Catastrophe bond market breaks half-year issuance record
In advance of the end of the quarter, Artemis can now report that issuance of property catastrophe bonds in the first-half of 2023 will close out June at an all-time high for the period of almost $9.7 billion, which beats the full-year total from 2022 and sets a new record for any half-year of cat […]
Florida State Board could near double $1bn pension ILS allocation
The Florida State Board of Administration, which manages the huge and roughly $180 billion Florida Retirement System Pension Plan, looks set to increase the size of its allocation to insurance-linked securities (ILS). The move comes as laws have been changed in Florida to allow the state retirement system, which is one of the largest pension […]
Schroders Capital raises $70m to launch Coda cat bond fund for US investors
Schroders Capital has launched a new catastrophe bond fund that has been designed as an offering for US investors, raising $70 million from two clients earlier this month for the Schroders Capital Coda Fund. The Schroders Capital Coda Fund is an insurance-linked securities (ILS) fund domiciled in the Cayman Islands that allocates capital primarily to […]
An Italian cat bond “would be snapped up”, says Tenax Capital’s Figna
Speaking to a local Italian daily newspaper, Massimo Figna, founder and CEO of hedge fund manager Tenax Capital, explained that with insurance penetration extremely low, Italy would benefit from the use of catastrophe bonds, which he believes investors would “snap up.” Tenax Capital is a London-based investment manager that Figna founded and it offers a […]
ILS investors willing to take on more risk, if the price is right: Peel Hunt
Insurance-linked securities (ILS) investors appear ready and willing to take on more peak peril severity catastrophe risk, if the price is right, leading analysts at Peel Hunt to suggest the ILS market is primed for growth. Investors are looking for evidence that reinsurance is now rate-adequate, and that is what now needs to be proven […]
Alternative capital raises accelerate to ~$11bn YTD, says Berenberg
Having only a few weeks ago estimated that as much as $8 billion of alternative reinsurance and insurance-linked securities (ILS) capital had been raised year-to-date, analysts from investment bank Berenberg have now upped that amount to ~$11 billion. As a result, the analysts now believe that alternative and ILS capital flows into the insurance and […]
World Bank to build on catastrophe insurance solutions such as cat bonds
The World Bank Group said today that it intends to build on its already available catastrophe insurance solutions, such as catastrophe bonds, to make access to disaster risk financing without adding debt a reality for member countries. In announcing a new and comprehensive toolkit focused on supporting countries after natural disasters, the World Bank highlights […]
Jamaica to renew catastrophe bond. Seeing interest in regional cat bond: Report
The Finance Minister of Jamaica Nigel Clarke has told Reuters that his country intends to renew its catastrophe bond coverage when it reaches maturity at the end of this year and will do so as a stand-alone cat bond for Jamaica, or as a regional Caribbean wide one if others want to participate. As we’ve […]
Tight cat bond capacity drove simultaneous issuance of Chile cat swaps: World Bank
The fact capacity and capital was tight in the catastrophe bond market at the time of the issuance of the $350 million of IBRD – Chile 2023 cat bond notes drove the World Bank team to look to traditional re/insurers and the issuance of simultaneous catastrophe swaps, resulting in much stronger execution for Chile. Back in […]
Climate Resilient Development Bond (CRD Bond) proposed with ILS design
A new financial structure that can provide community-based climate insurance or risk transfer protection from the capital markets, while incorporating resilience, advanced funding for loss-prevention and mitigation, through an insurance-linked security (ILS) designed structure has been proposed. Reinsurance broker Guy Carpenter has collaborated with Dr Franziska Arnold-Dwyer from Queen Mary University of London to produce […]
