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The North Carolina Joint Underwriting Association (NCJUA) will issue $145 million Longleaf Pine Re Ltd. (Series 2024-1) single-tranche catastrophe (CAT) bonds (term to maturity unknown but probably three years), versus the original $125 million target. 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]

France-based SCOR is looking to issue at least $125 million Atlas Capital DAC (Series 2024-1 single-tranche three-year catastrophe (CAT) bonds. They will cover losses from US named storms on an annual aggregate and state-weighted industry loss trigger basis. [Source: Artemis.bm]

Florida Citizens Property Insurance Corporation will issue $1,100 million Everglades Re II Ltd. two-tranche three-year catastrophe (CAT) bonds, versus the original $950 million target. They will cover losses from named storms that hit the state of Florida, on an annual aggregate indemnity trigger basis, . [Source: Artemis.bm]

SafePoint Insurance Company is looking to issue at least $75 million Nature Coast Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses affecting the states of Florida, Louisiana, Alabama, Mississippi, and Texas on a per-occurrence basis using an indemnity trigger. [Source: Artemis.bm]

UK-based Beazley issued $160 million PoleStar Re Ltd. (Series 2024-2) single-tranche two-year catastrophe (CAT) bonds. The bonds will cover major cyber loss events that impact its underwriting entities, including the syndicates at Lloyd’s and its US insurers, on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

The SureChoice and Elevate reciprocal exchanges are looking to issue at least $100 million Gateway Re Ltd. (Series 2024-3) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms affecting the US states of Alabama, North and South Carolina, Louisiana, Mississippi, and Texas, on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Palomar Insurance Holdings will issue $420 million Torrey Pines Re Ltd. (Series 2024-1) three-tranche three-year catastrophe (CAT) bonds, versus the original $400 million target. They will cover California earthquake losses on an indemnity and per-occurrence basis. [Source: Artemis.bm]

According to the Artemis.bm deal directory, issuance of new catastrophe (CAT) bonds and related insurance-linked securities (ILS) has already reached $10.9 billion in 2024 and has now broken the record for the first-half, while the amount of CAT bond and related ILS risk capital outstanding has reached $48.7 billion, another new high.

The International Monetary Fund (IMF) has singled out the government’s Mansion House reforms for pension schemes in U.K. Article IV consultation. "Reforms to unlock pension savings for higher-return investments should not undermine financial stability or pensioner outcomes. There is a clear economic rationale for consolidating small pension funds, and potential benefits from encouraging the sector to invest more in higher-growth assets. However, realizing these outcomes will take time and persistent efforts. For instance, appropriate investment vehicles will need to be set up to facilitate the scaling up of such investments. These vehicles will need to be robustly designed, managed, and supervised. Caution is warranted around possible financial stability implications of the reforms, particularly given the context of ongoing defined benefit (DB) pension fund buy-outs and potential concentration risk created in the insurance industry from these concurrent changes. It will also be important to monitor the longer-term structural impact of these developments on gilt demand. Finally, staff encourages continued work to ensure adequate pensions for UK employees, including the consideration of expanding auto-enrollment efforts and raising the minimum pension contribution." [Source: IMF]

U.K.-based ICI Pension Fund, sponsored by Netherlands-based AkzoNobel, agreed a £900 million buy-in with Legal & General. The ICI Pension Fund is has about £10 billion in assets, and around 56,000 plan participants. Going back to 2014, Legal & General has now completed 12 transactions totaling £7 billion with the fund, which covers around 70% of total liabilities. [Source: Pensions and Investments]

U.S.-based Metallus purchased a group annuity contract from Prudential Insurance Co. of America to transfer the remaining $121 million in its U.S. pension plan for salaried employees and complete its termination. As of end December 2023, the pension plan had $130 million in assets. [Source: Pensions and Investments]

Dutch-headquartered Achmea is looking to issue at least €75 million Windmill III Re DAC (2024-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from certain European windstorms on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

The Artex Capital Solutions managed Eclipse Re Ltd. structure privately issued $25 million Eclipse Re Ltd. (Series 2024-2A) single-tranche one-year catastrophe (CAT) bonds. [Source: Artemis.bm]

Ariel Re has apparently opted to pull its latest catastrophe bond issuance as a response to the higher cat bond market pricing environment. Ariel Re was looking to issue at least $100 million Titania Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They were to cover certain losses from U.S. 50 state, Puerto Rico, U.S. Virgin Islands, D.C. and Canada named storms and earthquakes, on an annual aggregate basis. [Source: Artemis.bm]

Bermuda-based RenaissanceRe is looking to issue at least $100 million Mona Lisa Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S., Puerto Rico, U.S. Virgin Islands, and D.C. named storms and earthquakes, and Canadian earthquakes, on an annual aggregate basis. The bond will feature an industry loss index trigger, with PCS the reporting agency across personal, commercial and auto line losses. [Source: Artemis.bm]

U.S.-based Allstate has privately placed $74.5 million Sanders Re II Ltd. (Series 2024-2) zero-coupon single-tranche one-year catastrophe (CAT) bonds. Other details are not known at this point, but based on previous Allstate CAT bond issuance, Artemis.bm speculates that they are Florida-focused multi-peril indemnity triggered bonds. [Source: Artemis.bm]

U.S.-based Centrus Energy purchased a group annuity contract from an undisclosed insurance company to transfer about $224 million in U.S. pension plan assets. The firm had purchased a group annuity contract from an undisclosed insurer to transfer about $171 million in pension plan assets in October 2023. [Source: Pensions & Investments]

U.S.-based Entergy purchase a group annuity contract from Metropolitan Life Insurance to transfer nearly $1.2 billion in U.S. pension liabilities. [Source: Pensions & Investments]

The Arqiva Defined Benefit Pension Plan secured a £204 million full scheme buy-in with Pension Insurance Corporation (PIC), securing the retirement benefits of all deferred and pensioner members of the scheme. [Source: Pensions Age]

U.K.-based Telereal Pension Plan completed a £130 million bulk purchase annuity full scheme buy-in with Aviva, covering close to 500 members. [Source: Yahoo! Finance]

U.K.-based Legal & General has completed a buyout with Nortel Networks UK Pension Plan, insuring the final tranche of plan members’ benefits. It consisted of a £14m initial premium, and a £6m top-up on buyout. As a result, Legal & General has now insured £2.5bn of the plan’s liabilities. [Source: Life Insurance International]

The Massachusetts Property Insurance Underwriting Association (MPIUA) is looking to issue at least $100 million Mayflower Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from Massachusetts named storm, severe thunderstorm and winter storm events on an indemnity based and annual aggregate basis. [Source: Artemis.bm]

Everest Re is looking to issue at least $150 million Kilimanjaro II Re Ltd. (Series 2024-1) two-tranche four-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes that impact the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada on a regionally weighted industry-loss trigger per-occurrence basis. [Source: Artemis.bm]

Sagesure is looking to issue at least $50 million Gateway Re Ltd. (Series 2024-4) single-tranche half-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms on a country-weighted industry-loss index annual aggregate basis. [Source: Artemis.bm]

Dutch-headquartered Achmea will issue €100 million Windmill III Re DAC (2024-1) single-tranche four-year catastrophe (CAT) bonds, versus the original €75 million target . They will cover losses from certain European windstorms on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

German reinsurer Hannover Re is looking to issue $100 million 3264 Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from northeast U.S. and Gulf of Mexico named storms on a per-occurrence weighted PCS industry-loss index trigger basis. [Source: Artemis.bm]

The government of Puerto Rico is looking to issue at least $75 million Puerto Rico Parametric Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes that impact the country, on a on a parametric trigger and per-occurrence basis. [Source: Artemis.bm]

U.S.-based 3M purchased a group annuity contract that will transfer $2.5 billion of its U.S. defined benefit pension payment obligations and related plan assets to Metropolitan Tower Life Insurance Company. The transfer relates to approximately 23,000 U.S. retirees and beneficiaries or about 60% of pension plan retiree participants. [Read more at 3M]

U.K.-based MPS (Medical Protection Society) Pension Scheme has completed a £125m full scheme buy-in with Rothesay. All 618 members of the scheme, including 444 delayed members and 174 pensioners and dependents, will have their payments guaranteed by the buy-in. This was the first transaction under the scheme, and as the scheme was in surplus, no contribution from the company was required. [Read more at Corporate Advisor]