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The pension fund holds 0.6 percent of its assets in ILS.
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Any lack of retro support could push reinsurers to reduce their gross footprint in the Sunshine State, suggested Validus Re's Chris Silvester.
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ILS Capital Management is looking at converting its collateralised reinsurance company to a rated balance sheet, the firm’s managing partner Tom Libassi said at the Trading Risk New York conference.
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LGT ILS Partners is now transacting 70 percent of its reinsurance book on a rated basis through its A rated Lumen Re platform, partner and portfolio manager Michael Stahel has confirmed.
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Multinational measures have helped to close the insurance protection gap in Asia.
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California has become the “loss leader” of the homeowners’ insurance market, according to a new Aon study.
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The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.
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Aon’s Dominic Christian says a 35 percent cost base for the (re)insurance industry is not sustainable.
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Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight. -
The New Zealand Government Superannuation Fund’s ILS holding has dropped to 5.5 percent of total assets.
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The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
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Concerns about broader market conditions could be a selling point for the sector, New York conference told.
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Jeremy Ginter takes on the new role, moving across from Willis Re.
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Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.
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The Texas-based military insurer is offering double-digit premiums across two tranches of its second bond of the year.
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The ratings agency has predicted a stronger 2019 performance as the group’s combined ratio improved to 99 percent.
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Early reports suggest no fatalities but buildings and vehicles were damaged and schools closed.
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The company will pay out another $13mn to shareholders but made a Q3 loss.
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The sovereign wealth fund’s allocation to its alternatives portfolio fell in percentage terms as the fund grew overall.
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Tropical storm and storm surge warnings are in effect for the region.
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The insurer disclosed $46mn of losses for the quarter and $15mn in adverse reserve development from cat events in prior years.
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The investment manager, which is currently in run-off, is also monitoring the impact of Typhoon Hagibis.
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The reinsurer calculated that Dorian contributed $160mn of losses with Faxai adding $120mn.
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Gross cat losses for Japanese insurers this year could top 2018’s 1.6tn yen ($15bn) following Typhoon Hagibis, according to equity analysts Jefferies.
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Alison Dyer-Fagundo leads the team in Bermuda, while Kendra Foster is managing partner in the Cayman Islands.
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The typhoon made landfall in central Japan on Saturday causing flooding and mudslides.
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Hurricane Michael has produced 149,448 claims, according to the Florida Office of Insurance Regulation.
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The storm is now at Category 4 strength, and tracking to make landfall in Japan at Cat 3.
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Upon completion, the carrier will have ceded over $4.7bn of mortgage insurance risk.
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This year is on track to be above average, according to the risk modelling firm.
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The Apollo-owned third-party funds vehicle has raised $1.5bn as of August.
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Two Rugby World Cup matches scheduled to be played in Japan on Saturday have been cancelled.
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Models need to be the start of the analysis not the end, Fermat boss John Seo said at Trading Risk’s event in New York.
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The ILS Capital Management managing partner also sees opportunities in taking business from Lloyd’s.
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The Reinsurance Opportunities Fund also repurchased $43.4mn of shares in September.
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The MGA has grown its premium base by 60 percent this year to a projected $440mn of GWP.
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The typhoon is forecast to become a super typhoon with minimum 150 mph winds in the next 24 hours.
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Avoiding a “bucketing” approach to risk-taking will help the ILS industry fill in the insurance protection gaps, according to Fermat managing director John Seo.
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The firm is “far from a start-up” according to head of ILS business Rick Pagnani.
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Mark Shumway has joined from JLT Re where he was most recently global head of strategic advisory.
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The cover provided by Insurance Linked Notes is tradeable by both the buyer and seller.
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Assured Guaranty paid $160mn in cash for the alternative asset management firm which has $18.9bn in assets under management.
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The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
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A slew of new retro vehicles were mooted at the Monte Carlo Rendez-Vous and existing players are keen to expand.
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As more ILS managers look into setting up rated platforms, commentary from two of the latest firms considering this move highlights the variety of motivations that are driving the trend.
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Experts have forecast that the cat bond market will rebound heading into 2020 following low issuance this year, with a diverse crop of maturities likely to drive more favourable dynamics for sponsors.
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The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.
