armor Re II Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $150 million target. They will cover losses from Florida named storms on an indemnity and per-occurrence basis. [Artemis]

Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, will issue $150 million Nakama Re Pte. Ltd. (Series 2024-1) single-tranche five-year catastrophe (CAT) bonds. They will cover losses from losses from shake and related perils of earthquakes, including tsunami’s, fire, flooding and sprinkler leakage, on a three-year aggregate, indemnity triggered basis. [Artemis]

Louisiana Citizens Property Insurance Corporation will issue $275 million Bayou Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $225 million target. They will cover losses from named storm losses that hit the state of Louisiana on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Citizens Property Insurance Corporation is looking to issue at least $950 million Everglades Re II Ltd. dual series three-tranche catastrophe (CAT) bonds, Series 2024-1 running for three years, and Series 2024-2 for two-years. They will cover losses from named storms that hit the state of Florida, on an annual aggregate indemnity trigger basis, . [Source: Artemis.bm]

Aspen Insurance Holdings Limited will issue $300 million Kendall Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds, double the original $150 million target. They will cover losses from US named storms, including Puerto Rico, the US Virgin Islands and DC, as well as US and Canada earthquake, plus European windstorms on a weighted (state/county/Cresta) industry loss and annual aggregate basis. [Source: Artemis.bm]

The North Carolina Joint Underwriting Association (NCJUA) is looking to issue at least $125 million Longleaf Pine Re Ltd. (Series 2024-1) single-tranche catastrophe (CAT) bonds (term to maturity unknown at this point). They will cover losses from North Carolina named storm losses on an indemnity trigger and annual aggregate basis, with covered events needing to result in an ultimate net loss of at least $25 million to qualify for aggregation. [Source: Artemis.bm]

U.K.-based Lexmark Pension Plan has secured a £46 million full plan buy-in with Canada Life. It secures the benefits of all 177 plan participants, comprising 93 retirees and 84 deferred participants. [Source: Pensions & Investments]

USAA will issue $125 million Residential Reinsurance 2024 Limited (Series 2024-1) two-tranche catastrophe (CAT) bonds, versus the originally targeted $175 million three-tranche bond. One of the originally planned tranches, a zero-coupon one-year note, was dropped. The remaining and two tranches will provide four years of coverage of losses from U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses) on an annual aggregate and indemnity basis. [Source: Artemis.bm]

Nephila Capital is looking to issue at least $100 million Atela Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from major industry losses from US named storms and US earthquakes on an annual aggregate and industry loss index basis. [Source: Artemis.bm]

U.S. primary insurer Nationwide Mutual Insurance Company will issue $225 million Aquila Re I Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $150 million target. They will cover losses from the perils of US named storm, earthquake, severe thunderstorm, winter storm, wildfire, meteorite impact, volcanic eruption on an indemnity triggered and per-occurrence basis. [Source: Artemis.bm]