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Groupama seeks €150m windstorm cover from Quercus Re catastrophe bond
Groupama seeks €150m windstorm cover from Quercus Re catastrophe bond
France-based Groupama is looking to issue at least €150 million Quercus Re DAC 2024-1 single-tranche three-year catastrophe (CAT) bonds. They will cover losses from French windstorms on an annual aggregate indemnity trigger-based basis, with deductibles and loss caps to define attachment and exhaustion points. [Source: Artemis.bm]
#ART#ILS#CAT
·artemis.bm·
Groupama seeks €150m windstorm cover from Quercus Re catastrophe bond
Puerto Rico Parametric Re cat bond grows to $85m, price set to mid-point
Puerto Rico Parametric Re cat bond grows to $85m, price set to mid-point
The government of Puerto Rico will issue $85 million Puerto Rico Parametric Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $75 million target. 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]
#ART#ILS#CAT
·artemis.bm·
Puerto Rico Parametric Re cat bond grows to $85m, price set to mid-point
Recent U.K. pension risk transfer activity
Recent U.K. pension risk transfer activity
Pensions Expert picked up news about two U.K-based pension risk transfer deals. European Metal Recycling secured a £33 million buy-in with Aviva in May 2024, covering deferred and pensioner members, without further contributions from the sponsoring employer. In June, Contship Containerlines Limited 1979 Pension Scheme, sponsored by travel company TUI, completed a £25 million full scheme buy-in with Legal & General. [Pensions Expert]
#ART#Longevity#Pensions
·pensions-expert.com·
Recent U.K. pension risk transfer activity
Bentley Motors completes £880m buy-in with Standard Life
Bentley Motors completes £880m buy-in with Standard Life
U.K.-based Rolls-Royce & Bentley Pension Fund, sponsored by Bentley Motors, completed a £880 million full scheme buy-in with Standard Life, securing the benefits of around 6,000 members. It replaces the scheme’s existing longevity swap with Standard Life, originally executed in 2013 with Abbey Life, now a part of Standard Life. [European Pensions]
#ART#Longevity#Pensions#UnitedKingdom
·europeanpensions.net·
Bentley Motors completes £880m buy-in with Standard Life
DOL's IB 95-1 Report Calls for Further Review of DB Pension De-Risking
DOL's IB 95-1 Report Calls for Further Review of DB Pension De-Risking
The U.S. Department of Labor (DOL) published its report on Interpretative Bulletin 95-1, which outlines the process defined benefit plan fiduciaries must use when selecting an annuity provider to which the plan will transfer pension obligations. The report concluded that the DOL is “not prepared at this time to propose amendments" but indicated that the department could consider changes to the bulletin in the future. Some of the key issues highlighted included private equity ownership of pension risk transfer providers, offshore reinsurance agreements, and administrative capacity. [Read more at Plan Advisor and https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/laws/secure-2.0/report-to-congress-on-interpretive-bulletin-95-1.pdf]
#ART#Longevity#Pensions#UnitedStates
·planadviser.com·
DOL's IB 95-1 Report Calls for Further Review of DB Pension De-Risking
Alternative capital hits $110bn mid-year high
Alternative capital hits $110bn mid-year high

The amount of alternative capital in the reinsurance industry has reached another new high at the middle of 2024, with capital allocated to alternative and insurance-linked securities (ILS) structures now reaching $110 billion, according to Aon. [Source: Artemis.bm and https://aon.mediaroom.com/2024-06-27-Favorable-Renewal-in-a-Dynamic-Reinsurance-Market-at-Mid-Year,-Aon-Reports]

[Insert graphic]

#ART#ILS#CAT
·artemis.bm·
Alternative capital hits $110bn mid-year high
PIC seals buy-in with £1.2bn TotalEnergies deal
PIC seals buy-in with £1.2bn TotalEnergies deal
U.K.-based Total Energies UK Pension Plan completed a £1.2 billion buy-in with Pensions Insurance Corporation (PIC). Coupled with a £1.6 billion buy-in completed with PIC in 2014, the scheme is now totally insured.
#ART#ILS#CAT
·pensions-expert.com·
PIC seals buy-in with £1.2bn TotalEnergies deal
Twelve Capital completes $15m Dodeka 2024-1 private catastrophe bond
Twelve Capital completes $15m Dodeka 2024-1 private catastrophe bond
Switzerland-based Twelve Capital privately placed $15 million Dodeka 2024-1 half-year catastrophe (CAT) bonds. They are structured as a transformed industry-loss warranty (ILW) arrangement, and will probably cover losses from U.S. windstorms. [Source: Artemis.bm]
#ART#ILS#CAT
·artemis.bm·
Twelve Capital completes $15m Dodeka 2024-1 private catastrophe bond
Schroders Capital & Hannover Re collaborate on tokenized ILS pilot
Schroders Capital & Hannover Re collaborate on tokenized ILS pilot
Germany reinsurer Hannover Re has collaborated with Schroders Capital on a pilot tokenization project, designed to enhance the way insurance-linked securities are invested and managed. On an internal-only basis, Schroders successfully enabled reinsurance contracts to be tokenized and traded on a public blockchain platform using smart contracts. This allowed a number of time-consuming processes to be automated. For example, by integrating key catastrophe insurance data sources into the smart contracts payments to appropriate recipients could be automatically triggered if qualifying natural disaster events occurred. [Source: Artemis.bm]
#ART#ILS#CAT#Fintech#Blockchain#SmartContracts#Tokenization
·artemis.bm·
Schroders Capital & Hannover Re collaborate on tokenized ILS pilot
Menzies Pension Fund completes £260m buy-in with Just Group
Menzies Pension Fund completes £260m buy-in with Just Group
The U.K.-based Menzies Pension Fund completed a £260 million buy-in with Just Group, securing the benefits of almost 1,400 pensioners and over 1,650 deferred members. The transaction included dovetailing the process with a secondary market sale of an illiquid asset and deferral of premium to enable the buy-in shortfall to be met by a continuation of the existing schedule of contributions. [Source: Pensions Age]
#ART#Longevity#Pensions#UnitedKingdom
·pensionsage.com·
Menzies Pension Fund completes £260m buy-in with Just Group
GE Hit By Athene PRT Lawsuit
GE Hit By Athene PRT Lawsuit
Law firm Schlichter Bogard LLP has filed a lawsuit against General Electric for completing a $1.7 billion pension risk transfer with Athene Annuity and Life in December 2020. The law firm is representing three former participants of the GE Pension Plan. The firm is also representing plaintiffs in similar cases against AT&T, Lockheed Martin and Alcoa. The lawsuits accuse the defendents of failing to meet the U.S. Department of Labor standard for selecting safest available insurer when transferring pension assets and liabilities to an insurance company, claiming that Athene is a “highly risky private-equity controlled insurance company with a complex and opaque structure.” The lawsuit alleges that by offloading pension obligations to Athene caused retirees to “lose their status as ‘participants’ in the ERISA-governed plan, and therefore, become no longer entitled to ERISA’s protections for employee retirement benefits.” [Source: Plan Advisor]
#ART#Longevity#Pensions#UnitedStates
·planadviser.com·
GE Hit By Athene PRT Lawsuit
Cat bond issuance accelerates in Q2, market hits record size of $48bn
Cat bond issuance accelerates in Q2, market hits record size of $48bn
Catastrophe (CAT) bond and related insurance-linked securities (ILS) market activity levels accelerated in the second-quarter of 2024, with a record $8.4 billion of new risk capital issued that propelled the market to a record size of $48 billion, Artemis’ just-released new quarterly market report details. [Read more at Artemis.bm]
#ART#CAT#ILS
·artemis.bm·
Cat bond issuance accelerates in Q2, market hits record size of $48bn
Aon's latest $45.5m Randolph Re private cat bond issued out of Guernsey
Aon's latest $45.5m Randolph Re private cat bond issued out of Guernsey
Aon privately placed $45.5 million Randolph Re (Series 2024-1) one-year catastrophe (CAT) bonds, probably for Mercury Insurance. They will probably cover losses from California wildfires on a per-occurrence indemnity trigger basis. [Source: Artemis.bm]
#ART#ILS#CAT
·artemis.bm·
Aon's latest $45.5m Randolph Re private cat bond issued out of Guernsey
SageSure's $60m Gateway 2024-4 cat bond closes
SageSure's $60m Gateway 2024-4 cat bond closes
Sagesure will issue $60 million Gateway Re Ltd. (Series 2024-4) single-tranche half-year catastrophe (CAT) bonds, versus the original $50 million target. They will cover losses from U.S. named storms on a county-weighted industry loss index-triggered annual aggregate basis. [Source: Artemis.bm]
#ART#ILS#CAT
·artemis.bm·
SageSure's $60m Gateway 2024-4 cat bond closes
Brookfield eyes U.K. pension risk transfer market
Brookfield eyes U.K. pension risk transfer market

Brookfield, a Canadian investment and insurance firm, is looking to enter the U.K.’s $50 billion-a-year pension risk transfer market, according to an earnings call.

Brookfield is already active in the U.S. pension risk transfer market. In 2023, Brookfield undertook PRT activity in the U.S. at an amount of $3 billion.

The firm’s first-quarter shareholder letter said Brookfield had built a platform with "significant organic growth," and held a top-three position in the U.S. bulk purchase annuity market. Brookfield also identified a "credible path to doubling this business" over the next five years.

#Pensions#ART#Longevity
·pionline.com·
Brookfield eyes U.K. pension risk transfer market
PIC seals buy-in with £1.2bn TotalEnergies deal
PIC seals buy-in with £1.2bn TotalEnergies deal
Pensions Insurance Corporation (PIC) has completed a £1.2 billion buy-in with the Total Energies UK Pension Plan, securing benefits for more than 2,000 pensioners and dependents and 3,500 deferred members. PIC insured £1.6 billion of TotalEnergies’ liabilities in a buy-in completed in 2014. This latest transaction means the whole scheme is now insured. [Source: Pensions Expert]
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
PIC seals buy-in with £1.2bn TotalEnergies deal
Groupama gets €150m Quercus Re cat bond windstorm reinsurance priced at low-end
Groupama gets €150m Quercus Re cat bond windstorm reinsurance priced at low-end
France-based Groupama will issue €150 million Quercus Re DAC 2024-1 single-tranche three-year catastrophe (CAT) bonds. They will cover losses from French windstorms on an annual aggregate indemnity trigger-based basis, with deductibles and loss caps to define attachment and exhaustion points. [Source: Artemis.bm]
#ART#ILS#CAT
·artemis.bm·
Groupama gets €150m Quercus Re cat bond windstorm reinsurance priced at low-end
Oxbridge Re raises $2.88m for EpsilonCat Re tokenized reinsurance sidecar securities
Oxbridge Re raises $2.88m for EpsilonCat Re tokenized reinsurance sidecar securities
Oxbridge Re Ltd., the Cayman Islands based reinsurance company, through its SurancePlus digital securities subsidiary, completed a private placement of 287,705 Participation Shares represented by the digital tokens, EpsilonCat Re, under a 3-year Participation Share Investment Contract to raise roughly $2.88 million. [Source: Artemis.bm]
#ART#ILS#CAT#DLT#Blockchain#Tokenization
·artemis.bm·
Oxbridge Re raises $2.88m for EpsilonCat Re tokenized reinsurance sidecar securities
World Bank eyes first 'drought' bond in next 12-18 months
World Bank eyes first 'drought' bond in next 12-18 months
The World Bank is looking to issue its first drought bond in the next 12-18-months, most likely focused on Africa. The World Bank's George Richardson said that modelling droughts, wildfires and floods was a little more difficult than earthquakes or storms for a parametric catastrophe (CAT) bond. "The fundamental challenge is that you need data, and you need to have some history of that so that it can be modelled by various agencies," Richardson said. [Source: Reuters]
#ART#ILS#CAT
·reuters.com·
World Bank eyes first 'drought' bond in next 12-18 months