
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.

Heritage seeks $100m in storm cover with Citrus Re catastrophe bond
Bond will provide multi-year coverage against storm losses in Alabama, Georgia, Mississippi, the Carolinas and Florida

Cyber catastrophe bonds show potential for diversification: CyberCube
Losses ‘far less than perfectly correlate’ across the four recently issued 144A cyber catastrophe bonds, modelling firm says

RenRe to run off AlphaCat business
Property catastrophe-focused ILS investment business has already received redemption requests for ‘substantially all’ funds

Fidelis sponsors $150m Herbie Re catastrophe bond
Bermuda-based carrier secures collateralised protection against losses from named storms and earthquakes

Swiss Re sponsors first cyber ILS to use industry loss trigger
The 144a insurance-linked security uses Perils’ US cyber industry loss index as a trigger

Brazil moves closer to ILS regime
Regulators approve new rules for insurance-linked securities in a bid to improve competitiveness of local re/insurance market

Jireh broker platform makes first industry loss warranty placement
Bermuda-based digital platform has managed almost $100m of capacity across various ILW structures in its first month of operations

MS Amlin completes Singapore catastrophe bond renewal
Lloyd’s insurer says Phoenix 2 Re is the first catastrophe bond renewal in the Singapore market

Lloyd’s issues first 144A cat bond through London Bridge
Beazley sponsors $100m transaction that provides excess-of-loss protection for named storms and earthquakes in north America

Cyber ILS development gathers pace
Axis Capital’s and Beazley’s cyber catastrophe bond issuances signal an appetite from capital markets investors for cyber risk, but there is still much work to do to expand the market meaningfully, experts say

Beazley closes $140m cyber catastrophe bond
PoleStar Re is the Lloyd’s insurer’s first 144A cyber catastrophe bond and follows its market-first $81.5m cyber catastrophe bond programme

Allianz sponsors €250m Blue Sky Re catastrophe bond
German insurance giant sponsors first catastrophe bond in more than a decade to secure multi-year protection against European windstorms
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