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2 weeks ago | 
artemis.bm | Jack Willard
Ocean Harbor Insurance Group has successfully priced its debut catastrophe bond with the Oceanside Re Ltd. (Series 2025-1) issuance set to provide the targeted $75 million of collateralized multi-year catastrophe reinsurance for named storm and severe weather risks in the state of New York.
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2 weeks ago | 
artemis.bm | Jack Willard
The insurance-linked securities (ILS) market is continuing to evolve beyond traditional catastrophe bonds, with growing issuance in cyber and parametric segments, reflecting efforts to close protection gaps and provide alternative risk transfer solutions, according to a new report from AM Best.
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2 weeks ago | 
artemis.bm | Jack Willard
Louisiana lawmakers are considering House Bill 672 (HB 672), a proposal to establish a state-run catastrophe reinsurance program aimed at addressing rising insurance costs in high-risk areas. Central to the bill is a funding mechanism involving state-issued bonds, which the bill refers to as catastrophe bonds, however, recent industry feedback has cast doubt on both the design and viability of the plan.
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2 weeks ago | 
artemis.bm | Jack Willard
The ice storm that struck Ontario and Quebec between March 28th and 31st, is estimated to have resulted in an insurance industry loss of CAD $342 million, according to CatIQ, Canada’s insured loss and exposure indices provider. This is just an initial insurance industry loss estimate from CatIQ as well, meaning there will likely be some creep at least over the coming weeks and months.
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2 weeks ago | 
artemis.bm | Jack Willard
Everest Group CEO Jim Williamson expects the upcoming mid-year reinsurance renewals to present meaningful opportunities for growth, driven by strong demand for property catastrophe coverage and healthy expected returns, with terms expected to hold but some moderation in pricing from recent highs.
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2 weeks ago | 
artemis.bm | Jack Willard
Bermuda-based insurance and reinsurance companies are projected to incur gross claim losses nearing US$10 billion stemming from the catastrophic wildfires that swept through Southern California in January 2025, as they make payments to help U.S. policyholders and cedants recover, says the Bermuda Monetary Authority (BMA). The wildfires, which have become the most costly wildfire disaster in U.S. history, were intensified by hurricane-force winds and worsened by prolonged drought conditions.
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2 weeks ago | 
artemis.bm | Jack Willard
Hiscox CFO Paul Cooper said today there remains “healthy interest” in catastrophe bonds at higher layers of the reinsurance tower, but also noted that the effect of the California wildfires could weigh on ILS fund performance fee income in both the organisation’s H1’25 and FY’25 results.
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2 weeks ago | 
artemis.bm | Jack Willard
We’ve learnt that insurer USAA is aiming to upsize its latest catastrophe bond to provide as much as $425 million of annual aggregate reinsurance protection, an increase from the initial $400 million target, for this new Residential Reinsurance 2025 Limited (Series 2025-1) deal. USAA continues to be the most consistent of catastrophe bond sponsors, augmenting and diversifying its sources of catastrophe reinsurance protection using the capital markets, a strategy it has been following since 1997.
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2 weeks ago | 
artemis.bm | Jack Willard
New York domiciled US Coastal Insurance Company and Florida domiciled US Coastal Property & Casualty Insurance Company, have an upsized target for their first 144A catastrophe bond, increasing it to now seek $330 million of named storm reinsurance coverage from the Chartwell Re Ltd. (Series 2025-1) issuance, Artemis has learned.
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2 weeks ago | 
artemis.bm | Jack Willard
Arch Capital Group CEO Nicolas Papadopoulo says downward repricing in the catastrophe bond market is creating pressure at the top of reinsurance programs, even as structural supply constraints in peak zones like Florida could temper broader softening across the mid-year renewals. Arch recently released a solid set of results for Q1 2025, despite the impacts of the wildfires in California, with premium growth being seen across both its reinsurance and insurance segments.
