8 April 2014 Alternative Risk Transfer

Generali and Everest Re seek ILS first

In a year that has already seen a number of first time issuers use the insurance linked securities (ILS) markets to secure protection, two more notable issuers are in the process of marketing cat bonds.

Italian insurer Generali is seeking European windstorm protection through a €150 million deal called Lion I Re in a deal that would see the insurer use this form of protection for the first time. It is using a special purpose vehicle based in Ireland.

And Everest Re is seeking protection for US named storms and earthquakes via a cat bond called Kilimanjaro Re. The deal is believed to be some $250 million in size and is using a Bermuda-based special purpose vehicle.

Meanwhile, a more seasoned user of ILS protection Florida’s Citizens Property Insurance, has also returned to the ILS markets with a $400 million cat bond covering Florida hurricane risks via a special purpose vehicle called Everglades Re (Series 2014-1).

Citizens holds the record for the largest ever cat bond with its $750 million deal in 2012. That expires soon and this new issuance looks likely to replace some of that protection.

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