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Alternative Capital

The emergence of a $30bn global marketplace for insurance-linked securities has served as evidence of the increasingly prominent role third-party capital now plays in risk transfer. Over the medium to long-term this sector is expected to continue its growth as investors take advantage of the low correlation insurance has with other asset classes. This section brings together Insurance Day’s coverage of alternative capital and the way it is helping reshape global insurance markets.

Insurtech Hippo completes $110m debut catastrophe bond

Mountain Re provides three years of protection for a range of perils, including named storms, post-earthquake fires, severe thunderstorms and winter storms

United States Property

Scor sponsors $75m Atlas Capital catastrophe bond

Paris-based re/insurer returns to the ILS market with new three-year bond to secure protection against hurricanes, earthquakes and European windstorms

Europe Scor

Conduit Re eyes catastrophe bond issuance

Improving spreads make catastrophe bonds a ‘useful alternative’ to the standard retro towers the reinsurer has purchased, chief executive says, as carrier books strong Q1 premium growth

Bermuda Reinsurance

Catastrophe bond pricing to remain high in 2023

While the string of heavy loss years has had an impact on the cost of catastrophe bonds, the wider investment environment is also increasing the cost of capital

Reinsurance Property

Chile closes $630m earthquake cat bond deal with World Bank

Transaction is the International Bank for Reconstruction and Development's largest-ever catastrophe risk transfer deal for a single country

Chile InsuranceLinked Securities

Citizens approves $171m outlay for new cat bond

Florida last-resort insurer will secure $400m to $500m of collateralised reinsurance protection against hurricane losses through a new Lightning Re catastrophe bond issuance

United States Reinsurance

Fema completes $275m catastrophe bond deal for NFIP

More than $1.75bn of NFIP flood risk has been transferred to the private sector ahead of the start of the 2023 Atlantic hurricane season

United States Reinsurance

Swiss Re closes $700m stop-loss transaction with JP Morgan

Transaction is the second by the reinsurer to use a hybrid funding approach combining traditional bank financing and ILS

Swiss Re Reinsurance

Ariel Re completes third catastrophe bond and commits to carbon offsets

Titania Re III provides $125m of collateralised reinsurance cover for named storms and earthquakes in North America, Puerto Rico and the US Virgin Islands

North America Climate change

Chile nears catastrophe bond deal with World Bank

Ministry of Finance in discussions with bank’s International Bank for Reconstruction and Development as it seeks protection against losses from severe earthquake

Chile Reinsurance

SageSure and Sure close $355m catastrophe bond

Largest catastrophe bond issuance since Hurricane Ian is upsized 78% from original marketed size

North America Reinsurance

Cyber cat modelling 'fit for ILS trading'

Main barriers to cyber-ILS products could all now be mitigated to a point where investors would be happy to enter the market, Lockton says 

International InsuranceLinked Securities
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