Novacore Gets Collateralized Reinsurance Sidecar Backing From New Mountain Capital
Novacore, an independent managing general agent, has launched NovaRe, a collateralized reinsurance sidecar backed by New Mountain Capital, which manages roughly $60 billion in assets. The sidecar will supply multi‑year capacity for Novacore’s specialty property‑casualty programs, allowing the MGA to expand while preserving carrier balance‑sheet stability. New Mountain’s involvement deepens an existing strategic capital partnership and aligns risk‑sharing among carriers, investors, and Novacore’s underwriting teams. The structure is positioned to support disciplined, growth‑focused underwriting across diversified markets.
Louisiana Citizens Seeks $150m Named Storm Reinsurance with Bayou Re 2026-1 Cat Bond
Louisiana Citizens Property Insurance Corporation, the state’s non‑profit insurer for high‑risk homeowners, is issuing a $150 million Class A tranche cat bond through Bayou Re Ltd. Series 2026‑1. The deal, its twelfth cat‑bond sponsorship and seventh consecutive year of new issuances, will replace...
People’s Trust Enters Catastrophe Bond Market for Debut $100m GWS Re Named Storm Deal
People’s Trust Insurance Company, a Florida homeowner specialist, has entered the catastrophe bond market with its inaugural $100 million GWS Re Limited Series 2026‑1 issuance. The Bermuda‑based structure will issue a Class A tranche that provides fully‑collateralized named‑storm reinsurance for three years, beginning...
Best of Artemis, Week Ending April 12th 2026
Artemis’ weekly roundup highlighted a surge in insurance‑linked securities activity, with UCITS catastrophe‑bond funds topping $20 billion in assets and the Florida Retirement System allocating 1% of its portfolio ($2.23 billion) to ILS. New issuances included two $75 million ADB catastrophe bonds for...
Cat Wind E&S Rate Decreases of 20%–30% Becoming Common Amid Capacity, Competition: CRC
The CRC Group’s 2026 Property State of the Market report shows cat‑wind insurance pricing in the excess‑and‑surplus (E&S) market falling 20‑30% as capacity reaches historic highs. Abundant reinsurance capital lets primary carriers write larger limits at lower cost, intensifying competition...
Climate Conditioned ILW Strategy Can Outperform: Reask / LGT ILS Partners Research
Reask and LGT ILS Partners released a working paper showing that a climate‑conditioned Industry Loss Warranty (ILW) strategy outperforms traditional static modeling. The researchers back‑tested 36 regional ILWs over a 40‑year span (1985‑2024) using ECMWF SEAS5 seasonal forecasts and Reask’s...
KatRisk Expands Global Cat Modelling Capabilities Through RED Acquisition
KatRisk has acquired RED, a specialist provider of catastrophe models covering earthquake, flood, landslide and wind risks. The deal fast‑tracks a high‑fidelity U.S. earthquake model and integrates RED’s European earthquake platform into KatRisk’s SpatialKat system. By merging RED’s multi‑peril expertise...
Palomar Seeks $375m Cal-Quake & Hawaii Named Storm Cover with Torrey Pines Re 2026-1
Palomar Insurance Holdings is launching its seventh catastrophe bond, targeting $375 million to secure California earthquake and Hawaii named‑storm reinsurance through the Torrey Pines Re 2026‑1 series. The issuance comprises four tranches—three covering California quake risk and one covering Hawaii storm...
One Alliance North America Lifts Target for One Shield Re Cat Bond to as Much as $125m
One Alliance North America Insurance Company has increased the size of its debut catastrophe bond, One Shield Re Ltd. Series 2026-1, to as much as $125 million. The bond will provide three years of multi‑peril reinsurance covering named storms in six...
Mapfre Re Seeks $200m US Named Storm Cover with Third Recoletos Re Catastrophe Bond
Mapfre Re is launching its third catastrophe bond through the Ireland‑based Recoletos Re DAC, targeting at least $200 million of US named‑storm protection on an indemnity, per‑occurrence basis. The Series 2026‑1 Class A notes attach at $150 million of losses, exhaust at $350 million, and...
Howden Launches German HCMA Unit to Meet Rising European ILS Demand
Howden Capital Markets & Advisory (HCMA) has launched a German‑registered entity, Howden Capital Markets & Advisory (EU) GmbH, after securing a BaFin investment‑firm licence. The move responds to accelerating demand from European insurers and reinsurers for insurance‑linked securities, capital‑raising and...
CSU Forecasts “Somewhat Below-Normal” 2026 Atlantic Hurricane Season
Colorado State University’s tropical meteorology team issued its April 2026 Atlantic hurricane outlook, calling the season "somewhat below-normal" due to an anticipated robust El Niño. The forecast projects 13 named storms, six hurricanes and two major hurricanes, with an ACE index...
Stone Ridge Mutual Cat Bond and ILS Fund Assets Near $6.5bn, Highest Since Late 2018
Stone Ridge Asset Management reported that assets under management across its mutual catastrophe bond, insurance‑linked securities (ILS) and reinsurance fund strategies have climbed to roughly $6.5 billion, the highest level since late 2018. The High‑Yield Reinsurance Risk Premium Fund grew to...
Cat Bonds – Maintaining an Equilibrium in Value, for Sponsors & Investors: ILS NYC 2026 Video
Artemis ILS NYC 2026 gathered over 450 market participants for a panel on catastrophe bonds, moderated by Philipp Kusche and featuring leaders from Schroders, the World Bank, Euler ILS Partners and SageSure. The discussion highlighted a record‑fast tightening of cat‑bond spreads...
PERILS Raises Windstorm Goretti Insured Market Loss Estimate to €479m
Catastrophe data firm PERILS raised its insured‑market loss estimate for the early‑January windstorm Goretti to €479 million (about $522 million), up from an initial €467 million figure. The estimate covers property and motor‑hull lines across southwestern England, northern France and Belgium, the regions...
Florida Peninsula Raises Palm Re 2026-1 Cat Bond Target Again, to $250m
Florida Peninsula Insurance Company has raised the target size of its Palm Re Ltd. Series 2026-1 catastrophe bond to $250 million, marking a second increase since the deal’s launch. The insurer also cut the price guidance for the Class A notes to...
Cat Bonds & ILS Can Exhibit Positive Yield Sensitivity in Inflationary Environment: Leadenhall
Leadenhall Capital Partners explains that catastrophe bonds and private insurance‑linked securities (ILS) can generate higher yields in an inflationary environment. The floating‑rate component of these instruments is linked to base rates, which rise as inflation expectations increase. Higher replacement costs...
Parametrix Delighted by Investor Support for Hannover Re Parametric Cloud Outage Cat Bond: Haran
Hannover Re has renewed its Cumulus Re (Series 2026-1) parametric cloud‑outage catastrophe bond, increasing retrocessional cyber‑reinsurance capacity to $35 million, up from $20 million in the 2025 issuance. The bond, designed by Parametrix Analytics, uses a parametric trigger based on sustained downtime...
Franklin Templeton: No Evidence of Weakening Fundamentals in Cat Bonds, Stays Overweight
Franklin Templeton Investment Solutions kept its overweight stance on catastrophe bonds, noting that despite compressed yields and spreads, the asset class remains fundamentally sound. Q1 2026 saw a record $6.7 bn of cat‑bond issuance across 35 transactions, with new and repeat sponsors...
Zurich Lifts Turicum Re 2026-1 Cat Bond Target up to $150m, at Lower Pricing
Zurich has raised its target for the Turicum Re Ltd. Series 2026‑1 catastrophe bond to $150 million, up from the original $125 million. The price guidance for the Class A notes was also trimmed, with the risk‑interest spread now expected between 15.75% and...
Court of Appeals Weighs in on Vesttoo LOC Reinsurance Broker Responsibilities
The U.S. Court of Appeals reversed a district‑court dismissal, allowing Porch Group’s claim that reinsurance broker Gallagher Re failed to verify fraudulent letters of credit in Vesttoo transactions. The appellate panel held that Section 13 of the reinsurance intermediary‑authorization agreement likely...
Florida Retirement System Pension Grows ILS Allocation to 1% of Fund, Around $2.23bn
The Florida Retirement System Pension Plan, managed by the Florida State Board of Administration, increased its insurance‑linked securities (ILS) and reinsurance allocation to 1% of total assets by the end of 2025, equating to roughly $2.23 billion. The fund, now over...
Pioneer CAT Bond Fund Nears $2bn AUM Milestone, Dedicated ILS Fund Assets over $5.2bn
The Victory Pioneer CAT Bond Fund is on the cusp of a $2 billion AUM milestone, while the combined assets of Pioneer’s dedicated mutual and institutional insurance‑linked securities (ILS) funds now top $5.2 billion. The cat bond fund posted a 12.82% return...
SI Re Hires Simon Parten From Schroders Capital as ILS Portfolio Manager
Signal Iduna Reinsurance (SI Re) announced the appointment of Simon Parten as its ILS Portfolio Manager, effective June 1, 2026. Parten arrives from Schroders Capital, where he was senior underwriter and analyst for a large insurance‑linked securities portfolio. His expertise...
ADB Issuing Its First Parametric Catastrophe Bonds, for Kyrgyz Republic & Tajikistan
Asian Development Bank is issuing its inaugural catastrophe bonds, offering two separate $75 million notes to the Kyrgyz Republic and Tajikistan. Each bond provides multi‑year parametric coverage for earthquake and extreme precipitation events, with $65 million earmarked for earthquakes and $10 million for...
Montauk Point Hires Dr. Gero Michel to Lead Its Risk and Analytics Platform
Montauk Point Ltd., a Bermuda‑based advisory firm for third‑party risk capital, has hired Dr. Gero Michel to lead its risk and analytics platform. Michel, a 35‑year veteran of insurance and reinsurance with senior roles at AIG, RMS, and Aon, will...
Hudson Structured (HSCM) Names Opoku as Partner Amid a Series of Promotions
Hudson Structured Capital Management (HSCM) promoted Bernard Opoku to Partner, confirming his role as Managing Director and Chief Financial Officer since October 2023. Opoku, who joined HSCM in 2018 after six years at KPMG’s Bermuda ILS practice, now leads the...
RenRe Capital Partners Promotes Beach to VP, Business Development & Investor Relations
RenaissanceRe Capital Partners promoted Roger Beach to Vice President overseeing Business Development and Investor Relations. Beach, who joined the Bermuda‑based firm in 2021 as a Senior Analyst, previously served as Assistant Vice President. The promotion aligns with RenRe’s $9 billion third‑party...
Cat Bonds Not as Soft as a Quarter Ago, but Falling Prices Erode some Returns: Lane Financial
Lane Financial’s latest ILS report shows that non‑impaired natural catastrophe bond yields have risen from 5.14% to 5.98% in Q1 2026, lifting the underwriting margin by 77 basis points. However, higher yields have pushed average secondary‑market prices down to $101.7 from...
Alternative / ILS Reinsurance Capital Grew 18% to $136bn in 2025: Aon
Alternative reinsurance capital surged to a record $136 bn in 2025, an 18% increase year‑over‑year and a 10% jump in the fourth quarter alone. Total global reinsurance capital rose to $785 bn, up 3% from the previous year, while traditional reinsurance grew...
Property Cat Rates Down as Much as 17.5% in Japan, 25% in RoW at April Renewals: Gallagher Re
Gallagher Re’s April 1, 2026 renewal data show Japanese property catastrophe programmes achieved loss‑free results, prompting risk‑adjusted rate cuts of 15%‑17.5%. Across the rest of the world, property cat rates fell between 7.5% and 25%, marking the steepest declines since...
CatIQ Lowers Ontario and Quebec Ice Storm Loss Estimate to C$466m
CatIQ, Canada’s insured‑loss index provider, released its final estimate for the March 2025 ice storm that hit Ontario and Quebec, placing total insured losses at CAD $466 million (approximately US $345 million). This figure represents a 5% reduction from the September estimate of CAD $490 million,...
Plenum Urges European Commission Not to Adopt ESMA’s UCITS Cat Bond Recommendation
Plenum Investments, a Zurich‑based ILS manager, has issued a position paper urging the European Commission to reject ESMA’s June 2025 recommendation to bar catastrophe bonds from UCITS funds. The paper highlights that UCITS currently hold over $19.12 billion of cat‑bond assets,...
ILS Funds Average 0.47% Return for February 2026, Private Strategies Outperform: ILS Advisers
The ILS Advisers Fund Index posted a 0.47% return for February 2026, marking a solid continuation of the year’s strong start after a 0.82% gain in January. Private insurance‑linked securities strategies, which invest in reinsurance and retrocession, outperformed the broader...
Kin Aims to Upsize Hestia Re 2026-1 Cat Bond to as Much as $335m
Kin Insurance is increasing the size of its Hestia Re 2026-1 catastrophe bond to between $325 million and $335 million, up from the original $300 million target. The bond will be issued in four tranches, providing fully‑collateralized named‑storm reinsurance for...
Progressive Expands Aggregate Reinsurance Cover, Renews Shared Hurricane Limit for 2026
Progressive Insurance has boosted its 2026 aggregate excess‑of‑loss reinsurance to $300 million, up from the prior year, by adding a $125 million catastrophe bond and renewing traditional limits. The cat bond, issued by Bonanza Re Ltd., covers losses between $550 million and $750 million...
LA Wildfires a Real-World Stress Test. Investor Confidence in Wildfire Cat Bonds Rose: Swiss Re
The January 2025 Palisades and Eaton wildfires in Los Angeles served as a real‑world stress test for U.S. wildfire catastrophe bonds. Swiss Re Capital Markets reported that, despite no per‑occurrence payouts, the events reinforced investor confidence and spurred record‑size issuance, including the...
Zenkyoren Targets Mid-Guidance Pricing for $100m Nakama Re 2026-1 Japan Quake Cat Bond
Zenkyoren, Japan’s agricultural mutual insurer, is pursuing mid‑guidance pricing of 2.1% for its $100 million Nakama Re 2026‑1 catastrophe bond, a slight reduction from the original 1.9‑2.4% spread range. The bond provides fully‑collateralized earthquake reinsurance covering losses from an attachment point...
Ariel Re Opts to Use London Bridge 2 PCC for New Titania Re Cat Bond Sponsorship
Global reinsurer Ariel Re is issuing a $125 million catastrophe bond to secure multi‑year US property retrocession, this time using the Lloyd’s‑based London Bridge 2 PCC special purpose vehicle. The bond, titled Titania Re 2026‑1, offers two tranches—$75 million Class A and $50 million Class B—with yields ranging from...
Best of Artemis, Week Ending March 29th 2026
Artemis released its weekly "Best of Artemis" roundup for the week ending March 29 2026, highlighting the ten most‑read articles on catastrophe bonds, insurance‑linked securities (ILS) and reinsurance capital. The pieces spotlight a proposed secondary reinsurance market to improve capital efficiency, the...
PERILS Estimates €586m Insured Market Loss From Storm Nils
Extratropical windstorm Nils struck southwest France in mid‑February, generating €586 million (≈$633 million) in insured losses, primarily on property and motor lines. The storm cut power to 900,000 households, caused flooding in the Garonne, Dordogne and Charente basins, and heightened avalanche risk...
Aon Adds US SCS to Its Automated Event Response Service
Aon has broadened its Automated Event Response (AER) platform to cover U.S. severe convective storms (SCS), adding daily loss modeling and real‑time analytics. The move follows 2025 data showing SCS generated $52 billion in U.S. insured losses, the highest‑cost peril of...
Lagos State Secures up to US$7.5m Parametric Flood Insurance Coverage
The Lagos State government has launched a parametric flood‑risk insurance policy covering up to 4 million vulnerable residents, with a maximum payout of $7.5 million for flood response and recovery. The product is part of the Tripartite Agreement Programme, a public‑private partnership...
GAM: Swiss Re ILS Partnership Enhanced Liquidity, Improved Dealing Terms. New Products Planned
GAM Investments announced that its catastrophe bond and insurance‑linked securities (ILS) partnership with Swiss Re’s SRILIAC subsidiary is now fully activated, bringing together multi‑billion‑dollar ILS assets. The co‑management arrangement grants GAM access to Swiss Re’s underwriting expertise, risk management and...
PartnerRe Cedes Less Risk to Lorenz Re Cells, Third-Party Reinsurance Capital Strategy Adjusts
PartnerRe dramatically reduced its risk cessions to the Lorenz Re special‑purpose cells, dropping from $529 million in 2023 to just $155 million in 2025. Correspondingly, the reinsurance recoverable tied to Lorenz fell from $921 million at the end of 2022 to $445 million by...
LIRG Backs DLT Alert with $15m Quota-Share for Parametric Cyber Warranties
Algorithmic Insurance Services (LIRG) has arranged a $15 million quota‑share reinsurance deal for New York‑based managing general agent DLT Alert. The capacity backs the launch of a new suite of embedded parametric cyber warranty products aimed at cybersecurity solution providers, with...
Secondary Reinsurance Market Could Drive Greater Capital Efficiency, Says Howden Re
Howden Re’s new report outlines a framework for a secondary reinsurance market, arguing that tradable risk would let insurers and reinsurers re‑balance exposures and release capital more efficiently. The broker highlights that reinsurance currently acts as static contingent capital, with...
Nephila Capital’s Flagship Syndicate 2357 Reports 48% Higher Profit for 2025
Nephila Capital’s flagship Lloyd’s Syndicate 2357 posted a 48% profit jump in 2025, delivering $235.6 million versus $159 million the prior year. Gross written premiums fell to about $465 million from $610 million as the syndicate scaled back capacity and closed legacy exposures. After...
Ariel Re Makes Key Promotions in Bermuda & London, Including Kerr to SVP, Capital
Ariel Re, a global reinsurer specializing in insurance‑linked securities, announced a series of senior promotions across its Bermuda and London offices. Andy Kerr was elevated to Senior Vice President, Capital, taking charge of the firm’s capital‑raising and ceded‑risk purchasing functions....
Blending Public and Private ILS Essential to Moderate Structural Trade-Offs: Schroders Capital
Schroders Capital’s latest report argues that combining public catastrophe bonds with private insurance‑linked securities (ILS) can temper the inherent trade‑offs of each structure. Public cat bonds deliver market liquidity and transparent pricing, while private ILS provide higher illiquidity premiums and...
