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Premium News and Analysis

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Catastrophe Bonds

PCS Moore Tornado Loss Will Wait Weather

Catastrophe modelers are also working on their loss numbers.
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Louisiana Ups Private Reinsurance Buy, Mulls Second Cat Bond

Louisiana will consider another catastrophe bond if the price is right. Read More...
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CEA Likes Catastrophe Bonds, Just Don’t Call It a “Sponsor”

The California Earthquake Authority has set guidelines for alternative risk transfer. Read More...
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Brynjo: Know the Role of Cat Bonds and Hurricane Sandy

The Armored Wolf manager says catastrophe bonds play a “rather specific role” in the reinsurance market.
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Isaac Bouncing Off Private Market and Cat Bonds, Landing on NFIP

Federal flood insurance could be in Isaac’s crosshairs.
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CEA New Wants $100M Reinsurance Contract to Act Like a Cat Bond

The California Earthquake Authority is looking to the proposal as a “first” for its reinsurance program. Read More...
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Catastrophe Bonds Remain “Niche” Unless New Perils Emerge, Costs Fall

While alternative reinsurance may never dominate, it can grow at a sustainable pace, Fitch says.
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Storms Cut Into Combine Re Rating

The “innovative” deal has suffered severe storm losses. Read More...
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Insurance Linked Securities Face Morality Premium

Peer pressure may overcome investors demand for a “morality” premium. Read More...
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Catastrophe Bonds Not “Immune” to Euro Breakup: Aon

A Eurozone breakup will show up in non-correlated catastrophe bonds.
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CEA Cat Bond, Collateralized Reinsurance Push Gains Steam

Staff at the California Earthquake Authority are putting a major emphasis on alternatives.
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Reinsurers’ Plentiful Frustration With New Capital

Hedge funds, catastrophe bonds and sidecars are thwarting hard market dreams. Read More...
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Earthquake Triggered Mexico Catastrophe Bond, Until It Didn’t

A USGS revision saved investors a $140 million payout. Read More...
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AIR Continues Catastrophe Bond Supremacy

Other modeling firms have yet to bounce back in the cat bond sector. Read More...
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Industry Triggers Make Catastrophe Bond Headway

PCS argues that indemnity triggers may not dominate remaining 2012 issuance. Read More...
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Downgraded But ‘Innovative’ Calabash Cat Bond Matures

Calabash helped revive the market after the 2008 collapse, but was eventually downgraded.
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Insurance-Linked Securities Flourish as Reinsurance “Light”

Issuers and investors ease into the notion of alternative’s role.
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$200 Million Residential Re Catastrophe Bond Places

The U.S. insurer continues its 15 year focus on catastrophe bonds. Read More...
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Catastrophe Bond Mystic Re II Winds Down

Mystic’s successor embraces an indemnity trigger. Read More...
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Private Market, Florida Cat Fund Can Take Tepid Hurricane Season: Fitch

Fitch says enough underwriting capacity exists for a mild tropical storm season. Read More...
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Zombie Catastrophe Bond Nelson Re Lives On

Almost four years after the loss event Nelson Re continues to live. Read More...
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CEA Primed for $300 Million More in Catastrophe Bonds

The staff can now enter the market without waiting for board approval. Read More...
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Investors Question “Tornado Bond” Payout

Mariah Re’s quick loss has taken some by surprise, while others predicted its risks. Read More...
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Mariah Re’s Slow Trigger March Continues

Losses continued to pile up for the $100 million Mariah Re catastrophe bond. Read More...
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Mariah Pushes Cat Bond Monitoring

The bond covering severe thunderstorms has unique challenges. Read More...
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CEA Upping Risk Transfer With Focus On Embarcadero

The earthquake facility will turn away from traditional reinsurance in favor of the capital markets in 2012. Read More...
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Catastrophe Bonds, But Not All Investors, Spared Irene Losses

Hurricane Irene’s damage may include some trades on the secondary market, Read More...
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Embarcadero Catastrophe Bond a ‘Negative’ for Reinsurance Industry: Moody’s

The new bond program could offer the struggling catastrophe bond market new life.
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“Private” Catastrophe Bond Hits Market

Towers Watson argues the structure could allow middle-market insures access to catastrophe bonds. Read More...
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Tornados Cut Through Mariah’s Rating

Losses from U.S. storms have pushed another catastrophe bond closer to the edge. Read More...
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Flood Bill Pushes Private Reinsurance, Cat Bond Solution

A bill likely to win Congressional approval is looking for the U.S. government to consider private market reinsurance and catastrophe bonds. Read More...
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CEA Board Votes to Move Ahead With $150M Transformer Deal

The California Earthquake Authority is moving ahead with plans for a new transformer structure. Read More...
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Cat Bonds in Second Quarter Slow Down: Report

A report issued Wednesday by Aon/Benfield says that second quarter issuance may disappoint. Read More...
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Modelers Face Japanese Quake Challenges

The scope of the disaster is hindering the ability of catastrophe modeling firms to measure potential losses for insurers and catastrophe bond investors. Read More...
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Fremantle, Redwood and Newton Exit

Through maturity -- and one default -- the insurance-linked securities market loses $500 million in capacity with hopes that it will soon be replaced.
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Bermuda Seeks Growth in ILS as Trading Falters

The island's broader markets are down nearly 50 percent on the year, but executives see hope in the insurance linked securities market.
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With Model Set, CCRIF Looks Towards the Capital Markets

The Caribbean risk pool will be open to new risk transfer solutions following the completion of an internal model project. Read More...
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Swiss Re Cat Bond Index Reveals Healthy First Quarter

Catastrophe bonds have continued to perform despite several challenges. Read More...
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The ILS Glass Remains Half Full

An Aon Benefield report argues that insurance-linked securities remained poised for a comeback despite a tepid start. Read More...
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Key to Cat Bond, ILW Issuance in 2010: Rates and Spreads

The cost of issuing a catastrophe bond or structuring an industry loss warranty is coming in line with traditional markets but it’s still not enough for real market growth, Guy Carpenter says. Read More...
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State Farm’s Merna Bond Keeps Indemnity, Starts Small

The new bond is starting small and hoping to grow with investor interest. Read More...
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Newton Re Bondholders Settle Lehman Swap Claim

Both sides settle on $37 million to terminate the cat bond’s collateral contract. Read More...
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Moody's Lowers CEA Credit Outlook

The ratings agency is concerned that the California Earthquake Authority's push to write more polices will hamper its claims-paying ability.
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Indian Government Calls for Catastrophe Bond Focus

A new report argues for cat bonds but lacks detail.
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Academics Praise ILS Market Fundamentals but Raise Some Caution

Catastrophe bonds will become more important as reinsurance capital shrinks, but the market’s “underlying friction” remains. Life and longevity traders could be in store for a mortality spike. Read More...
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Does ILS Have a Transparency “Problem”?

The shuttering of the online trading platform Myrias and its argument that the industry was “not ready for full transparency” is the latest salvo against the industry’s disclosure practices.
Professionals from Fermat Capital, Moody’s and Myrias discuss current problems and possible solutions.
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The $8 Million Question: Haiti and the Relevance of Catastrophe Pools

Some see the Haitian tragedy as proof that catastrophes pools in cooperation with the capital markets work and should be expanded.
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S&P Revives Cat Bond Rating Then Promptly Sends it to Default

Munich Re’s Carillon is the latest cat bond backed by Lehman to fall. Read More...
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Haiti Quake Payout $8 Million, Limited Insurance and Poor Construction Are Key

Despite possible economic losses in the hundreds of millions, the local cat fund has limited exposure. Modelers point to multiple causes. Read More...
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After a Difficult 2009, Bermuda Looks Towards New Year and ILS

Trading value and share are off by nearly half, but cat bonds are seen as savior. Read More...
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Haitian Quake Could Mean “Significant Payout” From CCRIF

The Caribbean-based catastrophe fund will face a major test. Read More...
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Aon: Cat Bonds, Collateralized Re to Grow in 2010

Other alternative structures, such as side cars and exposure swaps, will not fair as well. Read More...
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Cat Bond Market Interest or Reinsurance Market Cost

The upsizing of the Travelers issuance may say more about pricing of traditional reinsurance than investor interest in catastrophe bonds. Read More...
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PERILS Enters the Market with ILW Issue

The use of the index in catastrophe bonds is expected soon. Read More...
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Bermuda Stock Exchange Makes Push for ILS Listings

The island nation is looking to leverage new regulatory changes. Read More...
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Glacier Warns it May Trigger Nelson Re

Glacier Reinsurance said in a conference call this week that it plans to trigger a $67.5 million portion of the Nelson Re catastrophe bond. Read More...
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World Bank Plans Global Push for MultiCat Program

Executives from the World Bank lay out the organization’s plans to tap the catastrophe bond market. Private market risk modeling firms and banks will play key role. Read More...
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Third Quarter Cat Bonds Were Good, Fourth Quarter Needs to Be Great

New issues were slightly ahead of maturing bonds in the summer months. A fourth quarter rally is needed to keep pace with full year projections. Read More...
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Bermuda Insurers Expect a Limited Role for ILS

With balance sheets shorn up, the island’s reinsurance players will use catastrophe bonds and side cars as just another “tool.” Read More...
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Mexico Cat Bond May Portend Similar Structures

Conservative collateral mixed with multiple perils could open the door for other government sponsors.
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Financial Market Meltdown Pulls the Indemnity Trigger

Indemnity cat bonds are out of favor, causing industry index-based products to flourish.
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Cat Bonds Continue Struggle with Hopes of a Fourth Quarter Rally

A new Guy Carp report reveals that maturing bonds continue to outpace new issuance. Pricing remains high as investors focus on peak perils. Read More...
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SIFMA Conference: Cat Bond Secondary Market Ballooned with Sellers

Circumstances created a healthy secondary market for catastrophe bonds in 2008, even if it was mostly sellers. Read More...
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SIFMA Conference: Collateral Remains King

The risks and rewards of Treasuries, LIBOR Indexes and tri-party repos are being debated by the cat bond industry. Read More...
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SIFMA Conference: Catastrophe Bonds at an “Awkward Age”

Credit losses, illiquidity and sell offs have stunted the market’s growth. Participants look towards mid-year reinsurance renewals for signs of recovery. Read More...
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Texas Looks to Broaden Cat Fund Into ILS

New legislation would free the board to consider capital markets options. Read More...
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Klaus Brings European Windstorm, Triggers Back Into Focus

Over €2 billion insured loss is a possibility, but ILS trigger questions will need to wait. Read More...
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Repairing Cat Bond Collateral Damage

Lehman Brothers’ collapse has made investors in catastrophe bonds once bitten and twice shy.
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