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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