Here's our latest Friday wrap-up of key news from the week.
This week, we didn't see any new catastrophe bond offerings, but the market is busy with updates or pricing for a number of deals.
AXIS secured the upsized $200m target for its latest Northshore Re II cat bond, which priced at the low-end of guidance.
Core Specialty secured an upsized $95m of protection for its StarStone US entities with its latest Yosemite Re cat bond, with the noted priced at the top-end of guidance.
Sutton National secured its upsized target of $100m in fire cover for California via its debut Greengrove Re cat bond, priced at the mid of guidance.
Brit secured its $100m target for protection from the Lapis cat bond that is being issued by London Bridge, priced below guidance.
Also, in an update, we explained that SageSure has lifted its target for the latest Gateway Re cat bond to $150m.
Elsewhere in the cat bond world, Flood Re's CEO called its debut Vision 2039 cat bond an innovative milestone for the flood reinsurer.
Icosa Investments warned of the tornado season threat, and we reported on an estimate of the recent mid-March US tornado outbreak costing the insurance industry up to $3bn.
Tenax Capital's portfolio managers told us that Florida cat bonds look relatively more attractive at this time, as they tend to trade above the market spread.
Moody's Ratings is seeking feedback on ILS and cat bonds, potentially to inform a new rating methodology.
In other news, we reported that wildfire losses drove a significant roughly 20% gap between the best and worst performing funds in the ILS Advisers Index.
Elementum Advisors promoted two of its senior employees, making them co-CIO's, one with cat bond and the other private ILS responsibilities.
Executives of ILS allocator the Florida State Board of Administration explained that specialty lines, as well as casualty and cyber risks could be in scope.
Sandra DeSilva announced the launch of AI-powered parametric insurance platform and reinsurer Mythen.
Lloyd's reported a 21% return-on-capital for 2024, while its Deputy CFO said the pipeline for its London Bridge ILS structure remains healthy.
Moody's said it expects catastrophe reinsurance rates will stabilise in the US at the mid-year renewals.
Aon's CEO Greg Case is set to take on President responsibilities as well, as Eric Andersen is stepping down from the role.
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.
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We'll be back next week with more regular coverage.
We hope you have a safe & relaxing weekend.
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