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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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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Geography matters in reinsurance. Bermuda's isolation means that every carrier knows its neighbour's business.
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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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Australian carrier says spring events have also eaten into its calendar-year aggregate deductible.
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Will Roscoe is taking on the newly created role, having been with the firm since 2011.
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The latest quarter was the second-lowest Q2 for issuance volume in the past eight years.
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The executive promises a broader managed funds vehicle, whose strategies will also differ from those of Nephila.
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Kinesis deployed 50 percent more limit year on year while RenaissanceRe grew its DaVinci sidecar.
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Last week, Markel said it was placing its retro fund manager Markel Catco into run-off, as part of a restructure that will see a fresh retro play brought to market for 1 January 2020.
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CEO Michael McGuire says the decision reflects the stock's valuation.
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The company is also placing its Markel Catco reinsurance fund into run-off.
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I’ve been writing about (re)insurance for almost a decade now, initially for another London-based industry title, my memories of which are increasingly patchy.
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AuM as measured by Trading Risk was almost flat at $103bn, up fractionally on 1 January.
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It’s no surprise that the topic of bonuses and remuneration gets people talking. Recently my colleague Gavin Davis hit a nerve among our readers over an editorial he wrote essentially arguing that the reinsurance industry did not make anywhere near enough use of properly designed performance-based remuneration structures. Underwriting executives had insufficient skin in the game, he argued.
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After an almost two-year absence, Brad Livingston is rejoining the broker to focus on ILS business.
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The ILS platform’s COO had helped drive growth to $1.5bn assets under management.
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Dirk Lohmann (pictured) will remain at the helm of the ILS manager.
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The firm’s 2015 Atlas cat bond has triggered, following loss creep from the 2017 hurricanes.
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The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.
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The NFIP will bear the brunt of losses from Hurricane Barry, according to industry analysts.
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The series of storms caused economic losses of $2bn, figures from Aon show.
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The City Council is working with RMS to improve the quality of its protection.
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Axis and Swiss Re were able to top up on ILW cover at the lower end of their targeted costs.
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The deal follows recent ILS fund manager investments by White Mountain and Scor.
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The mid-year renewal included $135mn from a Bermuda-listed placement, which shrank from $278mn after the insurer revised the covered portfolio.
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Reinsurance rates are rising, especially in Florida and retro, but primary market changes are still outstripping the significance of these improvements.
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Participation by DE Shaw for the first time since 2015 drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.
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Capital is returning to the ILS industry after the past two years of losses, Paul Schultz, CEO of Aon Securities, said at the firm’s 2019 ILS event last week.
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Third Point Re and White Mountains have also given financial support to the start-up.
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The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.
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New deals have brought total year-to-date ILS volumes to $2.9bn, pointing to a shrinking of the market.
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Reinsurers are now in a competitive position in the ILS market, having narrowed a major market share deficit in the past five years through some large M&A deals and a few instances of significant organic growth.
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The Toronto-based firm will continue to be managed by its current team.
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Congresswoman Maxine Waters has proposed the new law to end lapses in National Flood Insurance Program coverage.
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Further M&A activity in the ILS market points to the likelihood that no single ownership model will prevail.
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The buyer spends $55mn on a 30 percent stake in the Chicago ILS fund manager.
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The ILS market faces a test to recover position as it loses market share to traditional players.
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With more than $4bn of assets under management, Elementum was the third-largest independent ILS firm left in the market.
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Scor chairman and CEO Denis Kessler said the Coriolis acquisition would help its ILS platform move into the top tier of the market.
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American Integrity Insurance and Safepoint have looked to tap the ILS market this week.
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The deal would bolster the reinsurer’s ILS assets under management by more than 60 percent to $2.1bn.
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The Akibare Re bond will pay out to Mitsui Sumitomo, sister publication Trading Risk revealed.
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Arch Capital backed hedge fund carrier’s outlook graded “stable”.
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The issuances from United Insurance Holdings (UPC), American Integrity Insurance Company and Safepoint point to a slight hardening of the market.
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Nephila has also stopped buying ILW cover as the market of buyers shrinks.
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Investors remain committed to the insurance-linked securities market even if first-quarter issuance has dropped dramatically.
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Allianz, Swiss Re or, let’s be honest – Convex – would have been better for John Neal. But Samsung Fire & Marine’s decision to buy into Lloyd’s business Canopius represents a highly positive codicil to last week’s strategy announcement.
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The insurer expects to complete its Florida placement later this quarter.
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Loss-hit issuances from Nationwide Mutual, Heritage and USAA all traded close to zero this month, among a recent flurry of activity on the secondary market.
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Initial guidance on the latest Residential Re transaction points to a spread well above comparable deals.
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The insurer predicted catastrophe claims of $381mn for March.
-
AM Best has put the AmTrust subsidiary's financial strength rating under review with positive implications following the sale announcement.
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Early paying of premiums could draw in capital, panellists told a Trading Risk event.
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Traditional equity capital fell 5 percent to $488bn while ILS capital rose by 9 percent to reach $97bn.
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Review by outside counsel finds no bad faith in “exercising business judgment”
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The moves follow years of market malaise in the property sector.
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The collateralised capacity from Turing Re will support the reinsurer’s property treaty reinsurance portfolio.
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ILS Capital’s Libassi claims the end of the reinsurer’s fronting business will create a leaner ILS market.
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The executive took an advisory role when Axa XL bought out minority investors in the funds platform last year.
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The Latin America-focused syndicate avoided most of last year’s biggest catastrophes.
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The combined ratio improved to 104.1 percent.
-
The carrier, led by chairman and CEO Bertrand Labilloy, says 157 Re paves the way for a Paris ILS market.
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The plan for Catco Reinsurance Opportunities garners near-unanimous investor approval.
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At today’s pricing, most property cat is still a good write for a vast pool of non-insurance capital.
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The forecast compares with Raymond James' estimate of rate increases of up to 15 percent on loss-affected business.
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StarStone leads the hydroelectric claim, which follows last year's Ituango Dam disaster.
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LGT led the way with its rated start-up Lumen Re.
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The insurer has grown ILS revenues from zero to $92mn in five years.
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In a comparison that you should only attempt if you have a French accent, Scor chairman and CEO Denis Kessler once quipped that traditional reinsurance was the wife of the insurance world, while ILS was the mistress.
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Countering the increased demand for public reinsurance, Demotech is seeking to require more overall coverage.
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CEO Paresh Patel said the carrier is already buying cover for a greater than one-in-100 return period.
-
The new executive board member fills a vacancy left by the late Jürgen Gräber.
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The sidecar Reinsurance Risk Premium Interval Fund gave investors around a quarter of the sums requested.
-
The partner’s pricey, scaled-down reserves deal leaves questions about the impact on Maiden’s capital unanswered.
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The executive expects AlphaCat to become an increasingly compelling part of the Validus purchase.
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The move will be put to shareholders of the London-listed Catco Reinsurance Opportunities fund later this month.
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A lower catastrophe loss burden helps offset a $76.2mn reserves hit.
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The $54mn ILS issue follows the city state’s introduction of a grant scheme for the securities a year ago.
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Adverse development and a withdrawal of capacity are expected to lead to increased pricing for loss-affected Latin American accounts.
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Julian Enoizi, who was instrumental in bringing the £75mn Baltic Re terrorism cat bond to market, said using ILS for an exotic risk was “a long journey”.
-
CEO Masojada calls the London market business, with a combined ratio of 89.3 percent, the "standout performer".
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The Eurekahedge ILS Advisers index posted its worst December performance on record.
-
Baltic Re will provide coverage for Pool Re’s losses between £500mn and £700mn.
-
Andy Corton will join the carrier’s marine operation.
-
A highlight of last week’s packed Insider London conference came when former Catlin COO Paul Jardine was asked a question from the floor about whether he felt his erstwhile colleagues (taken to mean Stephen Catlin and Paul Brand) were “crazy” to be capital-raising for a major new (re)insurance venture in today’s market.
-
Rates softened slightly as buyers returned to the market.
-
After listening to the Markel earnings call, I feel prompted to again ask the question: is this the end for Markel Catco?
-
Reinsurers did not adequately adjust pricing to account for 2018 losses and 2017 creep, the ratings agency says.
-
The internet grocer previously warned the fire would hamper sales growth.
-
The insurer will benefit from reduced incentive expenses owed to former executives in the Bermudian firm.
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The former majority shareholder will continue to provide services and support to the ILS fund manager.
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Why should Leadenhall be hived off into the Mitsui’s asset management division?
-
Disclosures filed by the utility in bankruptcy court show the company paid just $26.8mn for its $200mn catastrophe bond.
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A shift to lower volatility classes propels underwriting profit.
-
MS Amlin’s ownership of the London-based firm will now transfer to the Japanese corporation directly.
-
Few of the Bermuda and London staff at Tokio Millennium Re will be retained after the takeover.
-
A four-month fundraising round culminates in a deal with Avantis.
-
There will be a reduction in the amount of third party capital in the industry this year, O’Donnell told analysts.
-
Conditions may be improving for some investors after wider ILS appetite has dampened, according to the broker.
-
Director Graham Coutts foresees a “flight back to quality” from cedants.
-
ILS capital rose by 6 percent despite the “noise” in Q4, the broker said.
-
Swiss Re Capital Markets Europe SA will ensure trading continuity for the arm after Brexit
-
The island has seen life registrations grow amid a desire to broaden beyond non-life (re)insurance.
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Pimco has hired former Mt Logan Re CEO Rick Pagnani to front its move into the space.
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The organisation said the president and CEO of the eponymous modelling company was a “game changer” for the reinsurance industry, and a driving force behind the cat bond market.
-
The North Carolina Insurance Underwriting Association is seeking $250mn for reinsurance cover through a new cat bond, Cape Lookout Re.
-
Ramlal joined the joint venture between Chubb and BlackRock back in November.
-
This may be the year investors call pricing models for alternative capital into question.
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The deal will flexibly expand in line with cessions from an MGA.
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Brokers forecast an average of $9.4bn in cat bond volumes for the year.
-
The London Stock Exchanged-listed Catco Reinsurance Opportunities pledges to "keep investment management arrangements under review".
-
Arguably the defining feature of the last seven years of the reinsurance market has been the inexorable increase in the amount of ILS capital in the system, from roughly $40bn in 2012 to $90bn in H1 2018.
-
The InsurTech has built a digital marketplace for cyber risks.
-
The complaint on behalf of Markel investors follows the disclosure of regulatory probes into the accounting of loss reserves.
-
The reinsurance broker has pointed to several new initiatives designed to bring more capital to the market.
-
The changing dynamics of the reinsurance and ILS markets will be laid bare in forthcoming key renewal dates.
-
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CEO Julian Enoizi prepares the ILS market’s first terrorism cat bond in more than 15 years.
-
If you have to turn to me for your dose of optimism, then things have probably taken a slightly strange turn.
-
Reduced traditional reinsurance capital was partially offset by continued alternative capital growth.
-
Like UK bakery chain Greggs’ feted vegan sausage roll, Swiss Re’s European parametric water-level cover helps plug a gaping market chasm.
-
The insurer has nearly $700mn overall in sidecar support including previous transactions.
-
The Willis Re executive said 2019 could be a challenging year for some ILS managers, as some products have performed poorly.
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Reduced ILS capacity is impacting the sidecar and retro market in particular.
-
ILS showed reinsurers the New World, but reinsurers have now learned to live in it.
-
The vehicle’s size is $5mn up on last year.
-
The ILS market is in a bit of a pickle as it heads into the New Year.
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UPC said the coverages and terms within the quota share remain unchanged.
-
Rates in the insurance linked securities sector have increased by 10 to 20 percent in 2018's fourth quarter, according to Lane Financial.
-
A new report from the Bermuda Monetary Authority shows Bermuda financial services firms have $51.9B in alternative capital.
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Trapped collateral after recent catastrophes could buttress pricing, the analysts say.
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The asset manager said there was “significant opportunity” within the reinsurance and retrocession market.
-
Could 1.1 be a flat cat reinsurance renewal in the US?
-
Firm retro market in prospect ahead of 1.1 as deployable ILS capital narrows.
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The Hong Kong-based sidecar was originally expected to generate $50mn of commitment from international investors.
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Insurers of all sizes have been hit with claims from the record breaking Camp and Woolsey wildfires.
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In the journey to create a new asset class, there are many staging posts that have to be passed.
-
Daljitt Barn follows recent arrival Paul Jardine onto the advisory board of the start-up.
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The initial estimate pegs Camp at $9.8bn and Woolsey at $4bn
-
Lion Rock Re has secured commitments of $75mn from third-party investors.
-
The deal had provided the ILS manager with domestic US paper to access insurance business.
-
The insurer's stock plummeted Friday after the company announced probe into ILS funds.
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The exit comes ahead of Lloyd’s closure of Special Purpose Arrangement 6129.
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The investigation is looking into accounting for loss reserves for 2017 and 2018.
-
Jo Kendall joins from Willis Re, where she led the London specialty cat modelling team.
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The $15bn-$20bn wildfire losses have caused the ILS-dominated retro market to seize up.
-
Mt Logan will not be the only reinsurer vehicle impacted by Stone Ridge’s retractions, but has emerged as the first such example.
-
The Californian earthquake bond priced at the upper end of guidance.
-
A lot has changed since InsurTech first barged into the collective (re)insurance vocabulary back in the heady days of 2016.
-
The French parent lifts its synergies target from the XL purchase by $100mn.
-
Secondary market pricing indications show that investors are expecting another $227mn of losses
-
Grace Hanson will join the company as his successor.
-
The storms will reduce the net asset value of securities in the Catco Reinsurance Opportunities Fund by as much as 9.8 percent.
-
This ain’t nothing like a hard market, but that is very much a good thing for everyone.
-
Aggregate loss activity will trap retro capital for a second year running, as disappointing returns set up expectations for reduced capacity.
-
The California State Compensation Insurance Fund returned to the cat bond market as USAA’s ResRe multi-peril deal raised $200mn.
-
In London last week, I heard Lloyd’s chairman Bruce Carnegie-Brown give a talk detailing some of the challenges facing the Lime Street market – a particularly pertinent topic given the trials and tribulations experienced by some syndicates in recent months in getting their 2019 business plans signed off.
-
Move is a sign of Axa XL’s commitment to the ILS space.
-
The deficit marks an improvement on the prior-year period net loss of $179mn.
-
The new offering will work alongside its existing ILS operations.
-
This appointment is one of three new moves at the business.
-
The ILS manager will continue to operate largely independently following the completion of the deal.
-
Irma and Florence impacted Florida insurers’ Q3 earnings as disparity emerged around Michael losses.
-
Following new investment, Akinova has brought in the experienced Paul Jardine.
-
The possibility of a relationship between the two events puts the utility’s $200mn wildfire cat bond under the spotlight.
-
The UK-based sidecar writes a quota share of the carrier’s treaty and D&F books.
-
It is understood the Florida insurer clawed back $10mn of capital that had previously been freed.
-
The company said losses from Hurricane Michael will be larger
-
The Scor executive called on regulators to trim capital requirements.
-
I remember having a conversation with a (re)insurance executive when they had hired a team to enter a horribly priced line of business.
-
Before Florence and Michael, rate reductions had looked set to resume.
-
The executive was responsible for a ceded reinsurance portfolio of more than $4bn
-
The all-cash purchase price fell slightly below initial expectations of a $1bn-plus valuation for the Bermudian manager.
-
The London-based asset manager has raised more than $600mn for life ILS strategies since July.
-
The Bermudian firm’s management team is praised for its ‘excellent job’ in growing its AuM.
-
The commercial pool will bring together traditional and ILS capacity, it was announced.
-
The ILS fund manager had received approval to operate the SPA next year, though the Corporation rejected an application to convert the vehicle into a full syndicate.
-
Former Marsh broker Richard Green becomes regional head.
-
Climate change is climbing up the (re)insurance agenda.
-
This is the third time Arch has sought cover for its mortgage book via an ILS deal in 2018.
-
The resort town of Mazatlan is among the areas under threat.
-
Jebi is said to have hit third layers of some occurrence covers while Trami has eaten through back-up protections.
-
Reinsurers now have fresh impetus to argue for flat renewals at 1 January.
-
Reinsurers must be prepared for how much work is required to be an asset manager, said the Hiscox Re & ILS COO.
-
The over-estimation of losses by modellers led the ILS market to raise capital amid anticipation of higher rates.
-
The London-based ILS manager still needs to find a managing agent to sponsor the sidecar syndicate for 2019.
-
Aurous Risk Partners will work to match risk to various forms of capacity, including alternative capital via fronting carriers.
-
Liz Breeze replaces Yuval Abraham and will be based in Bermuda.
-
More involvement on co-investment and co-participation will be key for reinsurers in the future, says AXA XL’s Daniel Brookman.
-
The Allianz unit carves out a specialist ILS business to be led by Richard Boyd, who is now CUO of the alternative risk transfer business.
-
Cedants seeking to recall collateral that had been released and commuted are demonstrating “unrealistic” behaviour, Horseshoe Group CEO Andre Perez said.
-
Amundi Pioneer has allocated at least $15mn to the new issuance across several of its funds.
-
The storm is on track to hit the northern tip of Japan's Honshu island and the south of Hokkaido island.
-
The just-launched platform will connect holders of long-tail insurance risks with investment funds.
-
About $24.8bn of ILS outstanding emanated from the North Atlantic island as of March, according to the Bermuda Monetary Authority.
-
Some contracts may also require the reinsurer to re-capitalise any shortfall in anticipated claims.
-
The combined Markel-Nephila entity will manage almost $30bn of capital.
-
The US will be the MGA’s expansion focal point, with two teams likely to be added annually.
-
The industry’s ranks are being thinned by inexorable forces of change, Arch CEO says.
-
Andrew Dolphin will remain in London and report to Hiscox Re & ILS CEO Mike Krefta.
-
The ILS manager’s estimate included around $2.1bn of wind damage claims.
-
The outgoing CFO says the Corporation is winning a clampdown on the use of letters of credit as he delays his exit from the Corporation.
-
Nothing is ever as short-tail as it seems.
-
The XL president said it was imperative that the market condenses the value chain and brings capital closer to risk.
-
Allianz's interest in a deal with Nephila may fuel speculation that major insurers will start to acquire ILS managers.
-
The Swiss Re CEO refutes the suggestion that financial-sector newcomers can deploy capital more efficiently than traditional reinsurers.
-
Reinsurers chasing ILS capital may find it difficult to get buy-in from third-party capital for a “me too” strategy, but there are still opportunities out there.
-
The executive was one of Bermuda ILS manager's first employees.
-
Limited loss development from HIM hurricanes has dampened rate hikes, the broker said.
-
The Aon Reinsurance Solutions CEO commented on recent deals that saw carriers broaden their product offering and skill set.
-
A quest for scale, diversification and tax changes add fuel to the M&A fire.
-
Ten years ago, I walked into The Insurance Insider office for the first time, flagrantly breaking the first commandment of insurance journalism: never start a new job the week before Monte Carlo.
-
The issue would be the ILS market’s first terrorism cat bond since the 2003 Golden Goal transaction.
-
Buyers say lower prices will help them purchase more reinsurance cover next year.
-
Cat bond expansion drives the growth.
-
RMS’ Paul Wilson and former MS Amlin executive Adam Tidball have joined the firm.
-
With Markel as its new parent, the fund manager can diversify further away from its traditional mainstay of property cat reinsurance.
-
The business has continued to diversify into fee-driven firms through M&A.
-
Several independent managers remain but ILS entrepreneurs have already largely cashed out.
-
Citrus cat bond losses are now expected to total $324mn
-
Dual’s planned syndicate start-up and Beat Capital’s acquisition of Syndicate 4242 point to a Lloyd’s future where the underwriting is distanced from the capital it serves.
-
The deal, which will give Markel a 20 percent share of the ILS market, could be the industry's first true convergence play.
-
The ILS manager will continue to use Allianz as a fronting partner after ownership change.
-
Markel will gain a dominant ILS position and an enhanced business profile, AM Best said, while Moody's noted strategic benefits and enlarged asset base.
-
The sale will accelerate the fund manager's expansion into the primary insurance markets.
-
The hire reflects Brit's effort to build out its third-party capabilities and follows the January launch of Sussex Capital.
-
The organisation is set to replace the $250mn Ursa Re 2015-1 Class B notes which will expire in September.
-
The executive joined the Hiscox Re and ILS team as a Bermuda-based underwriter in 2012.
-
The creator of alternative reinsurance securities aims to raise up to $20mn as it expands.
-
For the first time in six years, cat bond pricing in relation to assumed risk has started to increase, an S&P report showed.
-
Elementum, Fermat and Credit Suisse make their debut on the cover at the state-backed catastrophe fund.
-
The ILS manager said it had extracted a 43 percent rate increase from buyers of the retro product and expected rates to hold stable in 2019.
-
A shift in legislation would reduce the current US-listed companies' reporting requirements.
-
The Cal Phoenix Re cat bond was the first cat bond to cover wildfire on a standalone peril, as well as the first third-party liability issuance.
-
The intermediary noted that it was the third-highest sum for a second quarter.
-
As the industry looks to shorten the value chain, could MGAs benefit from lower-cost capital providers?
-
Everest Re sidecar Mt Logan Re has reached $1.1bn of assets under management.
-
The UK-based insurer now sources 9 percent of its £300mn aggregate reinsurance from the collateralised market.
-
The proceeds will be used in part to repurchase up to 1 million Class A shares.
-
The Federal Emergency Management Agency engaged Hannover Re for the 3-year issue.
-
Other similar types of platform in the Bermudian (re)insurer’s portfolio have also grown.
-
The reshuffle follows the resignation of CUO and active underwriter Nicky Payne from the Credit Suisse-backed ILS syndicate.
-
Former CEO Rick Welsh has left the company as it prepares for a rebrand.
-
Nephila helped the top 10 ILS managers expand their asset bases to $67bn in H1 2018.
-
Paper providers are demanding greater transparency from MGAs as the need to streamline costs puts renewed pressure on the distribution model.
-
Watson spent three years at Markel Catco, having joined the company in 2015.
-
The nationwide giant cited pricing as a reason for the shift.
-
Barbican Managing Agency underwriting director David Booth steps into the role on an interim basis.
-
Richard Slater joins from XL Catlin as underwriting director, while Adam Champion leaves MS Amlin to take the role of senior vice president, portfolio manager and operations.
-
Completion of the first major deal under CEO Duperreault hands the buyer businesses including Validus Re, ILS manager AlphaCat and Lloyd’s platform Talbot.
-
-
Even with the most in-depth data, those attempting to estimate the insured or economic loss from a major hurricane are always bound to be off by some degree, especially when it comes to complex events such as hurricanes hitting densely populated areas.
-
The target size is said to be $200mn with Tokio Millennium as fronting reinsurer.
-
Reinsurers may hold less risk in the long term as they look to cut costs and originate risk for other investors, Nephila co-founder Greg Hagood forecast.
-
The Brazilian investment bank has acquired start-up ILS manager Lutece Investment Management after seeding its funds.
-
The insurer increases coverage by 41 percent to $445mn with ‘mid-single digit’ rate cuts.
-
The former specialy lines head left the French reinsurer earlier this year, as sister publication Trading Risk revealed.
-
Pricing has dropped by 6 percent on the single-tranche Northshore Re II 2018-1 transaction.
-
ILS participation may well be approaching saturation point in the catastrophe market.
-
The Esser-backed broker ventures into workplace dispute risk
-
Division will focus on MGAs and programs as well as InsurTech and alternative risks.
-
Sources said that Evercore has been retained to advise Nephila management, who holds the majority of the business.
-
The Bermuda-based firm had $500mn of ILS under management in 2017.
-
-
The financial services company may look to gain a credit rating for the Bermuda-based vehicle.
-
The latest issuance includes European windstorm, as well as US wind and quake.
-
The residual carrier obtained rates that came in better than anticipated.
-
The alliance with the insurer comes a month after the carrier closed its Lloyd's India branch.
-
The move could be a bid to emulate the success of the reinsurance funds run by rival mutual fund managers Stone Ridge and Pioneer.
-
Many cat bonds were pricing below their guidance range earlier in the second quarter.
-
The increase reflects the assignment-of-benefits crisis in the southern part of the state.
-
The reinsurer had originally been expected to hold an IPO late last year.
-
The carrier is working with brokers and members' agents to source the additional capital.
-
The giant marine reinsurance mutual picks its brokers after a lengthy tender.
-
The cat loss modeller says 20,000 residential buildings were damaged.
-
The reinsurer has raised $530.5mn of Sector Re debt since December.
-
Only two Florida-specific bonds hit the market in the period.
-
The insurance industry veteran was recognised for his services to the government and the economy.
-
ILS and Lloyd's syndicates are understood to be on risk for the Lottoland loss.
-
Hail, strong winds and flash floods blamed for losses across central and eastern US.
-
Anna Sweeney of the Prudential Regulation Authority has warned that firms “may be taking false comfort” from losses that turned out to be largely manageable.
-
Reinsurance sector capital is set to reach record levels by 1 July this year.
-
Brent Slade will join the new operation from Horseshoe Group.
-
The reinsurance group will no longer offer investors actively managed vehcles.
-
Socium Re will reinsure a share of Fidelis' excess of loss portfolio.
-
The Lloyd's broker hires a director of specialty from data specialist Geospatial to support the initiative.
-
The 1.6 renewals have further highlighted the inelasticity of cat reinsurance pricing.
-
Founder of Everest unit will spend months in transition working with now president Whiting.
-
The vehicle has already completed a $100mn issuance that was listed on the Bermuda Stock Exchange in February
-
The transaction provides cover for named storms and severe thunderstorms in Texas on an indemnity, annual aggregate basis.
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