Coca-Cola Pension Fund ILS Investment Grew to $266m on Returns in 2025
The US pension fund of Coca‑Cola saw its insurance‑linked securities (ILS) portfolio rise to $266 million at the end of 2025, the highest valuation since 2022. After a decline from $330 million in 2021 to $248 million in 2024, the fund recorded a more than 7% gain in 2025, likely from strong catastrophe‑bond returns. The ILS allocation, once as high as $600 million in 2016, has been maintained as a diversification strategy despite market volatility. The increase suggests continued confidence in ILS as a risk‑adjusted return source.
USAA Adding to Stated Reinsurance for some ResRe Cat Bonds After SCS Model Update
USAA is inserting a 100% retained quota‑share layer into the stated reinsurance of several of its Residential Re annual aggregate catastrophe bonds after a Verisk risk‑model update raised the expected loss from severe thunderstorms. The adjustment covers bonds issued in...
NormanMax Targets Latin & South America Growth with Alvaro Espinel Pardo Hire
NormanMax, the U.S. parametric insurance and reinsurance group, has appointed Alvaro Espinel Pardo as Vice President to head its Latin and South American strategy. The hire follows the company’s rapid expansion since its 2023 launch, including the creation of a...
CRC Group Leverages ILS Capacity to Support Data Center Capabilities
CRC Group is tapping the insurance‑linked securities (ILS) market to back its new data‑center insurance product on the Insurisk platform, offering up to $500 million in capacity across property and casualty lines. The coverage spans the full project lifecycle—from construction and...
One Alliance North America Targets Debut $100m One Shield Re Catastrophe Bond
One Alliance North America Insurance Company is launching its first catastrophe bond through Bermuda‑based One Shield Re Ltd., targeting at least $100 million of multi‑peril reinsurance. The Series 2026‑1 Class A tranche will provide three‑year coverage for named storms across six states and...
Hiscox Capital Partners, a ‘Natural Evolution’ to a Unified Platform for Third-Party Capital: Liz Breeze
Hiscox Capital Partners has been launched as a unified platform that consolidates nearly two decades of third‑party capital and insurance‑linked securities (ILS) activity under Hiscox Re. The new division bundles a range of products—from traditional quota‑share catastrophe strategies to bespoke...
Allstate’s Pre-Tax Cat Loss for Current Aggregate Year Reaches $3.072bn After February
Allstate reported a $140 million pre‑tax catastrophe loss for February 2026, raising its current aggregate risk‑period losses to $3.072 billion. Year‑to‑date pre‑tax losses now total $315 million, with after‑tax figures at $249 million. Severe convective storms in March could add low‑to‑mid‑single‑digit billions in insured...
Accelerant Upsized Flywheel Re Reinsurance Sidecar in March 2026, Extending Its Term Again
Accelerant Holdings announced in March 2026 that its Flywheel Re collateralized reinsurance sidecar has been upsized again and its quota‑share treaty extended to the end of 2028. The move follows a June 2025 upsizing that added $105 million from Barings and...
Secondary Perils Drive Record 92% of 2025’s $107bn Global Insured Losses: Swiss Re
Swiss Re Institute reports global insured losses in 2025 totaled $107 billion, below the long‑term natural catastrophe trend. Secondary perils—severe convective storms, wildfires and floods—accounted for a record 92% of those losses. Wildfires in Los Angeles alone generated $40 billion, while convective...
Proposal Calls for Government Backed Reinsurer US Re, to Hold Catastrophe Risk at Lowest Cost
A Brookings‑Hamilton Project proposal calls for a federally backed reinsurer, US Re, to assume the most extreme tail of U.S. catastrophe losses. Leveraging the government’s low‑cost borrowing, US Re would sell reinsurance to homeowners insurers, aiming to lower and stabilize premiums. The...
Cat Bond Issuance Could Set New Records for Both February and March in 2026
Catastrophe bond issuance in the first quarter of 2026 is projected between $6.34 billion and $6.54 billion, making it the second‑largest Q1 on record. February 2026 already broke the $2 billion threshold and March is on track to exceed $3 billion, setting new monthly...
Cat Bond Portfolio Construction More Important than Seasonal Hurricane Forecasts: Man Group
Man Group argues that seasonal Atlantic hurricane forecasts are unreliable for catastrophe bond investors, noting systematic underestimation of outlier years and limited relevance to insured loss outcomes. Their research shows that even accurate storm counts and intensities cannot predict economic...
W. R. Berkley Hits Record $494m in Lifson Re Sidecar Ceded Premiums in 2025
W.R. Berkley reported a record $494 million of premiums ceded to its Lifson Re collateralized reinsurance sidecar in 2025, marking an 18.5% increase over 2024. The quota‑share cession rate was raised to 32.5% at the start of the year and has remained steady....
Pool Re in the Market with a New Baltic Terrorism Catastrophe Bond
Pool Re, the UK government‑backed terrorism reinsurance mutual, is re‑entering the catastrophe‑bond market with its fourth Baltic PCC Limited issuance, Series 2026‑1. The bond will be sold privately and the proceeds will collateralise a retrocessional reinsurance agreement, extending Pool Re’s terrorism...
One of BAM’s Fidus Re Financial Guarantee ILS Gets Ratings Revised to Positive by KBRA
Build America Mutual Assurance Company (BAM) saw Kroll Bond Rating Agency (KBRA) upgrade the outlook on its Fidus Re Series 2022-1 financial guarantee ILS to Positive, while reaffirming AA+ on the 2021-1 series and AA on the 2022-1 and 2025-1...
State Farm Sets up Another Merna Re Structure in Bermuda, Likely for Future Cat Bonds
State Farm has registered a new Bermuda special‑purpose insurer, Merna Re Enterprise II Ltd., likely to support upcoming catastrophe‑bond issuances. The move follows a decade‑long strategy of using Merna Re entities, which have funded $3 billion of cat‑bond protection and a...
Nascent Re Issues Its First Listed Insurance-Linked Securities, €10m OFS Re Preferred Shares
Nascent Re Ltd., a Bermuda‑based reinsurance transformer, has issued its first listed insurance‑linked securities – a €10 million tranche of OFS Re Series 2026‑001 preferred shares – on the Bermuda Stock Exchange. The collateralized preferred shares, likely representing a quota‑share or sidecar arrangement,...
FloodSmart Re Cat Bonds Extended Further, as NFIP’s Helene Loss Remains Above Attachments
The National Flood Insurance Program’s (NFIP) loss estimate for Hurricane Helene now sits above $7 billion, surpassing the attachment points of several FloodSmart Re catastrophe bonds. As a result, the $225 million Class A tranche of the 2023‑1 series has been allowed to...
Kin Targets Expanded Hurricane Reinsurance with New $300m Hestia Re 2026-1 Cat Bond
Kin Insurance is issuing a $300 million Hestia Re 2026‑1 catastrophe bond, marking its return to the cat‑bond market and its first effort to secure hurricane reinsurance beyond Florida. The bond is split into four tranches, each with distinct attachment points,...
Jamaica Plans to Renew CCRIF Parametric Coverage in 2026, but No Mention of Cat Bond
Jamaica announced it will renew its Caribbean Catastrophe Risk Insurance Facility (CCRIF‑SPC) parametric coverage in May 2026, but gave no indication that the World Bank‑backed $150 million catastrophe bond will be reissued. The renewal follows a record $91.9 million payout from CCRIF...
Tokio Marine Targets Mid-Guidance Pricing for $100m Kizuna Re Quake Cat Bond
Tokio Marine & Nichido Fire is targeting mid‑guidance pricing for its $100 million Kizuna Re III catastrophe bond, which provides earthquake reinsurance for the Tokio Marine group. The bond, issued through a Singapore‑based SPV, carries a three‑year rolling aggregate trigger and a...
PERILS Finalises Industry Loss Estimate for Cyclone Alfred at Almost AU $1.88bn
Catastrophe data firm PERILS released its final industry loss estimate for Cyclone Alfred at AU $1.877 billion, making it the costliest insured Australian cyclone since 2017. The figure represents a steep decline from the initial $2.568 billion estimate, after successive adjustments of 12%,...
Cat Bonds Offer Path to Better Diversification Under Total Portfolio Approach: WTW
WTW argues that catastrophe bonds are a prime asset for a Total Portfolio Approach, delivering returns that are uncorrelated with traditional markets and improving diversification. The cat‑bond market is expanding as disaster frequency and severity increase, pushing premiums higher while...
Hannover Re Shared 20% of Large Losses with ILS Investors in 2025, Retro Support Evident as Well
Hannover Re posted a 13.4% rise in 2025 net income to €2.6 billion, driven by 4.7% higher reinsurance revenues and a 21.4% return on equity. Property‑casualty (P&C) results improved, with the combined ratio falling to 84% and service result reaching €2.6 billion....
Fidelis Enhanced Aggregate Protection at January Renewal, Saw Rates Down ~20%: Strickle
Fidelis Insurance Group secured a roughly 20% reduction in reinsurance rates during its January 2026 renewal, while enhancing aggregate protection across multiple classes. The firm leveraged long‑standing relationships with top‑tier reinsurers and opportunistic purchases to broaden coverage and improve terms....
Plymouth Rock Gets $100m Tremont Re 2026-1 Cat Bond Priced ~16% Below Mid-Guidance
Plymouth Rock, a northeastern U.S. insurer, closed its debut $100 million catastrophe bond, the Tremont Re Series 2026‑1, at a 4 % risk‑interest spread. The pricing sits roughly 16 % below the mid‑point of the original guidance range, delivering fully‑collateralized reinsurance for named...
Healthcare of Ontario Pension Plan ILS Allocation Value Rises 9% in 2025, to US $1.44bn
The Healthcare of Ontario Pension Plan (HOOPP) reported its insurance‑linked securities (ILS) portfolio grew 9% in 2025, reaching CAD $1.97 billion (approximately US $1.44 billion). The ILS assets now represent about 1.49% of the fund’s total CAD $132 billion AUM, slightly lower than...
The Hartford Again Uses Catastrophe Bonds to Extend Reinsurance Tower Higher
The Hartford has deepened its reliance on catastrophe bonds, issuing a $270 million Series 2026‑1 bond that attaches at $1.6 billion and exhausts at $1.9 billion of per‑occurrence losses. This new layer sits above the 2023‑1 bond, which now attaches at $1.29 billion and exhausts...
Property Cat Terms Hold Firm at 1/1 as RenRe Preserves Key Structural Gains: Execs
RenaissanceRe reported that property catastrophe rates slipped low‑teen percentages at the January 1 2026 renewals, but the firm’s higher retentions and tighter terms held steady. Executives highlighted that the structural improvements achieved over the past two years remain intact, cushioning risk‑adjusted returns....
Beazley Reaches Agreement to Acquire US Renewable Energy MGA kWh Analytics
London‑based specialty insurer Beazley has agreed to acquire kWh Analytics, a U.S. renewable‑energy managing general agent. The deal will embed kWh Analytics into Beazley's Marine, Accident & Political (MAP) Risks team, expanding its modeling, underwriting and risk‑management capabilities for renewable...
Severe Convective Storm Cat Bonds Offer an Opportunity for ILS Investors: Acrisure Re
Severe convective storms (SCS) have become a dominant U.S. catastrophe peril, generating roughly $200 billion in insured losses between 2020 and 2024—about 2.5 times the prior five‑year period. Over the past decade SCS accounted for half of global insured losses from...
Why Private Credit Stress Matters to the ILS Market: Corbett, Shuriken Capital
Brad Corbett of Shuriken Capital warns that mounting stress in private credit markets could spill over into the insurance‑linked securities (ILS) space. He identifies three transmission channels: correlated redemption pressure, tighter capital supply for new cat‑bond issuance, and a renewed...
Hannover Re Renews Cumulus Re Parametric Cloud Outage Cat Bond at $35m, the Largest Yet
Hannover Re has renewed its parametric cloud‑outage catastrophe bond, issuing the Cumulus Re Series 2026‑1 notes. The $35 million issuance, placed through its Bermuda vehicle Kaith Re Ltd., is the largest in the program, surpassing the $20 million 2025 and $13.75 million 2024 deals....
Gateway Re 2026-2 a Testament to Transparency and Performance of SageSure’s Platform: CEO
SageSure successfully issued the $175 million Gateway Re Series 2026‑2 catastrophe bond, meeting its target size while pricing Class A notes below initial guidance and Class B notes within range. The multi‑peril bond provides reinsurance for Auros Reciprocal and Interboro across storm, earthquake, wildfire, severe...
Eclipse Re Issues Its First Private Cat Bond of the Year, $100m Series 2026-1A
Eclipse Re Ltd., a Bermuda‑based special purpose insurer, issued its first private catastrophe bond of 2026 – a $100 million Series 2026‑1A note listed on the Bermuda Stock Exchange. The bond, likely covering property catastrophe reinsurance or retrocession, matures on December 31 2027, making...
Andover Companies Aims to Upsize New Locke Tavern Re Cat Bond to as Much as $300m
Andover Companies, a long‑standing mutual insurer in the Northeast, is seeking to upsize its upcoming Locke Tavern Re cat‑bond to between $250 million and $300 million. The new Series 2026‑1 issuance will feature two tranches—Class A and Class B—each expanded to $125‑150 million, with price guidance...
Cat Bond Issuance Price Pressure Flattens Market Yield, Widening Less Pronounced: Plenum
Catastrophe‑bond yields stayed flat in February 2026, ending at 8.91% versus 8.87% in January. Primary issuances were priced roughly 30% lower than recent historical levels, generating price pressure that muted the expected seasonal spread widening after the hurricane season. Strong...
Beazley CEO on Cyber ILS: Next Step Is Securitisation, Transformation, ILS Fund Launch in 2026
Beazley’s CEO Adrian Cox announced that the insurer will move beyond issuing cyber catastrophe bonds to full‑scale securitisation and transformation of cyber risks. A dedicated cyber insurance‑linked securities (ILS) fund is slated for launch in 2026, built on the company’s...
Hong Kong to Move Forwards with Tax Exemption for ILS Investments
Hong Kong's Treasury Secretary Christopher Hui announced plans to broaden the SAR's preferential tax regime to cover insurance-linked securities (ILS) such as catastrophe bonds. The proposal expands the definition of “funds” to include pensions, endowments and single‑investor vehicles, and adds...
Elementum Advisors Grows ILS AUM to $3.8bn, Despite White Mountains Investment Declining
Elementum Advisors entered 2026 with assets under management rising to $3.8 bn, a $100 m increase from the start of 2025. While White Mountains still holds a 26.6% equity stake, its investment in Elementum’s ILS funds fell from $161 m in 2023 to...
Tokio Marine Targets New $100m Kizuna Re Quake Cat Bond Sponsorship From Singapore
Tokio Marine & Nichido Fire Insurance is sponsoring a new $100 million Kizuna Re III cat bond, issued from Singapore and targeting earthquake risk in Japan. The deal marks the insurer's tenth catastrophe bond overall and the seventh in the Kizuna series, using...
Cohen & Company Raises €481.5m for Subordinated Insurance Debt Funds
Fixed income specialist Cohen & Company announced that its European subsidiary raised €481.5 million for the PriDe IV subordinated insurance debt fund, the firm’s largest European vintage to date. The fund continues the company’s strategy of providing Tier II capital to small and...
Allstate Secures $1.2bn Reinsurance with New Sanders Re Cat Bonds, Its Largest Placement Ever
Allstate has priced and closed two catastrophe‑bond series, Sanders Re IV Ltd. (2026‑1A) and Sanders Re III Ltd. (2026‑1B), delivering a record $1.2 billion of multi‑peril, multi‑year reinsurance in a single market visit. The issuance comprises four tranches—two four‑year and two...
Hiscox Capital Partners Grows ILS AUM to $1.5bn, Secured $330m of Inflows over Last Year
Hiscox Capital Partners lifted its insurance‑linked securities (ILS) assets under management to $1.5 billion as of 1 January 2026, driven by $330 million of new inflows over the past year. The inflows offset planned capital returns and boosted deployable capital for the January reinsurance...
TWIA Board Opts to only Buy Reinsurance and Cat Bonds up to 1-in-50 Year PML in 2026
At its Galveston meeting, the Texas Windstorm Insurance Association (TWIA) Board voted to purchase reinsurance and catastrophe bonds only up to the statutory 1‑in‑50 year probable maximum loss (PML) level for 2026. The revised funding target of $4.3051 billion translates to...
Heritage Returns with $250m Target for New Citrus Re 2026-1 Named Storm Cat Bond
Heritage Insurance Holdings is re‑entering the catastrophe bond market with a $250 million target for the Citrus Re Ltd. Series 2026‑1 named‑storm cat bond. The issuance will consist of a $100 million Class A tranche and a $150 million Class B tranche, covering the U.S. Northeast...
Plenum Investments Surpasses $2bn of Assets Under Management
Zurich‑based Plenum Investments announced that its assets under management have topped US$2 billion, roughly doubling the figure achieved in July 2023. The growth stems from four UCITS catastrophe‑bond and insurance‑linked securities funds, which now enjoy institutional‑scale assets. The firm’s organic expansion reflects...
California FAIR Plan Secures $400m Wildfire Reinsurance From Second Golden Bear Re Cat Bond
The California FAIR Plan secured a $400 million wildfire reinsurance cat bond from Golden Bear Re Ltd. (Series 2026‑2), priced at a 9.5 % spread and an expected loss of 2.65 %. The single‑tranche issuance runs three years to February 2029 and brings the plan’s...
Global Parametrics Highlights How Parametric Products & Cat Bonds Can Scale Humanitarian Risk Financing
Global Parametrics’ new whitepaper argues that catastrophe bonds and parametric insurance can help bridge the widening humanitarian financing gap, which stands at roughly 36% of the projected $50 billion need in 2024. The report highlights that multi‑year cat bonds can unlock...
LGT Reinsurer Lumen Re Secures $175m of Retro From Debut Photon Re 2026-1 Cat Bond
Lumen Re, the reinsurance arm of LGT ILS Partners, completed its debut Photon Re Series 2026‑1 catastrophe bond, locking in $175 million of fully‑collateralized retrocession protection against North American peak perils. The issuance was priced below the original guidance, with the...
