Here's our latest Friday wrap-up of key news from the week (a day late due to a busy day at our New York conference yesterday).
The catastrophe bond market had another busy week with new deals launching from American Integrity and Kin Insurance.
The upsizing and pricing down trend continued, as Tower Hill secured a 75% upsized issuance, SageSure raised the size for its new Gateway deal, and the CEA also doubled the target for its new Ursa Re.
In addition, Hannover Re's Kaith Re brought $84m of private Seaside Re cat bonds to market.
We also took a deep-dive into the awaited Brookmont Cat Bond ETF and discussed liquidity with the fund's managers in a Q&A.
The California wildfire news flow continued, as the wildfires triggered the first ever negative January for the Swiss Re cat bond Index.
Which was reflected in the cat bond market yield, which saw a small spike higher on the cat bond price adjustments seen.
We detailed some of the cat bond names that saw additional price declines in the secondary market at the end of last week.
Meanwhile, USAA estimated $1.8bn of losses from the wildfires, while Allstate estimated a $2bn gross loss of which it expects to recover $900m from its reinsurance.
In other news this week, Hannover Re expanded its overall retro program at the 1/1 renewals, although shrinking its K-Cessions sidecar as anticipated.
Twelve Capital launched its first parametric ILS fund, working with parametric specialist Descartes Underwriting alongside Generali's Global Corporate & Commercial arm for origination.
Parameter Climate launched a Bermuda-based transformer to syndicate parametric risk to alternative capital.
The Florida State Board of Administration made an additional $70 million investment in the RenaissanceRe vehicle Tintoretto Reinsurance Partners, LP in Q4.
Markel reported a rise in Nephila Capital related ILS revenue for 2024, as well as a 55% increase in ILS premium fronted.
Jason Bolding has been promoted to Chief Executive Officer (CEO) of Gallagher Securities, while Bill Dubinsky moves into the role of Chairman.
Leadenhall Capital Partners hired experienced ILS fundraising executive Barthelemy Thomas as Director within its business development team.
Fitch Ratings said this week that it anticipates sustained robust growth in the supply of alternative reinsurance capital throughout 2025.
Finally, if you haven't seen them, Artemis has a wealth of data and analytics on the catastrophe bond and broader ILS market. View our charts and Deal Directory.
Catch up on our video interviews with ILS market leaders here.
If you prefer to listen, subscribe to our podcast series for audio interviews & additional special episodes.
We'll be back next week with more regular coverage.
We hope you have a safe & relaxing weekend.
No comments:
Post a Comment