Insurance
CEA gets $215m Ursa Re cat bond at 11% reduced pricing
The California Earthquake Authority (CEA) has successfully secured its first catastrophe bond transaction of 2021 at the upsized $215 million target, while the Ursa Re II Ltd. (Series 2021-1) catastrophe bond has been priced at the low-end of already reduced coupon guidance. The pricing has moved considerably, once again reflecting high levels of investor appetite…
Read MoreBest of Artemis, week ending 28th February 2021
Here are the ten most popular news articles, week ending 28th February 2021, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish. Ten most read articles on Artemis.bm,…
Read MoreNew insurance advisory board seeks technological solutions to disaster resilience
The insurance industry continues to be a major stakeholder in mitigating the effects of natural disasters on communities. As such, a group of U.S. insurers, reinsurers, intermediaries, and model providers are creating an advisory board called Helix. Facilitated by The Institutes, Helix seeks to integrate new approaches to automated claims analysis into an overarching framework…
Read MorePalomar seeks $300m Torrey Pines quake cat bond issued from Singapore
Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has returned to the catastrophe bond market its second transaction, with a new $300 million Torrey Pines Re Pte. Ltd. (Series 2021-1) earthquake only deal that is being issued out of Singapore. Palomar had previously sponsored a $166 million Torrey Pines…
Read MoreSiriusPoint launches with over $3bn, adds Montross & Ludlow to directors
SiriusPoint Ltd. has launched as a new international specialty insurance and reinsurance company today, starting with over $3 billion of capital. SiriusPoint has been formed through the merger of Third Point Re and Sirius Group, expanding the remit of both firms and significantly increasing their footprints through the combination. “I am delighted to announce the…
Read MoreHurricane-level winter storm claims to drive billions of losses: Aon
Insurance and reinsurance broker Aon has offered its view on the recent winter storm activity in the United States, saying that an expected “hurricane-level” of claims from the winter storm “will translate to payouts well into the billions of dollars.” Aon’s Impact Forecasting unit has not provided a loss estimate and so still the only…
Read MoreNFIP reinsurance hits high with new $575m flood catastrophe bond
The U.S. Federal Emergency Management Agency (FEMA) has continued to spread its risk with its latest visit to the catastrophe bond market, as its $575 million FloodSmart Re Ltd. (Series 2021-1) cat bond has lifted its reinsurance program for the National Flood Insurance Program (NFIP) to a new high. FEMA returned to the catastrophe bond…
Read MoreRSA cuts GVC aggregate reinsurance, balancing cost vs protection
RSA Group, the UK based insurance group, has cut its main Group Volatility Cover, an aggregate reinsurance protection, as it balanced cost against the protection it offered at the January 2021 reinsurance renewals. RSA has cut the Group Volatility Cover (GVC) reinsurance tower by one-quarter, only electing to place it to 75% at the January…
Read MorePool Re upsizes retro to $3.5bn, but no new ILS capital included
UK government backed mutual terrorism reinsurance firm Pool Re has secured another increase in size to its retrocession program, lifting it to almost US $3.5 billion at the latest renewal, but still insurance-linked securities (ILS) capacity remains limited to its previous catastrophe bond. Pool Re placed its UK £2.475 billion (US $3.5bn) retrocession programme for…
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