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Cayman Islands-based Oxbridge Re sold $2.4 million of DeltaCat Re tokenized reinsurance securities, representing fractionalized interests in reinsurance contracts written by its Oxbridge Re NS reinsurance sidecar. They are tokenized on the Avalanche blockchain.

"Oxbridge Re Ltd., the Cayman Islands based reinsurance firm with a Gulf Coast risk focus, has begun the initial offering of digital or tokenized reinsurance securities named DeltaCat Re, with the capital set to support collateralized reinsurance contracts underwritten via its sidecar structure, Oxbridge Re NS."

Cayman Islands-based Oxbridge Re Ltd. is planning to expand its offering of tokenized reinsurance securities representing fractionalized interests in reinsurance contracts written by its Oxbridge Re NS reinsurance sidecar. This tranche would be on top of the $2.4 million issued in June 2023 through its SurancePlus digital securities subsidiary. Also in July 2024, Oxbridge Re raised $2.88 million for its Epsilon Re sidecar. All use the Avalanche blockchain. [Source: Artemis.bm]

Moody's warns that reliance on retrocession capital is growing but that it considers increased reliance on retrocession to sustain a normal reinsurance underwriting business to be risky and weaken the capital quality of those dependent on it for support.

Insurtech start-up B3i has launched its first product on R3's Corda platform, v1.0 of its Property Catastrophe Excess of Loss Reinsurance product. The new Cat XoL product will allowing insurers, brokers and reinsurers to "interact, negotiate and place risk more securely and efficiently."

Oxbridge Re Ltd., the Cayman Islands based reinsurance company, through its SurancePlus digital securities subsidiary, completed a private placement of 287,705 Participation Shares represented by the digital tokens, EpsilonCat Re, under a 3-year Participation Share Investment Contract to raise roughly $2.88 million. [Source: Artemis.bm]

Germany reinsurer Hannover Re has collaborated with Schroders Capital on a pilot tokenization project, designed to enhance the way insurance-linked securities are invested and managed. On an internal-only basis, Schroders successfully enabled reinsurance contracts to be tokenized and traded on a public blockchain platform using smart contracts. This allowed a number of time-consuming processes to be automated. For example, by integrating key catastrophe insurance data sources into the smart contracts payments to appropriate recipients could be automatically triggered if qualifying natural disaster events occurred. [Source: Artemis.bm]

Accenture and Generali have launched a blockchain solution aimed to streamline the insurer's Employee Benefits Network offerings. Through smart contracts and automated reconciliation, it allows participants in the reinsurance process to share accurate data and reduce processing errors.

Bangladesh could benefit from the use of insurance and reinsurance structures including catastrophe bonds as a way to secure much needed capacity enabling it to better respond to natural disasters and climate related risks, according to the International Monetary Fund (IMF).

The North Carolina Insurance Underwriting Association (NCIUA) latest catastrophe bond has now upsized by 150%, with the Cape Lookout Re Ltd. (Series 2021-1) transaction set to provide it $250 million of reinsurance from the capital markets. At the same time, the spread on the cat bond notes dropped considerably thanks to ILS investor appetite, with the pricing eventually fixed at the bottom of reduced guidance, indicating a roughly 13% decline in pricing during marketing.

Reinsurer Aon has lined up a panel of insurers to provide cryptocurrency coverage for clients of Metaco, a digital asset custody technology firm. This group of mostly European insurers will offer a crime insurance product to institutions using Metaco's SILO solution for so-called hot and cold (online and offline) wallets.

USAA is looking to issue at least $375 million of Residential Reinsurance 2022 Limited (Series 2022-1) four-tranche four-year CAT bonds. It will provide four-years of coverage on an aggregate indemnity basis, against losses from multiple US perils. Initial plans were for a five-tranche deal with one tranche, now dropped, providing a year of annual aggregate and indemnity trigger based coverage.