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Commenting on the successful placement of its new €200 million Lion Re DAC Series 2025-1) catastrophe bond, sponsor Generali’s Group CFO Cristiano Borean hailed the “unique and distinctive ESG features” of the cat bond, also citing “a further enhancement in terms of structural efficiency, optimisation and flexibility,” thanks to the new shelf programme under Lion Re.

As we’ve been reporting, Generali returned to the catastrophe bond market at the beginning of May, with an initial target to secure €200 million of multi-year and fully collateralized reinsurance to protect it against losses from windstorms affecting Europe and earthquakes affecting Italy.

We then reported that Generali successfully secured this renewal of its green catastrophe bond, with the Lion Re DAC transaction finalised at its target size and with pricing of the two tranches of notes at either end of their initial ranges.

As a result of which, Generali benefits from the full €200 million of multi-year collateralized reinsurance protection from the capital markets through Lion Re DAC.

Now, the company has announced its satisfaction in securing its latest catastrophe bond backed reinsurance protection.

Cristiano Borean, Generali Group CFO, commented, “Generali’s well-established presence in the ILS capital market is once again confirmed by this fourth successful catastrophe bond issuance, with a further enhancement in terms of structural efficiency, optimisation and flexibility, thanks to the ILS shelf programme.

“As a responsible insurer and investor, this issuance with its unique and distinctive ESG features, once again demonstrates our sustainability-rooted excellence by integrating ESG principles into alternative risk transfer solutions, while also effectively embedding ILS instruments into our capital management strategy.”

Marco Sesana, Generali Group General Manager, added, “Our new catastrophe bond reaffirms Generali’s strong relationship with ILS investors, which started in 2014 with the issuance of our first catastrophe bond.

“ILS capital is completely integrated and complementary to our traditional reinsurance strategy. This first transaction, under the newly shelf programme, reflects the continued trust in the quality of our portfolio and our disciplined approach to risk management. Furthermore, it is fully aligned to our Lifetime Partner 2027 strategy, advancing our sustainability value proposition, thanks to the ESG structure at the core of this issuance.”

Lion Re DAC provides a platform for multi-arrangement issuance of catastrophe bonds under the special purpose vehicle, which the company said will provide “further flexibility with regard to the sponsorship of multiple catastrophe bond issuances over time within a specific framework.”

Well-known insurance-linked securities (ILS) specialist arrangers and bankers Aon Securities and GC Securities acted as Joint Structuring Agents and Joint Bookrunners for the Lion Re DAC transaction.

As we’d said before in reporting on this recently settled cat bond issuance, under the terms of Generali’s Green, Social and Sustainability Insurance-linked Securities Framework, this new Lion Re DAC catastrophe bond will free up an amount of its own capital, equal to the cat bonds limit. This can then be allocated to eligible projects by the company, while the collateral will be invested in EBRD AAA rated green notes. The insurer will also report on the allocation of the freed up capital and the project benefits derived from that, we understand.

You can read all about this new Lion Re DAC catastrophe bond and every other cat bond ever issued in the Artemis Deal Directory.

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Italian and global insurance giant Assicurazioni Generali S.p.A. has now successfully secured a renewal for its green catastrophe bond, with the new EUR 200 million Lion Re DAC transaction finalised at its target size and with pricing of the two tranches of notes at either end of their initial ranges, Artemis can report.

Generali returned to the catastrophe bond market at the beginning of May, with an initial target to secure EUR 200 million of multi-year and fully collateralized reinsurance to protect it against losses from windstorms affecting Europe and earthquakes affecting Italy.

The insurer sponsored its first what it termed green catastrophe bond, back in 2021.

That €200 million Lion III Re DAC transaction provided reinsurance against certain losses from European windstorms and Italian earthquakes across a multi-year term, but matures this June.

Hence this new Lion Re DAC 2025-1 cat bond looks like a renewal of the previous deal.

Generali launched its own framework for Green insurance-linked securities (ILS) back in 2020, and in 2024 the green ILS framework was updated to incorporate new features and expand its scope, resulting in a Green, Social and Sustainability Insurance-linked Securities Framework.

Under this framework, Generali can free up capital thanks to the cat bond which can be put to work in sustainable investment.

Now, with the Lion Re DAC 2025-1 cat bond priced, Generali has secured its targeted EUR 200 million renewal and the deal will move towards settlement later this month.

Now, Lion Re DAC will issue two tranches of Series 2025-1 notes that will provide Generali with a four year source of collateralized reinsurance protection, on an indemnity trigger and per-occurrence basis, against losses from windstorms across Europe and earthquakes in Italy.

A EUR 125 million Class A tranche of Series 2025-1 notes will provide Generali with both European windstorm and Italy quake protection. They come with an initial expected loss of 3% and were first offered to cat bond investors with price guidance in a range from a spread of 5.5% to 6.25%.

We now understand the Class A notes have been priced at the low-end of that guidance, for a risk interest spread of 5.5% to be paid to investors.

A EUR 75 million Class B tranche of notes will provide Generali with only Italy earthquake protection. They come with an initial expected loss of 2.33% and were first offered to cat bond investors with price guidance in a range from a spread of 5.25% to 6%.

We’re told the risk interest spread for the Class B notes has now been finalised at 6%, so at the upper-end of the initial guidance range.

As a result, Generali has secured its targeted collateralized reinsurance coverage from the catastrophe bond market with pricing within guidance, albeit at opposite ends of the respective initial ranges on offer.

As a comparison, the soon to mature Lion III Re cat bond featured a single tranche of notes exposed to both of the perils and came with an initial expected loss of 2.99% and priced to pay investors a risk interest spread of 3.5%.

Under the terms of Generali’s Green, Social and Sustainability Insurance-linked Securities Framework, this new Lion Re DAC catastrophe bond will free up an amount of its own capital, equal to the cat bonds limit. This can then be allocated to eligible projects by the company, while the collateral will be invested in EBRD notes. The insurer will also report on the allocation of the freed up capital and the project benefits derived from that, we understand.

It’s great to see Generali continuing to push the boundaries of ESG within the catastrophe bond market, by following its framework and seeking to deliver broader sustainable benefits, while also deriving its own benefits from the capital markets backed reinsurance the cat bond will provide.

You can read all about this new Lion Re DAC catastrophe bond and every other cat bond ever issued in the Artemis Deal Directory.

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Descartes Underwriting has strengthened its leadership team with the appointments of Sophie Bassoulet as Head of Operations and Kelly Collet-Jones as Claims Manager, as the company continues its global expansion in corporate parametric insurance.

Both hires will report directly to Chief Operating Officer Violaine Raybaud, and are positioned to enhance Descartes’ operational capabilities and client servicing during a period of rapid growth driven by increasing demand for science-based risk transfer solutions.

Bassoulet brings over a decade of experience in operations management and consulting, including previous roles at McKinsey and AXA Global Direct. Most recently, she served as Operations Manager at French healthtech insurer Alan.

In her new role, she will oversee operational strategy and scaling as Descartes’ portfolio and product offerings expand.

“Descartes is reinventing insurance to help companies thrive in a constantly changing world. It’s a powerful proposition. Our rapid growth brings exciting new operational challenges, both in volume and complexity. My goal is to find the sweet spot between standardized processes and agility, all by harnessing our team’s expertise and digital solutions. I’m eager to tackle this challenge with the teams,” Bassoulet said.

Furthermore, Collet-Jones joins Descartes after more than a decade in senior claims roles at Chubb, following six years at loss adjuster Cunningham Lindsey France.

In her new role, she will work closely with Descartes’ insurance partners to build sustainable claims processes, deepening broker relationships, and deliver technical claims expertise across the Descartes Group.

“From its inception with parametric insurance, claims has been central to Descartes’ value proposition. In today’s landscape of natural disasters and evolving risks, insureds prioritize swift and seamless claims resolution. I’m excited to contribute my expertise to this core mission, leveraging technology to ensure Descartes’ brokers and corporate clients experience unparalleled satisfaction with the efficiency and quality of the claims service delivered by Descartes and its partners,” Collet-Jones added.

Raybaud, commented on both appointments: “By applying Descartes’ innovative approach to our operations and claims, we’re unlocking unprecedented data analytics, streamlining our processes, and ultimately enhancing our ability to proactively empower our insureds and partners. I am proud to have Sophie and Kelly leading this transformative effort.”

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Reask, the catastrophe modelling and climate analytics specialist, has appointed Jo Williams as Head of Insurance Sales, as the firm looks to accelerate adoption across the reinsurance and insurance-linked securities (ILS) sectors.

A well-known sales leader in the property catastrophe and risk modelling space, Williams brings more than a decade of experience in client-facing roles across the industry, having previously worked at RMS, Aon, Howden Re, and Lloyds.

She joins Reask from Howden Re, where she served as Head of Business Development. In that role, she played a key part in driving revenue growth for TigerEye, Howden’s reinsurance and portfolio management software platform.

Earlier in her career, Williams held solution and product roles at RMS and broker Aon, gaining deep expertise in catastrophe modelling and re/insurance analytics.

According to Reask, Williams’ deep expertise in aligning climate-driven extreme weather risk with strategic insurance solutions makes her uniquely suited to drive the increased adoption of the company’s proprietary algorithms and data sets across both the re/insurance and ILS markets.

Her arrival follows closely behind the recent appointment of Joss Matthewman, formerly of Moody’s, as Reask’s Chief Revenue Officer in March.

“Jo is a fantastic hire with a great reputation for her industry expertise and customer-centric approach,” said Matthewman.

“As Reask continues to expand our product offering and client base, I look forward to working alongside her to build strong client partnerships and maximise our market impact.”

Commenting on her new role, Williams added: “I’m thrilled to join Reask at such a pivotal time for the company. Its unique combination of science, technology, and data is transforming how we understand extreme weather. I look forward to growing our market presence and deepening partnerships with insurers and reinsurers around the world.”

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Siena Capital Group, LLC, a private investment office with a focus on special situations and that counts former Gallagher Securities trading and distribution specialist Jack Stone as a Partner, is targeting the catastrophe bond and insurance-linked securities (ILS) market with a plan to launch a daily pricing platform later this year.

Siena Capital Group was founded in April 2025 by Luke Meehan (General Partner) and Jack Stone (Partner).

Stone most recently worked at Gallagher Securities where he syndicated primary cat bond transactions and led the firm’s catastrophe bond secondary market trading desk, which, according to sources, was a particularly active trading desk at the time of Stone’s departure.

As a result, Stone has deep expertise in the analysis for and delivery of catastrophe bond marks and pricing sheets, and this is one of the first targets for Siena Capital Group, as it looks to modernise market infrastructure in insurance-linked securities (ILS).

Artemis spoke with Stone to get a deeper understanding of the new company’s plans and what the cat bond market can expect from Siena Capital as it develops its technology and platform.

The key take-away is that this ambitious start-up wants to construct enterprise grade pricing infrastructure for the insurance-linked securities (ILS) marketplace.

Stone began by explaining the problem Siena Capital aims to solve, “Despite the growth of the catastrophe bond market, institutional infrastructure has not kept pace. Daily pricing is, for all practical purposes, non-existent. Broker sheets are still distributed via Excel, assumptions are often opaque, and managers and LPs are left without a consistent framework to validate NAV, compare portfolios, or defend valuations to auditors. It’s a system that creates friction at precisely the moment this asset class should be scaling with confidence.

“We’re changing that. In Q4 2025, Siena Capital Group will launch a fully web-based, audit-defensible catastrophe bond pricing platform—built entirely in-house, from the ground up. We use no third-party applications, no external data vendors, and no outsourced tooling. Every line of logic, every data pathway, and every pricing function is purpose-built to serve one mission: to deliver the first institutional-grade pricing utility for the ILS market.”

Stone went on to say, “This is not just another broker sheet. And we are not an ILS fund. We’re building what we believe will become the spine of cat pricing – a system that can support multiple scientifically and market-supported views of risk, track every mark over time, and provide full transparency into how and why valuations move.

“While many in the market are focused on ‘matching capital to risk,’ we’ve chosen to move upstream, starting with a much harder question: how do you price risk in a way that’s consistent, transparent, and defensible? Without that, any downstream structure—no matter how flashy—lacks real integrity.”

Stone went on to explain that Siena Capital aims to address these issues it sees in a way that is aligned with the needs of catastrophe bond market constituents.

“We’re not interested in building a demo-driven startup with a splashy UI and vague promises. Without being too forward, I fear that much of the recent innovation in this space appears designed to impress venture capital firms, not actual ILS managers or LPs,” he told us. “We will deliver a platform that’s serious, institutional-grade, and deeply useful to the professionals already operating in this market. The interface and functionality will be modeled on the best-in-class financial systems that managers and allocators already trust.”

The company sees this initial platform offering as core to its strategy but hopes to move further into the insurance-linked securities (ILS) and reinsurance investments space, by providing greater transparency to the sector in the hope of fostering a more liquid marketplace.

“We’re starting with cat bonds, but there’s no reason to stop there,” Stone said. “The infrastructure we’re building is designed to expand into collateralized re, sidecars, traditional reinsurance, ILWs, and ultimately any structure where investors need to understand and trust the reference point for risk.”

Hiring is already underway, and Stone provided some hints into what the market can expect to see in time.

“Our CTO brings more than a decade of experience leading engineering at one of the world’s largest financial technology platforms, with deep background in data architecture at global financial institutions. He will be leading a pod of talented engineers this summer as we run the sprint to Q4 launch,” Stone further stated. “He’s helping us build with the discipline and scale this market has long deserved, but has never had. When we formally introduce our team this summer, I believe our clients will immediately understand how seriously Siena Capital has invested in delivering them a best-in-class product. We cannot emphasise enough that we are sparing no expense to do this the right way, from the ground up.”

Adding that, “Importantly, we’re doing this without the interference of outside venture capital or the drag of corporate bureaucracy. This summer, we’re quietly testing the marks with a small group of long-standing ILS managers and allocators–investors who’ve been hungry for better pricing, willing to pay for it, and supportive of this initiative from the very beginning. Their feedback is directly shaping our rollout. Over the next 2-3 years, I am optimistic that managers who adopt our infrastructure will realise tremendous operational efficiencies, which is especially critical as some LPs become more fee-sensitive.”

Siena Capital has long-term ambitions to write primary personal and commercial lines insurance, which is why they have made their first investment with the aim of marshalling more LP capital to existing ILS managers.

Stone told Artemis, “Our ultimate goal is simple: to lower the cost of insurance for everybody.

“Looking ahead to the next five years, my business partner and I expect to personally capitalise U.S. admitted and E&S balance sheets, underwrite along the same infrastructure spine, and cede slices of risk into the ILS market, monitoring everything in real-time, at policy-level granularity.

“This is the future of the (re)insurance industry: where capital and risk meet transparently, dynamically, and without layers of inefficiency. So, of course we are interested in connecting risk to capital, just not yet.

“Getting tech and infrastructure right is the challenging part, and it’s the critical first step. Hiring top tier underwriting talent and managing the capital are the easy and fun parts, respectively.”

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A recent report from UBS Group’s global wealth management arm has highlighted catastrophe bonds as a growing sustainable investment opportunity, emphasising their role in climate adaptation and financial protection against extreme weather events.

While they do not directly prevent disasters, UBS sees them as a crucial tool for helping insurers manage climate risks and for providing swift financial relief to affected communities.

Analysts also highlight cat bonds’ appeal to investors, citing their strong risk-adjusted returns and low correlation with traditional asset classes.

“From an issuer’s perspective, cat bonds can serve as a climate adaptation strategy, allowing insurance companies to manage their exposure to physical climate risks to which they’re exposed though primary insurance activity. This not only enhances the resilience of the insurance market but also provides social protection for those individuals and communities covered by insurance,” UBS said.

Adding: “As the world faces an increasing number of natural catastrophes, cat bonds are becoming increasingly relevant as a means of providing insurance against extreme weather events.”

Beyond their sustainability benefits, catasrophe bonds are also gaining traction among institutional investors due to their attractive financial characteristics. UBS points out that these instruments typically exhibit low correlation with other traditional asset classes, making them an effective hedge against market volatility.

UBS also highlights that investors can benefit from attractive risk-adjusted returns from cat bonds, especially within a low-interest rate environment.

Despite their benefits, UBS also highlights certain limitations that sustainability-focused investors should consider when it comes to cat bonds.

One key issue is the potential misalignment between parametric bond payout triggers and actual damage on the ground. While parametric bonds offer quick payouts based on pre-defined thresholds, such as wind speed or earthquake magnitude, these thresholds do not always align with the financial losses suffered by affected communities.

Furthermore, indemnity bonds, which base payouts on actual losses, offer a more precise alternative but often take longer to distribute funds, potentially delaying recovery efforts.

With extreme weather events becoming more frequent and costly, UBS sees cat bonds as an increasingly relevant investment that aligns financial returns with climate resilience.

The catastrophe bond and insurance-linked securities (ILS) market continues to expand at a rapid pace. Following a record year in 2024, issuance in the first quarter of 2025 managed to reach a huge $7.1 billion, which drove the size of the outstanding market to a new all-time-high of $52.2 billion.

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Italian and global insurance giant Assicurazioni Generali S.p.A. is looking to renew its soon to mature green catastrophe bond with a new EUR 200 million Lion Re DAC transaction now in the market, that targets European windstorm and Italy earthquake reinsurance for the company, Artemis can report.

Generali launched its own framework for Green insurance-linked securities (ILS) back in 2020, and in 2024 the green ILS framework was updated to incorporate new features and expand its scope, resulting in a Green, Social and Sustainability Insurance-linked Securities Framework.

The insurer sponsored its first green catastrophe bond issuance in 2021, the €200 million Lion III Re DAC transaction, securing reinsurance protection against certain losses from European windstorms and Italian earthquakes across a multi-year term.

That deal matures after this June and so now it appears Generali has returned to sponsor a renewal with this Lion Re DAC cat bond issuance, which now falls under the updated green, social and sustainable ILS framework.

Under the framework, Generali can free up capital thanks to the cat bond to be put to work in sustainable investment.

In the case of the Lion III Re catastrophe bond, it freed up €28.1 million of capital for the insurer, under regulatory capital relief calculated on the basis of its Solvency Capital Requirement at the inception of the cat bond risk period. That freed up capital was allocated to a sustainable investment deemed to make a positive environmental impact.

So it’s good to learn that Generali has come back to renew its catastrophe bond coverage and to continue pushing the boundaries on the sustainable investment side of the insurance-linked securities (ILS) market with this new deal.

We’re told that Generali has established a new designated activity company in Ireland for its latest catastrophe bond issuance, Lion Re DAC.

Lion Re DAC is looking to issue two tranches of Series 2025-1 notes that will be sold to investors and the proceeds used to collateralize reinsurance agreements for sponsor Generali.

The notes are designed to provide Generali with a four year source of collateralized reinsurance protection against losses from windstorms across Europe and earthquakes in Italy, the same perils as the soon to mature Lion III Re deal.

The reinsurance protection will be on an indemnity trigger and per-occurrence basis for both of the tranches of notes, we understand.

Lion Re DAC is offering a EUR 125 million Class A tranche of Series 2025-1 notes that will provide Generali with both European windstorm and Italy quake protection, with windstorm coverage attaching at EUR 900m and exhausting at EUR 1.1bn, while earthquake protection would attach at EUR 600m and exhaust at EUR 800m, we are told.

As a result, the Class A notes will have an initial attachment probability of 3.64%, an initial expected loss of 3% and are being offered to cat bond investors with price guidance in a range from a spread of 5.5% to 6.25%.

A EUR 75 million Class B tranche of notes will provide Generali with only Italy earthquake protection, attaching slightly lower down at EUR 400m and exhausting coverage at EUR 500m, we are told.

The Class B notes will have an initial attachment probability of 2.64%, an initial expected loss of 2.33% and are being offered to cat bond investors with price guidance in a range from a spread of 5.25% to 6%, sources said.

For comparison, the soon to mature Lion III Re cat bond featured a single tranche of notes exposed to both perils and had an initial expected loss of 2.99% and priced to pay investors a spread of 3.5%.

Under the terms of Generali’s Green, Social and Sustainability Insurance-linked Securities Framework, the new Lion Re DAC cat bond will free up an amount of the insurers own capital equal to its limit which will then be allocated to eligible projects by the company. While the collateral will be invested in EBRD notes. The insurer will also report on the allocation of the freed up capital and the project benefits derived from that, we understand.

It’s encouraging to see Generali continuing to push the boundaries of ESG within the catastrophe bond market, by following its strict framework and attempting to deliver broader sustainable benefits while also benefiting from the capital markets backed reinsurance the catastrophe bond will provide.

You can read all about this new Lion Re DAC catastrophe bond and every other cat bond ever issued in the Artemis Deal Directory.

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Artemis has learned from sources that the vast majority of principal from insurtech Kin’s $175 million Hestia Re Ltd. (Series 2022-1) catastrophe bond is expected to be returned to investors at the upcoming risk period end, while just $5 million will be retained with an extended maturity date to cover any potential loss development.

The Hestia Re 2022-1 catastrophe bond had been exposed to possible losses due to the impacts of hurricane Ian, the largely Florida storm from later in that year of issuance.

Initially after hurricane Ian’s landfall, given the Florida wind focus of this insurance-linked securities (ILS) transaction and the reinsurance protection it provided to sponsor Kin, the $175 million of Hestia Re 2022-1 cat bond notes had been marked down to bids of less than 10 cents on the dollar on some secondary cat bond sheets.

There was, however, a relatively wide-dispersion in the views taken by secondary cat bond trading desks.

In an update we reported that, after hurricane Ian, some pricing sheets had the Hestia Re 2022-1 notes marked for bids as low as 5 cents on the dollar, others still had them marked only 20% down, while one still held them at a mark of 92.

As we also explained at the time, in October 2022, Kin’s reinsurance from the Florida Hurricane Catastrophe Fund inured to the benefit of these Hestia Re 2022-2 cat bond notes, which effectively lifted their attachment point, on a gross loss basis.

As a result, it was challenging for secondary market broker desks and for us to really understand just how exposed the notes were at that time, which likely drove the wide-dispersion in marks in cat bond pricing sheets at that time.

In early 2023, Kin revealed that it ceded around 97% of its gross losses from hurricanes Ian and Nicole in 2022 to its reinsurance capital partners.

At that time, the Hestia Re 2022-1 cat bond notes were marked down still on pricing sheets, for bids of between 70 and 80.

The pricing of the notes continued to recover over-time, resulting in them being marked down for bids in the low to mid-90’s as recently as the first-quarter of 2025.

However, with the scheduled maturity for these notes due later this month, we’ve now learned that out of the original $175 million of principal from the Hestia Re 2022-1 cat bond notes, the majority is now set to be returned to investors holding them.

We’re making the assumption that hurricane Ian has been the only catastrophe event in the risk period for these notes that was seen as a threat for possible attachment of the cat bonds’ coverage. As Kin’s losses from the 2024 storms Milton and Helene were seen to have far lower impacts on the company.

We’re told by sources that $170 million, so some 97% of the outstanding principal, is now expected to be returned to investors, with just the remaining $5 million now set to face an extension of maturity.

Given the notes are marked below 95 across the majority of pricing sheets we’ve seen, it suggests a return of capital greater than the price suggests, which investors will welcome.

For Kin, this likely means the insurer now has much greater clarity of its potential ultimate loss from hurricane Ian (again, presuming that is the event of relevance), giving it the confidence to return the capital and only extend maturity for a 3% sliver of the outstanding notes.

That extension of $5 million will allow Kin some room to make a recovery still, should its losses creep any higher and attach the Hestia Re 2022-1 catastrophe bond notes.

We understand the remaining $5 million of notes will have their maturity date extended for four years, up to April 2029 and the $170 million is expected to be returned to investors after the final risk period ends later this month.

It seems reasonable to assume Kin will have clarity to make a recovery, or return some more of the principal, in advance of that long extension date.

You can read all about the Hestia Re Ltd. (Series 2022-1) catastrophe bond from Kin and every other cat bond deal issued in our extensive Artemis Deal Directory.

Details of catastrophe bonds facing losses, deemed at risk, or already paid out, can be found in our cat bond losses Deal Directory here.

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The lawsuit filed by Porch Group against broker Gallagher Re regarding the Vesttoo reinsurance letter of credit (LOC) collateral fraud has been dismissed with prejudice by the Texas court. But Porch has said it intends to continue to pursue recourse in the matter.

Porch Group is the owner of insurer Homeowners of America Insurance Company (HOA), a company that particularly affected when the Vesttoo reinsurance letter of credit (LOC) collateral fraud caused financial impacts to the firm.

Porch had filed a lawsuit against broking group Arthur J. Gallagher, claiming its reinsurance arm Gallagher Re had “grossly mismanaged” the administration of a reinsurance arrangement subject to collateral posted by Vesttoo that turned out to be fraudulent.

As we later reported, Gallagher responded to the lawsuit and the complaint made by Porch, urging the Texas court to dismiss the petition “in its entirety and with prejudice.”

Porch had then responded, rejecting broker Gallagher’s motion to dismiss the legal case, saying it believed the company had failed to satisfy the obligations of their contract.

In a judgement filed this week, it was “ordered, adjudged, and decreed that this action and all claims by Plaintiff Porch.com, Inc. against Defendant Gallagher Re Inc. are dismissed with prejudice.”

The judgement also decrees, “That Plaintiff take nothing against Defendant; that all relief not granted is denied unless applicable law allows a party to seek some type of postjudgment relief; and that all allowable and reasonable costs are taxed against Plaintiff.”

Referring to arguments made by Gallagher Re in its motion to dismiss the case, the order concludes that the sole breach of contract claim made by Porch against the broker is dismissed with prejudice, while a contact claim against the broker’s parent AJG is denied as moot, as AJG had been voluntarily dismissed from the action.

So closes another chapter in the Vesttoo saga.

In response to an Artemis enquiry to the companies, a Porch spokesperson said, “We will continue to vigorously pursue recourse in this matter, including via all available legal and other processes,” while Gallagher Re declined to comment.

Whether Porch continues to pursue Gallagher Re specifically remains to be seen. But the company is persisting in its efforts to recover more of the value it lost and damages it suffered due to the Vesttoo letter of credit collateral fraud from other avenues.

As a reminder, Porch recently secured a $7.1 million settlement over constructive trust claims with the Vesttoo Creditors Liquidating Trust in relation to so-called constructive trust claims linked to a reinsurance transaction.

The insurer continues to pursue a court case against China Construction Bank, claiming its staff were complicit in the reinsurance collateral fraud, as well.

Read all of our coverage of news related to the fraudulent or forged letter-of-credit (LOC) collateral linked to Vesttoo reinsurance deals.

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Direct-to-consumer insurtech company, Kin Insurance has hailed the substantial improvement in pricing for its latest catastrophe bond issuance, the $300 million Hestia Re Ltd. (Series 2025-1) transaction, the company’s largest cat bond yet.

Kin sponsored its debut $175 million Hestia Re Ltd. (Series 2022-1) catastrophe bond cover back in April 2022.

Kin returned to the catastrophe bond market in February, initially targeting $200 million or more in Florida named storm reinsurance protection, from this Hestia Re 2025-1 deal, the company’s third cat bond.

In our first update on the deal, we revealed that that target size for the issuance had increased by 50% to $300 million, as well as by more than 70% from the expiring Hestia Re 2022-1 cat bond, due to strong investor demand being seen across the cat bond market.

Then, in late February, we reported that Kin had managed to secure its upsized target of $300 million for this Hestia Re 2025-1 deal, while the final pricing of the two tranches of Series 2025-1 notes were at the low-end of the already reduced guidance range.

The transaction features two tranches of Series 2025-1 notes, a $200 million Class A tranche and a $100 million Class B tranche, which will provide Kin with a three hurricane season source of fully-collateralized Florida named storm reinsurance, on a indemnity trigger and per-occurrence basis, running from June 1st this year to three years after the issuance completes.

Angel Conlin, Chief Insurance Officer at Kin, commented: “The success of this transaction, particularly the substantial improvement in pricing terms, validates our disciplined approach to risk selection and portfolio management. This enhanced protection at more favorable terms directly benefits our policyholders by strengthening our claims-paying ability while reducing our overall cost structure.”

According to Kin, the company’s new catastrophe bond represents a pivotal component of a comprehensive 2025 reinsurance program, for Kin-managed reciprocal exchanges, which protects a rapidly growing policyholder base across multiple states.

Sean Harper, CEO of Kin, said: “Insurers and their customers have experienced higher reinsurance rates a few years in a row. We are happy to see reinsurance rates begin to decrease for our reciprocal exchanges, which will benefit our policyholders.

“In addition to improvement in the market, the dramatically improved terms reflect investors’ growing confidence in our technology-driven approach to homeowners insurance and our ability to effectively manage catastrophe exposure. This transaction strengthens the capital position of our reciprocal exchanges and supports our continued expansion while maintaining our commitment to providing affordable coverage in catastrophe-prone regions.”

Insurance and reinsurance broker Howden’s capital markets and insurance-linked securities (ILS) specialist unit, Howden Capital Markets & Advisory served as the exclusive structuring agent and bookrunner for the transaction.

Mitchell Rosenberg, Co-Head of Global ILS at Howden Capital Markets & Advisory, added: “The substantial upsizing and favorable pricing of this transaction highlight the ILS market’s strong appetite for supporting innovative and top performing insurers like the Kin reciprocals, that continue to demonstrate model outperformance, transparent communication, and a proven track record in underwriting and claims.

“We’re proud to have helped Kin Interinsurance Network achieve these exceptional terms, which represent a significant improvement over previous issuances.”

As a reminder, you can read all about the Hestia Re Ltd. (Series 2025-1) catastrophe bond from Kin and every other cat bond deal issued in our extensive Artemis Deal Directory.

Kin highlights “substantially lower pricing” of new Hestia Re 2025-1 cat bond was published by: www.Artemis.bm
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