Financial

The new Bonanza Re Ltd. (Series 2020-2) catastrophe bond issuance could triple in size, as the transactions upper target has been lifted to provide as much as $300 million of reinsurance protection for ARX Holding, the Progressive-owned parent of American Strategic Insurance Group. The Bonanza Re 2020-2 catastrophe bond will be the second of the…

Insurance and reinsurance broker Aon said today that it is currently seeing a “demand surge” for parametric risk transfer products, as clients look for solutions that can rapidly deliver cash flow after loss events occur. Aon said that its Innovation and Solutions team, a specialist unit focused on innovative risk transfer structures including parametric transactions,…

The new Easton Re Pte. Ltd. (Series 2020-1) catastrophe bond transaction that is being sponsored by Hamilton, the Bermuda based insurance and reinsurance holding company, has seen its coupon price guidance dropped during the marketing phase of the issuance, as investors once again demonstrate their appetite for risk from respected sponsors. This catastrophe bond is…

Reinsurance Group of America (RGA) has provided the Barclays Bank UK Retirement Fund, a pension scheme and fund managing assets on behalf of UK employees of the bank, with a UK £5 billion longevity swap transaction. The Barclays pension explained today that entering into the longevity swap arrangement with global life and annuities focused reinsurance…

The earthquake that struck off the coast of Turkey on October 30th and devastated some areas including the Izmir region is estimated to have only cost the insurance and reinsurance industry EUR 55 million, according to an estimate from PERILS AG. The earthquake cause significant property damage around the Izmir region, downing buildings and damaging…

Catastrophe bond issuance in 2020 has now surpassed another annual record, as the total amount of risk capital issued in pure, syndicated property cat bond transactions so far this year has now reached almost $10.3 billion. It’s the first time in all the years we’ve been tracking catastrophe bond market activity that issuance volumes have…

Arch Capital Group Ltd., the Bermuda headquartered specialty insurance and reinsurance firm, has returned to the capital markets for a fourth Bellemeade Re mortgage insurance-linked securities (ILS) issuance of 2020. We understand this fourth mortgage ILS transaction from Arch Capital is in the early stages of being marketed to investors at this time. Arch has…