segment
-
The practice aligns existing capabilities from Marsh Specialty and others.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The platform’s ILS holdings comprise cat bonds and UCITs funds, and were up 8% over January and February.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
-
The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
-
The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
-
The firm said it was poised to build on ‘significant growth’ in 2023.
-
Juniper Re Bermuda received preliminary approval from the BMA last month.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
-
The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.
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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The firm is focusing on developing specialty offerings.
-
This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
-
Risk partnerships will now report direct to the board through the CFO.
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The Cayman Islands entity raised $2.4mn last June.
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The RfP covers the CEA and/or the California Wildfire Fund.
-
The Guernsey legacy carrier is working with an independent valuer.
-
Driscoll and Lubert have been promoted to presidents.
-
Pockets of new capital will not shift pricing at mid-year.
-
The state carrier is moving to redeem its 2022 Everglades issuance a year early.
-
The carrier is seeking named storm coverage in the state of Texas.
-
Sources are expecting multi-billion new limit to be placed.
-
The cat bond will initially cover named storms in Florida and South Carolina.
-
The cat bond will cover earthquake and named storm events.
-
ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
-
The challenger broker is continuing to build out its presence on the island.
-
Head of alternatives Gareth Abley believes the asset class remains attractive following a 16% return in 2023.
-
Insured losses from the Christmas storms reached $968mn.
-
The firm was founded in 2015 to help clients raise capital.
-
The vehicle is 52% larger than it was at launch 3 years ago
-
Twia’s actuarial and underwriting committee made the recommendation last week.
-
The Australian insurer will have $1.7bn of core XOL cover this year.
-
The increase in limit reflects the carrier’s growing exposure.
-
The hire has 20 years’ experience in asset management and corporate finance.
-
The client lacked options in the conventional insurance market.
-
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
-
He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.
-
The Medici cat bond fund experienced the largest growth in AuM.
-
The review followed a methodology change.
-
Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
-
The sidecars segment has been attracting inflows after returns hit a high note in 2023.
-
Improving the speed and efficiency of settlements is required to help the market grow.
-
The asset manager’s largest ILS allocation across two multi-strategy funds is to a Leadenhall fund.
-
2023 was the fourth consecutive year insured cat losses surpassed $100bn.
-
The executive joins the company as it looks to bolster its reinsurance capabilities.
-
The fund will promote environmental and social characteristics under Article 8 of the SFDR.
-
Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
-
In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
-
Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
-
Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
-
In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
-
The bond will provide protection from named storms in Florida for three years.
-
The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
-
While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
-
The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
-
Schwartz will set the firm’s investment process on its ILS, equity and debt strategies.
-
GC Securities is the sole structuring agent and sole bookrunner on the deal.
-
The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
-
TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
-
The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
-
Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
-
The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering.
-
Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
-
Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
-
Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
-
Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
-
The US pension fund investor had altered its ILS portfolio, with a new investment to Pillar in 2021.
-
The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
-
The Eurekahedge ILS Advisers Index has posted the strongest performance for October since it started in 2008.
-
The amount offered in Class A and B notes has also expanded slightly.
-
This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
-
ILS managers are still waiting for hard market growth.
-
Research by Kepler Absolute Hedge showed that seven out of the 10 best-performing alt credit funds were cat bond strategies.
-
AuM stood at $1.5bn as of 30 September, up from $1.2bn as of January 2023.
-
The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
-
Artex hopes the rebrand will bring greater efficiency and a higher level of service to clients
-
With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
-
De Klerk spent a decade at Artex Risk Solutions, where he created special purpose insurers and closed cat bonds.
-
The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
-
Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
-
The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
-
Axis set up a new casualty sidecar in the quarter.
-
The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
-
A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
-
As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
-
Mortgage ILS issuance has totalled $787.2mn so far this year.
-
The manager has made four appointments including two internal promotions.
-
E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
-
Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
-
The fund has been adapting its investment strategy in light of inflation and rising interest rates.
-
The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
-
Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
-
The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
-
Stress-test numbers were increased to 112, including scenarios of losses in multiple years, up from 105.
-
The recent ILS start-up was the only new mandate for 2022 after the Dutch firm had added two new mandates in 2021.
-
The fund is on course for its strongest year of returns since inception in 2014.
-
Mark Shumway joins from Howden Capital Markets, where he has been managing director since 2020.
-
The IOP will be integrated into the Open Protocol reporting template.
-
Hiscox and Aeolus are looking to capitalise on strong investor appetite for cat bonds this year with their respective fund launches.
-
Private ILS outperformed cat bonds in August, as hurricane season earnings began to kick up a gear.
-
A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.
-
The Elementum executive told Trading Risk New York that “appropriate returns” over time were the key to a sustainable ILS market.
-
The leadership change follows Howden’s landmark acquisition of TigerRisk at the beginning of the year.
-
Ambassador was set up in 2021 with Embassy Asset Management the named investment adviser.
-
Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
-
Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
-
ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
-
However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
-
The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
-
Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
-
The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
-
Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
-
Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
-
More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
-
The broker said that capital levels should stabilise at previous levels, given a normal second half.
-
The move comes as investors are on track to reject a bid from Liontrust.
-
The transaction covered a portfolio of $250mn in casualty risk premiums.
-
Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
-
The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
-
The carrier was originally in the market for extra capacity at January 1 before pulling plans.
-
Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
-
The pension fund is seeking a strategy with “low or negative correlation to public equity”.
-
Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
-
Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
-
The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
-
The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
-
The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
-
The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
-
Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
-
The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
-
The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.
-
The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
-
Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
-
The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
-
The firm has moved to defend its plans against a rival strategy supported by a small group of investors.
-
The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
-
Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
-
Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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The carrier said it had mitigated the impact of a challenging reinsurance market.
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The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.
-
The comment comes after major US carriers pulled back from new business in wildfire-prone California.
-
The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.
-
The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
-
The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
-
The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
-
Howden Tiger worked on the structure of the deal with the unnamed syndicate.
-
The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
-
Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
-
This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
-
The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro.
-
First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
-
The manager has gained increments from existing investors and inflows from new ones.
-
Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
-
Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The firm has posted a combined ratio of 75.4% for 2022.
-
Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
-
Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
-
-
In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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UBS previously explored setting up an ILS offering, but instead opted to offer other firms’ products.
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
-
He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
-
There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.
-
The asset class is finding favour particularly with allocators that have been watching returns play out over the long-term horizon.
-
The multi-peril bond will cover all 50 US states and the District of Columbia.
-
The firm identified market inefficiencies in its analysis of loss data.
-
The new higher-rate world brings the threat of some investors staying in a risk-off mentality.
-
The syndicate’s combined ratio was down for the fifth year in a row.
-
The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
-
The securitised reinsurance tokens require a minimum investment of $20,000 in the US and $2,500 outside of the US.
-
ILS managers have pioneered externally managed rated carriers, but have done so with cost-consciousness in mind.
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The specialty leader had worked at recent acquisition Willis Re since 1998.
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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
-
Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.
-
Minesh Jani will report to Bradley Maltese, CEO of international and global specialties.
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The ILS expert had joined as a portfolio manager in 2018 from Ontario Teachers’ Pension Plan.
-
Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
-
Fermat’s John Seo divided the potential incoming capital broadly into “fast” and “slow” capital.
-
The ILS manager said the cat bond sector could double to become a $70bn market in the next three to five years.
-
The asset manager said this year’s conditions were the most attractive in ILS history.
-
Hudson Structured Capital Management (HSCM) Bermuda has set up an insurance credit strategy seeded with $400mn of initial capital from Security Benefit Life Insurance Company.
-
The ILS manager’s analysis highlighted that Lloyd’s nat cat exposure had lowered over the six years to 2021.
-
Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
-
The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
-
The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
-
Structures have been developed that would avoid “excessive capital trapping”.
-
Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
-
The capital commitments to the vehicle have expired.
-
A difficult fundraising environment had not eased during 2022.
-
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The Italian group previously halted writing catastrophe excess-of-loss business.
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The executive will build out Vesttoo’s capital markets team in the region.
-
The investment analysts wrote that market dislocation offered an opportunity to invest on attractive historic yields.
-
Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
-
Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
-
The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
-
Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
-
Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
-
The (re)insurer has been reorienting itself away from writing property cat.
-
The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
-
The former Lancashire treaty underwriter had worked at the ILS platform since October 2021.
-
The broker said cedants will return for extra property cover after a tough 1.1.
-
The transaction is the first proportional deal for cyber risk in the capital markets.
-
The firm missed its earning per share target for the quarter.
-
For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee.
-
The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
-
The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
-
ILS strategies specialist Siti Dawson is moving from LGT ILS Partners.
-
Key themes of the renewal that resonated across the ILS investor base include the elevation of attachment points, though lack of take-up of named perils coverage may disappoint some.
-
The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
-
The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
-
The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.
-
FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
-
The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
-
The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
-
Tristan Abend has been with the Axa XL Reinsurance team for 10 years.
-
The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
-
The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
-
Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’.
-
Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
-
A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.
-
The syndicate’s growth headroom is somewhat constrained compared to the Lloyd’s market average.
-
The ILS firm’s CEO Nilsen said life ILS was “poised for growth in a higher interest rate environment”.
-
The index year-to-date loss was trimmed to 3.41% in October, from 4.28% in September.
-
Frontier Advisors said sentiment continues to be challenged by performance.
-
The bond will provide coverage up to 2026, extendable to 2029.
-
The outgoing McGill and Partners head of structured solutions will become CEO of Augment after fulfilling his contact at McGill.
-
Baltesar worked for Hiscox Re and ILS before joining Credit Suisse ILS in 2019.
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The broker said clients can move fast in a harder market but need time to review quotes.
-
Ludlow Re will grow “opportunistically” where there is confidence of producing attractive returns.
-
The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
-
Some firms have fared better than others in the competition to raise funds during the year.
-
Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
-
The company said it expects portfolio positions to reflect the updated figures soon.
-
Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
-
Transparency and alignment of interests are the keys to expanding casualty ILS.
-
AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
-
It’s the third year that the New Zealand sovereign wealth scheme has increased its holdings in ILS.
-
The Massachusetts retirement system issued a request for proposals from ILS managers.
-
Early reporters emphasised an ongoing demand for structural change.
-
Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
-
The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
-
The major ILS investor described 2023 opportunities as attractive but said they were set to get more selective in the industry.
-
Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
-
The broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
-
Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
-
Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
-
The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
-
The cat bond specialist addressed potential losses on Florida wind-exposed bonds.
-
Some are suggesting a rotation of the investor base may be underway, with a move back towards more opportunistic funds.
-
HSCM Ventures partner Vikas Singhal will join the Inclined board.
-
-
With investor fundraising prospects challenged due to macro factors, there are questions over how much US demand growth the ILS market can absorb.
-
The implications for the Abu Dhabi investor’s billion-dollar ILS portfolio are not yet known.
-
Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
-
Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
-
How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
-
The HSCM co-founder said the cat reinsurance market was going through a profound shift that would open ILS opportunities for growth.
-
The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
-
The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
-
The expansive broker has also hired Mario Binetti from Everest Re as head of casualty treaty and actuarial.
-
Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.
-
Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
-
einsurance has contributed increasingly to the results of the Belgian carrier, which is looking to further diversify.
-
Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.
-
The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
-
Loss creep from Hurricane Ida has led to the loss and an increase in loss reserves.
-
A report warns that recent rate increases may not be enough to protect against headwinds.
-
A Moody’s survey of reinsurance cedants found most are expecting cat rate increases to remain in a high-single-to-low-double-digit bandwidth.
-
Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
-
The former Gallagher Re broker is the second departure from the firm in Bermuda since the Willis Re sale.
-
Cat bond funds posted their first profitable month since March.
-
Insured losses in 2021 alone hit $20bn.
-
The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
-
Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.
-
Former Natixis banker Alexandre Delacroix will focus on a range of capital market activities.
-
The reinsurer’s CFO and COO Michael Dennis has been named CEO, subject to immigration approval.
-
The Sompo International company was placed into run-off in June 2019.
-
The manager’s analysis concludes some funds manage risk more efficiently than others.
-
Vesttoo's aim for the partnership is to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.
-
Some might see the ILS sector as more institutionalised compared to personality-driven hedge funds, but there is little doubt that the original generation of ILS leaders will be hard to replace.
-
Contasta joins the Connecticut-based reinsurer after over 14 years at Alleghany-owned carrier TransRe.
-
The fund’s allocations to general and life insurance investments have grown year over year.
-
Cat bonds have built-in protections against the threat of inflation, Schroders ILS chairman Dirk Lohmann has argued.
-
Neyme was previously vice president, US casualty treaty.
-
Twia noted that the cancellations had come as Texas enters peak hurricane season.
-
-
The group-level cat impact to the combined ratio improved 0.3 points to 1.8.
-
Private ILS outperformed cat bonds during the month.
-
The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
-
It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
-
Total issuance of $4.86bn was transacted in the primary market.
-
The figures include funds managed by ILS manager Fermat Capital Management.
-
It is launching the new capability through a new SEC-registered investment advisory firm.
-
Craig Dandurand is to depart Australia’s Future Fund after nine years, as the pension scheme reorganised its investment team, putting its ILS portfolio under the responsibility of new head of alternatives Tammi Fischer.
-
The ILS firm reported $8.5bn of assets under management at mid-year.
-
The Australian investor made 5.0% on its ILS investments in the 12 months to 31 March.
-
Gupta moves from Axis Capital where he served for four years in the New York team.
-
The property reinsurance underwriter had joined Axis Re’s London team three years ago.
-
Jacquet previously served for five years at Credit Suisse ILS.
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As ILS players such as Vesttoo seek to grow beyond cat risk, Trading Risk looks at some of the questions surrounding how casualty ILS deals will operate and the amount of risk transfer undertaken to date.
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The insurance agents’ trade body also raised concerns over brokers’ E&O cover.
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Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?
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The release followed an appeal judgment from the High Court of Australia.
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Kalachian moves from Allianz where he was a managing director.
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The ratings agency affirmed its rating on Resolute Global Partners’ Bermuda platform, noting its exposure to aviation war risks.
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The regulator has proposed several changes to enhance the regime for insurance special purpose vehicles which, in turn, could boost the UK ILS market.
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Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.
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The vehicle was supported by a group of institutional investors.
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They will join the team led by Stefano Sola to bolster Vesttoo’s alternative investment products.
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The coverage secured represents higher average insured values compared to last year.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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Succeeding years of nat-cat losses have left aggregate and lower-layer capacity tighter.
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The scope of McCann’s new role spans across various property segments, including retrocession.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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Beyond pandemic exclusions, there has been a mixed response to changing ILS terms after the trapping issues.
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The US P&C carrier is putting more premium through its captive.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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The decade from 2010 ran the full gamut of catastrophe loss experience, reminding us that there is no such thing as a "new normal" in the world of ILS.
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It is the reinsurance company’s first entry to the cat bond market.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
-
After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
-
The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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The pooled parametric insurance arrangement was trigged by localised drought.
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Markel Catco reported a small gain for its February result on 2019 side pocket releases, ahead of its early buyout of investors.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
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DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
-
The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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The firm recently invested $15mn in FedNat’s Monarch National.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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The broker said its capital markets unit would be “fully aligned with the broking and analytics teams.
-
With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
-
He moves from Axis Capital and will succeed Jon Levenson.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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The increase in allocation by the railways scheme contrasts with steady or declining ILS holdings at other UK pension funds.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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The move partly reflected de-risking and re-underwriting activity following 2021 losses.
-
Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
-
The issuance will be fronted by Hannover Re with an initial attachment level of $2.2bn.
-
The bond will provide cover against named storms in the US.
-
The hire of the senior Horseshoe executive follows two earlier ones, as Bryce Wojciechowski and Alex Staab joined as analysts.
-
The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.
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The Florida carrier has yet to finalise its programs as it awaits potential reforms.
-
Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
-
A restructure will see a global product leader appointed for all QBE Re’s business lines.
-
The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
-
The reinsurer revealed its Ukraine loss charge excludes aviation.
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Lloyds and London "a little bit missing" in enabling creative dialogue'
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In certain areas more collaboration is needed but in others the market will continue to get more diverse as investors respond to post-Irma challenges in differing ways.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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The panel discussed the need to adapt to ESG and climate change
-
The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.
-
Commutation negotiations continue on the book of underlying contracts written by the retro fund.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
-
Jefferies has been awarded the mandate to seek a buyer for the segment.
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Lloyd’s CFO and COO Burkhard Keese told delegates at the London ILS 2022 Conference that the platform’s scope will widen beyond quota share structures.
-
The fund’s prospectus showed 2017 was its only negative year since 2014.
-
The ratings agency cited slowing rate rises and challenges for carriers to achieve above-inflation premium increases.
-
The pension fund is drawing back its investments in Aeolus and Nephila and set up a new mandate with Pillar.
-
The former AlphaCat and Aspen executives have teamed up to bring an ESG focus to a new independent ILS platform.
-
The issuance is Vantage Risk’s second in the cat bond market.
-
Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.
-
The first-of-its-kind deal blends bank financing with ILS funding.
-
The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.
-
The issuance marks the carrier’s return to the cat bond market after a five-year gap
-
March brought a flurry of people moves in the ILS market.
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Swiss Re’s Sector Re includes aviation coverage, while some direct ILS exposures exist in marine retro where firms like ILS Capital and Lancashire play.
-
Political violence and aviation coverages had been thrown into marine composites as the market softened.
-
The Swiss rail fund made a 2.4% loss within its ILS portfolio.
-
Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
-
The reinsurer said the third-party platform, which reached $2.2bn at the start of this year, provided capital relief and supported nat-cat capacity.
-
The new platform has BMA authorisation to hold crypto currency as collateral.
-
The transaction includes a notably high-risk target layer amongst five tranches.
-
The feeder fund to Neuberger Berman ILS strategies took a defensive stance ahead of 2021 Atlantic hurricane season.
-
The Gallagher Re managing director of EMEA North and East said buyers need to be able to explain their stance on handling inflation, going beyond price to include action on their own underlying limits and deductibles, to get reinsurers on board.
-
It scaled back in Europe and Japan but entered the hardening retro market.
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There is a tension between securing payback and negotiating higher retentions.
-
Bermuda will be one of the new jurisdictions for the combined Irish financial services firm.
-
Pricing rose to 950 bps, the higher end of guidance.
-
The new law, set to be implemented on 1 July, seeks to lower insurance premiums for cyclone-affected areas of Australia.
-
Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
-
The Lloyd’s business is drawing on TMHCC to advise on the future of its reinsurance book.
-
Executive pay at RenaissanceRe fell for the second year in a row in 2021 after a “disappointing” return for shareholders in a year of elevated natural catastrophes.
-
TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
-
The pricing on Inigo Insurance’s Montoya Re catastrophe bond has settled at 675 basis points (bps), or the top end of guidance, Trading Risk understands.
-
Mitsui Sumitomo Insurance Co and Aioi Nissay Dowa Insurance Co have downsized the Tomoni Re catastrophe bond to $190mn-$245mn over two notes, compared with the initial offering of $240mn over four notes of $60mn each, Trading Risk understands.
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ILS funds were showing pockets of positivity as market dynamics shift.
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Having set up its London Bridge ILS platform, Lloyd’s believes it can leverage its reinsurance-to-close (RITC) mechanism to develop an ILS market for casualty, CFO Burkhard Keese said on a results call yesterday.
-
The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.
-
The limit has increased by 5.5% on cover of $1,930mn placed last year.
-
Tuttle has more than 35 years’ experience in P&C broking and cat modelling.
-
The Canadian pension fund increased its overall proportion of ILS assets to 0.6%.
-
The casualty ILS platform said it had handled more money in the past three weeks than in its first three years.
-
The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
-
The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.
-
Carr was previously SVP, global head of property catastrophe at the reinsurer.
-
The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
-
DE Shaw issued a stinging rebuke to the company last week, and called for it to reposition as a pure-play insurance data firm.
-
The pricing has settled at the mid-to-top end of guidance across the three tranches.
-
Even though underlying ILS market conditions are improving, getting a hearing from investors could become harder.
-
The company ceded 67% more cat premium to Nephila in 2021 after pulling out of cat reinsurance itself.
-
The carrier is facing more growth than anticipated after recent insurer failures.
-
The company’s adjusted return on equity will have a floor of 14%.
-
The industry has moved on from an initial focus on the nat-cat element of ESG.
-
Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
-
President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
-
Pricing settled at 500 basis points, the higher end of guidance.
-
-
Acrisure Re brokered the deal.
-
Catastrophe reinsurers are already off to a messy start for the year and may have eroded a significant part of their year-to-date Q1 cat budgets as floods are still unfolding in Australia following recent European/UK windstorms.
-
The cat bond provides a mix of per occurrence and annual aggregate cover.
-
The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.
-
The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
-
The ceded premiums were up more than sixfold after it set up a new sidecar.
-
The ILS platform of Everest Re is looking to optimize value for the group and investors.
-
The deal would bring the North Carolina residual insurer’s total ILS coverage to $650mn.
-
There were 220 trades in the secondary market in Q4, as aggregate and Florida bonds were less liquid.
-
Suncorp and RACQ set to recover losses through reinsurance.
-
The bond will replace the 2020 Class B bond which matured in January.
-
This is Allstate’s first entry to the cat bond market in 2022.
-
The firm’s 2020 edition cat bond has also lost $3.2mn.
-
Talks between the regulator and practitioners are ongoing, with the market picking out several key threads that could assist local transactions.
-
This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
-
CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
-
The start-up Bermudian reinsurer has focused initially more on quota share.
-
Reinsurance recoveries will depend on whether losses are aggregated, the ratings agency said.
-
The carrier took a net EUR838mn of cat losses in the full year.
-
Coca Cola has downsized its ILS holdings almost every year since 2017.
-
Cyber reinsurance premiums may exceed those of property cat by 2040.
-
The reinsurer said it was anticipating increased volume for catastrophe bonds and collateralised reinsurance this year.
-
Combined with a challenging fundraising landscape that is likely to have led to investors cutting more deals, 2022 will be a year of fiscal pressure.
-
The impact on different perils should be distinguished, the advisory firm noted.
-
The bond provides annual aggregate industry loss cover for named storm and earthquake.
-
Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
-
This is the fifth issuance from FEMA and carries a slightly higher multiple than the 2021 deal.
-
A recent final sweetener to the offer led to US litigation being withdrawn.
-
The Cayman Islands reinsurer will source underwriting risk for a new feeder fund investing in non-cat securities.
-
The flagship Atropos fund reached $1.4bn while its cat bond strategy is sized at $831mn.
-
RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.
-
Resilience bonds attempted to link up financial goals that proved to be too mismatched.
-
Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
-
The latest raise takes the satellite firm’s total financing to $304mn.
-
The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
-
The rise accounts for growth in the firm’s specialty auto book.
-
The ILS fund has roughly doubled in size in a year, after receiving further funds from new and existing investors.
-
Many investors are in a “hold and assess” pattern on ILS, but some changes in the broader landscape could be more positive for the industry.
-
There are two strands to the investor response to ILS climate-change issues, the consultant said.
-
Axis did not share any insurance premium with capital partners in Q4, while reinsurance cessions continued.
-
Investors are increasingly concerned about legislative changes and climate change, but there are drivers for optimism, the consultant said.
-
The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
-
Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.
-
The firm will look to grow its offerings on climate change and natural catastrophe risk.
-
Southern Fidelity is seeking to lift homeowner rates by 85%.
-
Axa XL’s UK and Lloyd’s CEO said speed of decision-making was key to UK market growth.
-
The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
-
The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
-
The industry is expected to improve its return on capital slightly in 2022.
-
The Swedish pension scheme is ‘happy to absorb concentrated [cat] peril risk’.
-
Richard Pike joins Howden Re from Berkley Re, where he was responsible for regional ceded reinsurance.
-
Both pricing and terms improved in most of its core market, with the firm's year-on-year renewal net rate change for 1.1 business estimated to be +5%
-
The London fund has been transitioning its diversifying portfolio to a pooled scheme, which has posted some growth in insurance holdings.
-
The December redemption was raised to 7.5% of the fund from the usual 5%.
-
Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
-
The regulator is also reviewing Solvency II post-Brexit.
-
Alecta said it was "convinced" ILS could produce high-quality, uncorrelated returns.
-
The French reinsurer’s vehicle has renewed for the fourth consecutive year.
-
He will replace Jonathan Malawer, who held the position for fourteen years and has left to join a new firm focussed on climate risk investments.
-
The Swedish pension fund will participate in Swiss Re’s natural catastrophe business.
-
The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
-
Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
-
ESG, non-catastrophe and rebuilding after personnel changes will be among the themes of the year.
-
The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
-
The Federal Emergency Management Agency trimmed its spend on the program by 12%.
-
Michael Fitzgerald has also been promoted to head of the firm’s North Carolina office.
-
The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
-
At Lockton Re, Cheney spent the last 18 months as senior broker and co-leader of its property practice.
-
European loss experience drove the firm’s index back in line with 2014 levels.
-
Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
-
Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit.
-
The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
-
The firm says it has condensed the securitisation process into weeks rather than months
-
The cat bond was triggered by Hurricane Harvey and 9/11.
-
The “squeezed middle” of the reinsurance sector is under pressure, but attritional risk aversion could drive ongoing changes.
-
As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
-
The firm’s listed fund took a 2.5% gain for post-2017 class C shares.
-
The former Swiss Re Capital Markets executive will report to ILS unit CEO Paul Schultz.
-
The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
-
The move follows an ongoing battle between board members and staff over investment tactics, according to local reports.
-
The listed mutual fund will be overseen by new recruit Niall MacGillivray.
-
The Netherlands-based insurer is seeking EUR75mn from its first ILS transaction.
-
Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
-
It had previously sought $100mn.
-
The move comes amid limited availability of annual aggregate cover.
-
CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
-
The Singaporean authority is understood to have pursued a higher risk-return strategy within the asset class.
-
Madison Dearborn has increased its shareholding, while HPS has reinvested.
-
The bank’s ILS team said they would favour remote, occurrence named peril structures to minimise increased climate exposure.
-
The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
-
Personnel turnover and ongoing redevelopment into new areas were the notable themes of the past 12 months.
-
1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
-
The target firm deals in engineering, energy, P&C and specie.
-
The investor agreed to buy Ascot in 2016 and Wilton in 2014.
-
Ariel Re previously sought $150mn worth of cover from the aggregate retro deal.
-
The insurer said the European flooding loss did not qualify as a European windstorm for the purpose of the transaction.
-
The fund’s stake in Helios remains unchanged at 19.4%.
-
Cat risk-takers are benefitting from some money leaving the sector, but is this disruption creating inefficiencies as well?
-
HM Treasury is proposing to cut the tax burden on ILS transactions.
-
The London-based manager said the open-ended fund structure was no longer “optimal” for mingling life and non-life exposures.
-
Manjit Varwandkar, who managed the parametrics product line at Sompo, will manage the Medici Fund.
-
The Australian investor said it was talking to reinsurers about fine tuning catastrophe portfolios as it reported an 0.9% ILS return in Q3.
-
The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
-
This is the first cat bond deal from the corporate sponsor, a logistics specialist.
-
The award-winning Danish Red Cross-sponsored deal has made its stock exchange debut.
-
November moves included a new team at Inver Re.
-
The topic of quota-share support is becoming all the more crucial because supply is shrinking at the same time as demand is rising.
-
The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.
-
Spreads on the deal’s two reinsurance layers will be at the upper and lower end of coupons Allstate has offered on the cat bond market.
-
The carrier has ramped up fundraising activities this summer as it seeks to broaden its platform.
-
Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
-
The carrier is looking to raise annual aggregate protection from the new ILS deal.
-
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
-
The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
-
The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
-
Ardonagh’s reinsurance business Inver Re has hired former Howden executive Nick Griffiths as a director.
-
Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.
-
This week’s news that the UK plans to introduce a statutory requirement for regulators to consider growth and competition targets will be taken by local ILS market observers as a modest win.
-
Axis Capital has signed up Patrick Witteveen, European head of investor relations at Securis, for a new role in its ILS division, Trading Risk has learned.
-
Theo Norris has joined Gallagher Re as a dedicated cyber ILS broker, moving from his Aon Securities role as acting ILS assistant vice president.
-
Zurich’s cat losses for the first nine months are around $1.5bn, suggesting a lower-than expected contribution from Bernd and Ida which implies the firm may have triggered its aggregate reinsurance coverage, according to analysts.
-
The Canadian pension plan Ontario Teachers’ will support three Lloyd’s syndicates – CFC, Beazley and Beat – via its initial deal.
-
The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.
-
Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10-19%, according to the latest white paper from Karen Clark & Co (KCC).
-
The broker said that weather-related losses had become more severe in the past decade because of climate change.
-
Eclipse Re has issued a series of large private ILS issuances across four tranches totalling $277.2mn, significantly boosting year-to-date volumes, Bermuda Stock Exchange filings show.
-
Lockton Re has hired James Boon from Aon to work as a senior broker in the expansive non-marine retrocession and property specialty division.
-
The monthly loss on the Eurekahedge ILS Advisers index accelerated from 0.4% in August.
-
The return to an in-person event follows two years of forced cancellations owing to Covid-19.
-
HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
-
The insurer’s reinsurance and ILS business is “performing strongly,” said outgoing CEO Bronek Masojada.
-
The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
-
The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.
-
The fund’s high risk, high return strategy will aim to replicate performance of the cat bond market.
-
The UK government’s policy paper provides for use of secondary legislation to make changes.
-
Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
-
The top 21 reinsurers were rated positive on just 9% of factors overall.
-
The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.
-
Everest Re CEO Juan Andrade said appetite had gone “very much higher up in structures”.
-
The new material provides frameworks for discussing ESG and aligning objectives.
-
Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
-
The new functionality supports online collaboration for optimal placements.
-
Re-allocation of capital rather than true growth seems to be a more likely outcome for the sector in the near term.
-
The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
-
The fund acted on advice from Aon Hewitt Investment Consulting.
-
Howden said passing risks onto governments would degrade the value of the insurance industry.
-
The larger fund PK SBB revealed it made a loss of 7.0% in its ILS portfolio for 2020.
-
The carrier will continue to write the business from Bermuda and the US.
-
The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
-
The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
-
‘We are not shrinking to greatness,’ said Allianz Global Corporate & Speciality CEO Joachim Müller.
-
The Scor chairman takes over from Swiss Re CEO Christian Mumenthaler, who steps down after two and a half years in the role.
-
The Hannover Re subsidiary said the event would incur insured losses in Germany alone of “well in excess” of EUR8bn.
-
The pension insurer is seeking others to form an investor group challenging a Markel buyout.
-
A Schroders report cites diversification as a key driver of investor appetite.
-
The reinsurer said it was adding "a new generation of expertise" to its energy team.
-
The investor more than doubled its allocation to Elementum Advisors.
-
Some of the insurer’s bonds were among those modestly marked down after Ida.
-
The group will enable efficient access to less liquid and restricted issues.
-
Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.
-
The city’s pension fund recorded a 3% return from its ILS portfolio in 2020.
-
The firm appointed provisional liquidators, with limited “light touch” powers in late September, as it made a buyout offer in the face of legal action.
-
The investor has significantly cut back its allocation over the past few years.
-
The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
-
The carrier also estimated its European flooding burden will be $520mn.
-
The company has also confirmed that new recruit Tim Ronda will join as president later this month.
-
Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors, also joined the seed funding round.
-
The former Aon US reinsurance president will join the challenger broker in just two weeks.
-
Tim Ronda was president of Aon’s US reinsurance business and was recently given a new global leadership role.
-
The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS.
-
Firm says level of protection secured is testament to market interest in mortgage credit risk.
-
The consultant recommended the pension fund allocate $95mn to Pillar in 2022 after pulling a $41mn mandate from Nephila.
-
Rinat Bektleuov joined in August 2021 and reports to Charles Goldie, chief underwriting officer.
-
Discussions with industry and in-country partners have so far foregrounded parametric solutions.
-
California wildfire loss notifications relating to 2017 and 2018 fell.
-
Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.
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