Here's our latest Friday wrap-up of key news from the week.
This week we covered the launch of two new 144A catastrophe bond offerings.
Convex returned for what will be its third Hypatia Ltd. retro deal, while California insurer Mercury is seeking its first 144A cat bond Luca Re to cover fire risks in its home state.
Also in cat bonds, the CEA secured the 60% top-end target size for $400 million of earthquake reinsurance limit from its new Ursa Re II cat bond.
While AmTrust raised the target size and then secured its new Solis Re cat bond issuance at a 50% larger $150m, with pricing at the bottom of guidance.
Also, Vermont Mutual raised the target size and lowered the pricing for its Baldwin Re 2025-1 cat bond.
There was also news of cat bonds facing losses or considered at-risk this week.
American Integrity is set to benefit from a roughly $13.2 million recovery from its Integrity Re Ltd. (Series 2022-1) catastrophe bond notes.
USAA extended the maturity for $225 million of catastrophe bond notes issued under its originally $400 million Residential Reinsurance 2021 Limited (Series 2021-1) aggregate deal.
Tickets are selling fast for Artemis London 2025. The Early Bird rate is now available for the conference on September 2nd.
In other stories this week, Twelve Securis saw its flagship UCITS cat bond fund surpass $4bn in assets, the first UCITS strategy to do so.
Mereo Advisors, the Bermuda based insurance, reinsurance and asset management group that also manages ILS funds, has been rebranded as Cedar Trace.
The trailing twelve-month return for the UCITS cat bond fund sector lifted back to an average of 12% after a positive May.
Reinsurance and retrocession capacity for Florida surged at the renewals, supported by strong investor appetite in the ILS space, Fitch said.
Senior leaders at Aon explained that the firm will add resources to its ILS business and highlighted the importance of parametrics.
Schroders Capital has posted strong early-year performance across its core catastrophe bond portfolios, benefiting from a deliberate underweight to wildfire risk.
Aon's White Rock spotlighted the new HK bribery case in its lawsuit over the Vesttoo fraud with China Construction Bank.
PCS hired Harry White as its new Head of Commercial Strategy, while also naming Ted Gregory as its new Head of Research and Operations.
Embedding disaster resiliency into cat bonds and ILS could potentially unlock billions of dollars in funding for adaptation and risk reduction measures, according to Alissa Legenza, Member of the UNDRR Investor Advisory Board.
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.
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