ILS
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Changes to the categorisation and oversight of managing agents seek to reduce duplication and thereby cut costs.
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Cat bond funds have been attracting inflows while confidence is patchier across collateralised re.
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The company increased its full year 2024 adjusted net income guidance.
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The proposals include increasing either statutory or CRTF funds.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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A hard cat market in 2023 means cedants must consider the alternatives.
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A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The lopsidedness of the ILS recovery means more confidence around prolonged hard market rates but also raises the bar on competing for third-party capital.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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The APRA intends to review reinsurance settings in the Australian prudential framework over the course of 2023 and the first half of 2024.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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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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Hard-market conditions have been beneficial but more improvements are needed, the panel said.
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At Trading Risk’s London ILS 2023 conference, the PRA’s head of division for London markets, Andrew Dyer, explained how the PRA is executing its plans to bolster the UK ILS market.
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Structures have been developed that would avoid “excessive capital trapping”.
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The company will use the funds to expand its global presence, enhance its marketplace platform and widen its offering.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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Gupta moves from Axis Capital where he served for four years in the New York team.
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There are still some hurdles preventing widespread ILS adoption of cyber risk, but momentum should increase.
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The ratings agency said a high degree of uncertainty around ultimate exposure is likely to be long-lasting and will fuel rate strengthening in affected lines.
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The first-of-its-kind deal blends bank financing with ILS funding.
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Political violence and aviation coverages had been thrown into marine composites as the market softened.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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The reinsurer said it was anticipating increased volume for catastrophe bonds and collateralised reinsurance this year.
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Cornell Fox joins as head of investor relations and business development, while Masa Kitade has been enlisted as head of business development for Asia.
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Plus booming broker growth; GRP, Covea UK and James River sales; and all the top news of the week.
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Many ILS firms opened 2022 with reduced assets under management, in a bearish signal for the mid-year renewals.
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The team will not offer an ILS product but plans to invest in insurer capital-relief instruments as part of a new asset management play.
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The former MS Amlin head of reinsurance takes up the CUO role next week.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Reinsurers have held the line more strongly than last year but rising risks may offset gains.
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CyberCube also forecast that fresh capital will start to flow into the cyber insurance market next year.
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The interconnected challenges of performance and the collateralized structure make it tough to land a strategic pivot.
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The carrier has ramped up fundraising activities this summer as it seeks to broaden its platform.
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If you only read a handful of stories this week, make it the selection below.
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The Canadian pension plan Ontario Teachers’ will support three Lloyd’s syndicates – CFC, Beazley and Beat – via its initial deal.
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The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.
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The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.
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The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS
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Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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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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Ongoing high claims from risks such as winter storm, wildfire or convective storm are playing into the climate-change debate over whether and to what extent cat reinsurers are mispricing their business.
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Carriers will not necessarily accept smaller returns in exchange for high ESG scoring vehicles and risks must be properly priced, according to Dirk Lohmann, chairman of Schroders Capital ILS.
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Managers such as Schroders and Fermat capitalised on investors looking for liquid, remote-risk strategies to grow their asset base in H1.
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The Canadian pension fund and the ILS fund provide Funds at Lloyd’s capital alongside traditional reinsurers.
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A rampaging cat bond market should lead more cedants to consider its long-term advantages.
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He worked for eight years at the French firm, where he oversaw the strategic direction of its ILS business.
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With ILS and pension fund money now confirmed for Syndicate 1988, there are further observations for the vehicle launch.
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Reinsurers from Bermuda, the Cayman Islands and Japan have also provided capital to the syndicate for its 1 July launch.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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The experience of the past few years has made cedants much more concerned about managing tail risk than they are credit risk.
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The platform will be managed by Horseshoe with Leadenhall’s head of non-life, Ben Adolph, acting as head of underwriting.
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Syndicates and managing agents who want third-party capital support need to deliver on profit and transparency.
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Mary Margaret von Herberstein will work on relationships with quota-share capacity providers.
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The broker’s international chairman noted shifting attachment points on wind deals and reshaped aggregate covers.
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The investor will focus on late seed and Series A funding rounds as it widens its geographical remit.
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Former Aon broker Charlie Simpson will lead the broker’s platform in Bermuda.
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The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.
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The Floridian insurer aims to renew just over a third of its private reinsurance placement in cat bond cover.
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Whether the Texas Deep Freeze ends as a $12.5bn, $15bn or $20bn insured loss, it will be a medium-sized cat event that will deal an earnings hit to carriers with exposure to the affected states.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The EU’s chief insurance supervisor advocates adding on pandemic to existing national schemes.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.
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Former Securis' executive Neil Strong joins arrivals including Lancashire’s Chris Wilkinson as a second head of specialty and Talbot PV specialist Dan Callow.
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RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
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The CEO said the French reinsurer will avoid court cases where possible in pandemic coverage disputes.
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Alternative capital providers have benefited alongside the “class of 2020” with post-pandemic growth, as specialist ILS assets grew 3.7% in the half year to 1 January.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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Ascot will provide the reinsurance support for the index-based crop products.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The CFO said the new access point for investors would not be used to inflate Lloyd’s capacity and dampen returns in the market.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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This publication looks at 10 issues that will shape the industry in the year ahead, from rate sustainability to start-up progress to the post-Covid recovery.
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The vehicle is the first sidecar launched in Singapore and will cover regional risks.
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The insurer will begin ceding risk to Lifson from January 1 next year.
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The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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By setting up an asset manager, the reinsurer is competing with ILS firms on their turf.
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The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.
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The Syndicate 6131 team will also start writing business on ILS Capital’s US rated balance sheet.
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Direct investment has propped up the reinsurer ILS platforms, but further evolution will be needed.
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The Nephila CEO said ILS capital backing sidecars that are a "trade not a relationship" will charge a higher cost of capital.
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The executive has begun sounding out investors about a retro offering.
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The expansive ILS firm is likely to look for debt funding to remain staff-owned.
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Post-Covid fundraising may not be on the same scale as the post-Irma reload, but similar narrative themes are a risk to monitor.
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The ILS manager is in the process of applying for a corporate member, sources said.
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Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.
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We round up the biggest themes from our five-day virtual conference, which welcomed 2,600 delegates this week.
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The international chairman says poor investment returns will drive push for rate adequacy.
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The Bermudian manager is looking to broaden its platform.
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Alternatives to the buffer loss table are coming to the fore, as the sector searches for answers on trapped capital.
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Lohmann will move into the newly created role of chairman.
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Ghosh will work closely with CEO Ken Pierce to develop the two-year-old platform.
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The Australian carrier exhausted its Orchard Re cat bond.
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In an environment of global financial volatility, the coronavirus has brought both opportunities and challenges to the ILS market, writes Fiona Robertson.
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The departure comes after a 21% contraction in GWP at the unit in H1.
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Ex-Novae deputy CUO to become active underwriter at Syndicate 2358.
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The January agreement remains subject to regulatory approval.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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The two-tranche deal will provide US storm and Canadian quake cover.
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Syndicate 2358 will write specialty risks, an expansion from the Markel-owned platform's historic focus on property catastrophe.
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The launch will mark the third follow-only syndicate in the works within the Lloyd’s market.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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The London market veteran holds several advisory positions and assists the UK government.
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The carrier retained more risk in the first layer of its programme.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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The London Matters report finds EC3 lost reinsurance market share between 2015 and 2018.
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The carrier will only issue the smaller of its two planned deals.
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Private equity is looking for opportunities to capitalise on the Covid-19 dislocation.
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Minimum standards will include full communicable diseases and wildfire exclusions, the ILS fund has said.
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The institution will make a net gain of $60mn on the transaction.
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Property reinsurers seem to be preparing to draw the battle lines on Covid-19 claims around T&Cs.
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The purchase follows the 2019 launch of the Lion Rock Re sidecar.
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The ILS market is seeking to avoid further high levels of collateral lock-up should a string of events similar to those in 2017-2018 happen again, writes Lucy Jones.
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The collaboration takes over from Vario's previous work with Guy Carpenter.
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The carrier failed to secure sufficient investor interest for the transaction.
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The Bermudian platform sources casualty reinsurance deals for hedge funds.
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The ILS fund manager’s parents makes hundreds of millions of dollars of capacity available.
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It is hoped the capital platform will be live in Q4 for investors to support 2021 capacity.
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Kara Owens said investors’ understanding of cyber insurance has evolved.
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The scheme’s main retrocession programme, the world’s biggest terrorism reinsurance placement, will likely increase from last year’s £2.3bn.
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The MGA is backed by (re)insurance capacity from Markel, through the carrier’s Nephila insurance-linked securities fund.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The figures reflect expectations that sponsors will return to the ILS market to seek cover as rates stabilise.
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Nephila raised its $100mn target from the Stratosphere Re bond, which covers both personal and commercial property business.
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The World Bank's pandemic insurance bond covers the virus, and is designed to trigger if deaths impact multiple nations.
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The cutbacks could have withdrawn close to $1.5bn of limit from the market.
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This publication looks at the 10 most prevalent industry trends for the year ahead.
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The carrier’s CFO pledges tighter risk selection following December’s profit warning, but no major pullbacks.
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The reinsurance partnership would support the expansion of Beazley’s fast-growing affirmative cyber book.
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Ali will take charge of Hamilton’s future cat bond placements, having been involved in the recent renewal of its sidecar Turing Re.
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Leo Re sits alongside Munich Re's more broadly distributed Eden Re, which contributed $300mn in 2019.
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A striking feature of this year’s 1 January renewal has been the changing approach to aggregate retrocession covers.
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Willis Re report shows reinsurers reacting to Boeing incidents and ILS lock-up.
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A shift towards rated paper and occurrence structures helped the market clear with some deals remaining outstanding.
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The Insurance Insider looks back to some of the standout pieces of the last 12 months.
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Losses arise from four events plus reserve re-estimates.
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For the most part, aggregate retro covers got hammered in 2017-2018 – but what isn’t as often discussed as these headline losses is the fact that one pocket of such capacity actually got away largely intact.
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The auction platform expects an active renewal season with an additional $1bn of limit committed from traditional treaty and facultative reinsurance programmes.
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The carrier has dropped some layers from its ILW-based ILS transaction.
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The Sussex Specialty Insurance Fund will allow institutional investors to access Lloyd’s risks through Syndicate 2988.
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A-grade students lose momentum, world-class soccer teams have bad runs and every ship must occasionally navigate through stormy weather.
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Cat bonds sponsored by the California Earthquake Authority and the Philippines government both achieved their target size while pricing in the upper range of coupon guidance.
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CFO John Dacey says the new alternative capital partners unit will enhance its flexibility.
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The country's ministry of finance has agreed a deal with 56 insurers to insure public buildings against natural disasters.
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The costliest event, Typhoon Hagibis, will generate a near-$60mn hit across two classes of shares.
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Randolph Re will target ILS deals above $25mn.
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The product is the first non-US cat bond issued in the past nine months.
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“Trapital” is once again throwing out renewal schedules in the ILS market after recent typhoon losses have complicated the run-up to 1 January.
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The business will become part of Artex Risk Solutions, a unit that focuses on captive management and alternative risk transfer.
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The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.
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The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
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AIG’s AlphaCat-managed ILS funds grew AuM by $200mn in Q3, while assets at Nephila, Hiscox ILS and Mt Logan dipped in the quarter.
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The autumn season of reinsurance industry conferences usually runs like a well-oiled machine.
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The reinsurance broker says interest in sidecars has picked up, though investors’ criteria is stringent.
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Failing to expand could lead to the market stalling, suggested speakers at Trading Risk’s New York conference.
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Trapped capital – or “trapital” as we dubbed it in the newsroom one day – remains a key theme in discussions in the run-up to 1 January renewals.
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The founding executive will hand over to present COO Paschal Brooks.
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The demise of Neil Woodford and his funds empire will have wide reverberations for many months.
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Bernina Re will become the flagship underwriting unit for Credit Suisse's ILS funds.
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There are questions on whether the four European reinsurers will continue to expand their top line as conditions improve
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Speaking at a B3i launch event CEO John Carolin said that there was “momentum” behind distributed ledger technology.
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Geography matters in reinsurance. Bermuda's isolation means that every carrier knows its neighbour's business.
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The RenRe CEO raised the concern in light of the way catastrophe losses have risen from initial estimates in recent years.
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The Aquilo reinsurance strategy was part of Markel Catco's operations.
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Investors may be able to part collateralise ILS investments with other assets, effectively adding an ILS overlay to an existing mandate, says Rick Pagnani, head of the firm’s ILS business.
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Management of the acquired business will report to Artex Risk Solutions CEO Peter Mullen.
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Hyeji Kang was formerly head of actuarial function and replaces Bernhard Arbogast, who retires after 25 years with the carrier.
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The ILS manager would be following LGT and Credit Suisse, which have also set up their own rated vehicles.
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Sources had already estimated that capacity in the £2bn market could fall by 20 percent for 2020.
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The industry can offer cover on climate risks but should also look at resilient investments, the Bank of England governor said.
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The expanded entity will develop common products and funds, according to Coriolis CEO Diego Wauters.
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The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
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The MS Amlin-owned ILS fund is speaking to Lloyd’s about new entry routes to the Corporation for open-ended ILS funds.
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Peter Mills teams up with Tim Griffiths to launch London-based Pyrrhic Re.
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The reinsurer also reiterates optimism about the 1.1 renewals.
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The Insurance Insider takes a look at reinsurance market dynamics after “near-miss” Dorian.
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The reinsurer is considering creating a separate balance sheet that could write risks on behalf of third-party investors, akin to the Vermeer Re vehicle managed by RenaissanceRe.
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The launch comes after six years of Nephila using Asta's turnkey services.
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In Monte Carlo presentation, the ratings agency also predicts a "flight to quality" among ILS investors.
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Andrew Barnard will serve as CEO of new ILS platform Lodgepine with two colleagues taking on investment management roles.
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"Signs of fatigue" are showing in the market as pricing hardens slightly.
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The executive’s move into the new role of deputy head comes two months after Schroders scooped up the outstanding shares in the ILS fund manager.
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Rates for $40bn live cat trades have risen as the market has grown more wary of a significant loss, sources said.
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The investor supplies more than £40mn ($49mn) of growth capital following the telematics company’s acquisition of IMS last year.
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Whoever thought it was a good idea to taunt the weather gods in this way?
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The company has created a new management committee as it refocuses on disciplined underwriting.
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Despite shrinkage of the overall pool, new capital providers have entered the market in recent months, the ratings agency said.
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The carrier’s current total of $2.1bn has grown from $300mn at the start of 2015 and is up $100mn since the start of the year.
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AIG took a $1mn investment loss from its $124mn holding in AlphaCat, whereas Pillar provided $3.3mn of investment income for Alleghany.
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The Reinsurance Opportunities Fund has started a buy-back process after shareholders voted in favour of a run-off.
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