Life reinsurance

The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.

The capital will provide retro cover for life-focused reinsurer Fortitude Re.

The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.

He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.

The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.

GP Affluent Markets will look to serve high-net-worth individuals.

Tom Fealey has assumed lead portfolio manager responsibilities.

The reinsurer has made improvements to its life and health segment, it said.

Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.

The ILS manager will “pragmatically accept” a degree of credit risk in deals.

The sidecar was established to enhance RGA’s access to capital for its US asset intensive business.

The ILS manager claims that 777 Partners “double-pledged” collateral.

The fund is a continuation vehicle for five of HSCM's life insurance interests.

The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.

A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .

The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.

The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.

The issuance is a similar size to that of 2021 and significantly larger than that of 2020.

The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.

The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.

The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.

The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.

The deal will be one of only two standalone mortality bonds on risk when it completes

Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.

The La Vie Re deal is the first standalone extreme mortality bond since the start of the Covid-19 pandemic and includes coverage for the disease.

The ILS manager is discussing public solutions and expects demand to emerge.

The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.

Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.

Canada Life, Munich Re and Swiss Re have covered the pension liabilities of 200,000 pensioners in the Netherlands.

The Ivy vehicle will co-invest on deals with Global Atlantic.

The finance company is led by ex-Leadenhall deputy CIO Dan Knipe.

Pre-Covid-19 mortality risks generally provided low single-digit returns, but significant repricing is underway.

Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.

The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.

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.

Deputy CIO Dan Knipe is setting up a new credit platform.

It is the largest such deal this year.

The majority of the longevity risk was reinsured by Hannover Re.

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.

Private equity firm The Carlyle Group has lifted its stake in Fortitude above 70 percent.

The long-term legacy life portfolio manager will use the capital for new run-off acquisitions.

The former Swiss Re executive joins after the firm's former head of life left in late 2018.

The latest Sigma report said that continuing economic uncertainty will not halt premium expansion.

Parent asset manager Apollo is set to nearly double its stake in the life insurer.

The banking fund’s ILS investments have increased as fellow UK investor IBM Pensions Trust keeps its allocation steady.

The second payment from its cash fund is in addition to $20mn approved in February.

Demand for longevity swaps has increased as Brexit approaches, the reinsurer said.

Terms of the deal were not disclosed.

The US remains the largest insurance market, accounting for $1.5tn of global life and non-life premiums.

The two firms first partnered at the start of this year.

The launch was first trailed this April.

The life settlement industry is looking to attract ILS capital but many industry practitioners are reluctant to enter the space due to concerns over valuations, returns and the sector’s past reputation for unscrupulous practices.

This is PartnerRe's first longevity reinsurance transaction in Canada.

The continuing decline in UK life expectancy rates, evidenced by new data updated for 2018, may increase the affordability of pension de-risking, according to experts.

The deal covers liabilities for more than 150,000 pensioners.

Marvin Pestcoe replaces Craig Fowler who was appointed CEO of the start-up in March.

He moves across from the broker’s former securities division.

The broker also announced a new life practice group.

Javier Rivas left the company last month for a new role at the Spanish life insurer.

Tropical Storm Risk has projected 12 tropical storms, five hurricanes and two major hurricanes for the 2019 storm season.

The outbreak is eligible for cover under a 2018 pandemic cat bond sponsored by the World Bank.

There have been 452 confirmed cases in the latest Ebola outbreak.

The deal covers 8,000 people across six separate defined benefit pension schemes.

The reinsurer said cyclone losses were above average with global insured losses at $25bn.

Suspected Ebola deaths are above the level that would trigger a $28.5mn bond pay-out.

The California Department of Forestry and Fire Protection said the blaze was so far spread across 150,000 acres and was 65 percent contained.

Insured loss estimates for the storm have now pushed into the $10bn-$15bn range, from $5bn-$10bn estimates last week.

The acreage burned so far this year is already almost double the amount last year, the ratings agency said.

There would be a 30 percent loss if there were between 250 and 750 confirmed deaths.

The new IFRS 17 accounting standard, which will be mandatory from January 2021, could lead to ILS opportunities in the life sector from as early as the middle of next year, sources said.

The fundraising takes the investment manager’s life ILS asset base to more than $2.5bn.