A round-up of our ILS focused news from this week
End of week update - Friday February 21, 2025 | | | End of week Artemis update | Here's our latest Friday wrap-up of key news from the week. The catastrophe bond market was again active this week, and we reported that Heritage returned with a $200m Citrus Re deal. US primary insurer Allstate also returned to market with a $300m Sanders Re transaction. We also reported that Bermuda-based AXIS Capital is aiming to secure $150m or more of coverage with its seventh cat bond. Hiscox closed its $200m Ocelot Re 2025 cat bond, the re/insurer's second under the SPI. American Integrity saw some adjustments to the sizes of individual tranches and lower price guidance for its upsized $550m Integrity Re III issuance. Also in the cat bond world, we learned that Security First has seen the price guidance for its latest First Coast Re issuance decline further. California wildfire news also persisted, with Allstate announcing $1.4bn in reinsurance recoveries, as Zurich's Farmers reported an expected loss of $600m for the wildfires. Commenting on the Los Angeles wildfires, AM Best said that potential cat bond losses could strengthen investor demand for higher returns.  In other news this week, Elementum Advisors launched a new higher-yield focused, multi-investor cat bond fund strategy. We also learned this week that Man Group has applied to establish a UCITS catastrophe bond fund. Re/insurance broker Aon said that the healthy retro market helped bolster reinsurance capacity at 1/1, while Conduit Re's CEO noted that the retro market softened to a degree at the January renewals. Icosa Investments said that now is the right time to invest in ILS, and Appleby's Brad Adderley suggested that 2025 is set be another busy year for the cat bond market. We also reported that Enstar acquired a Bermuda based Class 3B reinsurer, and that non-cat P&C focused reinsurer Specialty Risk RE closed a $50m funding round. 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. | Featured Conferences & Events | What's next in 2025? With our New York conference ILS NYC 2025 held recently with more than 415 in attendance, we will soon announce dates for future conferences to be held later this year. | Reinsurance News is a our sister service which delivers the reinsurance news that matters directly through our responsive website and by email to your inbox. This single daily email contains the most important reinsurance news, hand selected by an experienced team of researchers and journalists with years of reinsurance industry experience. | Stay in touch with Artemis | | | | |
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