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Convergence Quarterly: Cat bonds to get Q4 boost
27 November 2009
The cat bond market looks set for resurgence in the fourth quarter of this year.
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Convergence Quarterly
ILS
Swiss Re
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catastrophe bond
Parkton Re
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The catastrophe bond market slowed in the third quarter of 2009, after a busy second quarter which saw $811m-worth of issuance. There were two deals completed in the quarter ended September 30 2009, both of which took place in July.
Swiss Re sponsored Cayman Islands-exempted Parkton Re’s $200m cat bond, which was established to benefit the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association.
In the same week, Hannover Re renewed its Eurus catastrophe bond issued in July 2006, with a Eu150m ($211.5m) issue covering European windstorm risk.
The third quarter issuance brought total issuance this year to $1.78bn from 11 deals, compared with $2.73bn from 13 deals by the end of the third quarter of 2008.
But, unlike last year when cat bond issuance dried up completely in the fourth quarter of the year, the expectation is for a busy fourth...
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