Life reinsurance
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Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
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The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.
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The cat bond covers hurricane and extreme mortality risks, according to sources. -
The Netherlands-based life insurer said it is currently unwilling to bear volatility and will be closing down its $300mn ILS portfolio.
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Deputy CIO Dan Knipe is setting up a new credit platform.
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The majority of the longevity risk was reinsured by Hannover Re.
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Amid an uncertain year for the life insurance segment, mortality and value-in-force transactions remained the mainstay of life ILS managers as fundraising tapered off after a 2018 growth spurt.
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Private equity firm The Carlyle Group has lifted its stake in Fortitude above 70 percent.
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The long-term legacy life portfolio manager will use the capital for new run-off acquisitions.
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The former Swiss Re executive joins after the firm's former head of life left in late 2018.
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The latest Sigma report said that continuing economic uncertainty will not halt premium expansion.
