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Mory Katz joined the broker earlier this year. -
The carrier will continue to write assumed retro in Bermuda.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The allocation is around 3% of the fund’s total assets.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Toh joins from Nephila, where he spent the last decade, bringing expertise in ILS.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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Improved performance and growing investment returns played a role in the upgrade.
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The executive has worked at Aon for almost two decades.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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The facility will initially focus on US, Bermudian and European business.
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Pricing has hit historically soft market lows, based on secondary market pricing.
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The vehicle will now cover an E&S program jointly launched with Accredited.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Cat bonds have outpaced the returns on private strategies in the year to date.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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In the new role, Edward Johnson will be rejoining former Aon Securities colleague Chris Parry.
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The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The ILS services specialist has worked in the ILS market in Bermuda for 10 years.
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Charles Mixon joined the firm a year ago in a business development role.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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The resource was developed by leading ILS managers and investors.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The economic loss from the event was around EUR7.6bn.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The sidecar will support five programs providing specialty frequency coverages.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Losses were primarily driven by personal property lines.
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Nick Fallon is the latest in a string of retro-broker moves in the market.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Scott Cobon's most recent title was MD, insurance management services.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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He added that Munich Re does not rely on retro or third-party.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The sponsor extended two notes issued in 2022.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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The volume of property cat aggregates placed grew 50% in 2025.
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The vehicle will be capitalised by an asset manager with more than $100bn in AuM.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The trend for private credit in alternative asset management is “set to continue”.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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Syndicate 1440 was approved to assume business incepting January 2026.
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The investment bank had stopped offering ILS services last September.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Competition from cat bonds in the top layers of programmes applied downward pressure on reinsurance pricing in 2025.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The Japanese carrier faces integration challenges to make a success of the deal.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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Last year marked the second consecutive year in which carriers made a positive return.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The group claims the White House is undermining disaster preparedness.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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This is the latest in a string of appointments made by the firm’s ILS unit.
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The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The P&C division booked a combined ratio of 81.1% for the first half of 2025.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The forecast has increased since the early July update due to several additional factors.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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California wildfires account for $40bn of the insured loss tally in H1.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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Investors are drawing lessons from life deals to find new routes into insurance markets.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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This brings the carrier’s total limit on the program to $1.8bn.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The bond will provide protection on an industry-loss basis, as reported by PCS.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Reserve releases helped to recapture deferred fees.
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The consultation period around UK ISPVs was opened in November last year.
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George Cantlay will also assume the additional position of president of the Bermuda business.
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The reinsurer returned $216.7mn to investors in Q2.
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The proposed reforms are designed to put the UK’s regulatory framework on par with Bermuda and the US.
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He replaces Andrew Hughes, who held the role since 2021.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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Matthew Towsey has spent 14 years at Aon.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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Former ILS lead Matt Holland left the company in May.
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He had spent 10 years at Securis, with seven of them as COO.
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His last role was ILW practice leader at Acrisure Re.
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The weather-modelling agency is predicting a below-normal season.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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The third-party capital manager is a new entrant to the retro space.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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The measure could have landed insurers with extra tax on US business.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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A group of Bermuda staff also left the broker.
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The body said cat bonds are closer to an insurance product than a security.
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Michael Hamer recognised for his work with investors and on reporting frameworks.
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The awards celebration took place at the Hilton Bankside on 25 June.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The bond is split across a Series 1 and Series 2 structure, with eight notes in total.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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Pricing on all classes of notes are being offered at the bottom of the guided range.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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Harry White has been with Verisk for 14 years, while Ted Gregory has been with PCS for 12.
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John Kulik will work within Ledger’s broking team, Ledger Investing.
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In April, the loss modeller pegged losses at A$2.57bn.
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The documents figure in a potential criminal case against a CCB employee.
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The Bermuda-based team is led by John Fletcher.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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The sidecar renewed at $230mn for 2025.
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The pension plan noted in June 2024 that it was exploring new options in ILS.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The number has expanded by around 40% from an earlier update, sources said.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The investment is a response to shifts in stock-bond correlations.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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William Soares moves from casualty and specialty CUO to president.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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She was previously head of investor relations and business development for North America and Australia at Securis.
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HCI secured three towers with $3.5bn in XoL coverage.
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This followed a $650mn fall in April, after management change of the fund.
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David Baldwin joins from EIRS where he was a senior reinsurance consultant.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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A total $225mn of fresh limit entered the market across two deals.
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Weston Tompkins spent 10 years in an investor relations role at Securis.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The bond will provide protection for storms, quakes and fires in seven US states.
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The bond protects against losses in the US, Canada, Europe and Australia.
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The $2.59bn renewal is up 45% from last year.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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The company also has $100mn for US hurricane events.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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The index provider revised up its return for March by 0.39 percentage points to 1.21%.
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The Swiss pension fund has not disclosed an ILS allocation before.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The Italian sponsor has $237mn of limit maturing this July.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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The bond will provide named storm and quake coverage in the US.
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The bond is offering a spread range of 850-925bps.
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As with 2024, pricing pressure has been most acute on top layers.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The Altamont-backed broker has been building out its team since launching in 2023.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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The bond will cover named storms in five US states.
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Price guidance for the bond is 4.00%-4.50%.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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The headcount at the start-up now stands at around 40.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The bond provides coverage on personal-lines property in Florida.
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The series one notes will provide protection to the benefit of Twia.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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The (re)insurer used alternative capital in the reinsurance coverage.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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The total yield, inclusive of the risk-free rate, was down on the same period last year.
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The bond will provide multi-peril coverage on an industry loss basis.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
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The bond will provide storm protection in Florida and South Carolina.
-
Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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Investors want transparency from managers regarding the impacts of climate change.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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AIG, HDI Global and others have settled, while Chubb’s fight continues.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The bond will offer retrocession coverage for Hannover Re.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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All 29 funds tracked by the index returned a positive performance.
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The bond will provide protection against named storm and thunderstorm.
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Growing economic and population exposures are driving potentially larger insured losses.
-
Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
-
Investor interest and capital flows point to potential for ILS proliferation.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The bond will cover China, India and Japan quake and Japan typhoon.
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The bond will provide protection against German and Japan quake.
-
The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
-
Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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This year’s ceremony will include the inaugural Women in ILS Award presentation.
-
January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
-
The carrier increased its cession by around 13% year over year.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
-
Insured losses were the second highest on record for the first quarter.
-
Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
-
Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
-
He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
-
This is the first time the Texas Fair Plan has entered the cat bond market.
-
Fellow Swedish pension fund AP3 is phasing out its ILS allocation after being active in the sector since 2008.
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The deal of the size was unchanged at $100mn.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
-
Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
-
US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
-
The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
-
Suzanne Wells is also joining the company from Arch as COO.
-
The bond will provide protection against China, India and Japan quake, and Japan typhoon.
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The subject business covers a portfolio of residential insurance.
-
KCC is part of the CDI’s review into creating a public wildfire cat model for insurers.
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The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
-
Sutton National and Bamboo Ide8 secured $170mn of sidecar and cat bond protection.
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The bond will provide coverage against named storm or severe thunderstorm over three years.
-
The issuance is split across three tranches with varying degrees of risk.
-
The prediction comes after a highly active hurricane season in 2024.
-
The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
-
The cat bond will initially cover named storms in Florida and South Carolina.
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Market participants expect pricing will be flat to down through Q2.
-
The bond will provide protection against Louisiana named storm.
-
Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
-
The reinsurer said the probe concerns the alleged involvement of its former chairman.
-
The sponsor secured $240mn of limit as the bond upsized by 20% on its initial target.
-
Most of the ILS investments were made via the cat bond heavy High Yield Fund.
-
Martin Bisping has moved to CRO and Bernard Bachmann was named CEO of SRILIM.
-
Rachel Barnes Binnie joins as portfolio manager.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
-
Palm Re will provide Florida named storm cat bond coverage for Florida Peninsula, Edison and Ovation Home Insurance Exchange.
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Multiples in March were below historic averages from 2001 through 2024.
-
The cat bond market surpassed $50bn by the end of Q1 2025.
-
The ETF will invest solely in natural catastrophe-exposed bonds.
-
LA wildfire-exposed ILS positions experienced further declines.
-
The firm announced CEO Trevor Carvey will retire and is returning to the UK from Bermuda.
-
Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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The carrier has received 12,300 claims as of 28 March.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
-
The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
-
The notes replace a 2021 issuance that matured in January this year.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
-
Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
-
The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
-
The acquisition expands its global employee benefits business to ~4,000 global employees.
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The bond is being issued through Lloyd’s London Bridge 2 platform.
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The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
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The rating allows IQUW to access $1bn in group capital.
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The bond will provide coverage for Japan typhoon and flood on an indemnity, per-occurrence basis.
-
Caution about capital markets volatility is leading sponsors to stagger bond renewals.
-
The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
-
The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
-
The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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Lara Martiner joined Allianz in 2011 as group legal compliance officer and legal counsel.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
-
The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.
-
MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
-
Both syndicates also reported a deterioration in their combined ratios.
-
Industry sources estimate the market to be around $3bn.
-
Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.
-
Sources warned some property XoL books are already running 50% loss ratios.
-
This will be the third cat bond issuance through Baltic Re PCC.
-
The cat bond manager warned of excess downside risk owing to an accumulation of losses.
-
Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
-
The insurance industry has experienced mounting losses from severe convective storms.
-
Indirect exposure to cat risk through long-term investors gives Markel optionality.
-
Premiums ceded to the ILS vehicle increased by 76% to $433mn.
-
Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
-
The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
-
ILS as a percentage of the pension fund’s total assets grew to 1.5%.
-
GP Affluent Markets will look to serve high-net-worth individuals.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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Both carriers have extensive reinsurance coverage.
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This year’s coverage will involve $2.94bn of new risk transfer.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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Tom Fealey has assumed lead portfolio manager responsibilities.
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The executive worked in investment banking before joining the reinsurance industry.
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This will be Brit’s first cat bond issuance since its 2020 deal through Sussex Capital.
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This came as the market’s underwriting profit dipped 10% for 2024.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Almost 300,000 people have been left without power from the storm.
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Some $625mn of new issuance entered the market in the first week of March.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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The executive spent a brief period at Wakam in a capital and reinsurance role.
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The fund is open to European and other global investors.
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The London D&F market will shoulder most of the losses.
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The bond will provide fire protection for MGA Bamboo’s California business.
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The role will focus on international treaty, specialty lines and strategic advisory.
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Eric Paire was head of capital advisory at Aon for nearly seven years.
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The reinsurer pegged the market loss at $40bn.
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The role oversees the $187bn Canadian pension plan’s ILS allocation.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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The programme structure was expanded, but it is unclear what percentage was placed.
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The coverage will be on an indemnity, per-occurrence basis.
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The bond will cover named storms in the state of Florida.
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The third-party capital platform is looking to enhance its tailored strategy offerings.
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The cost of reinstatement was included in $170mn wildfire net loss figure.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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Deal sizes increased by 84% on average across the six tranches that saw an increase.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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The Class A section of the bond has doubled in size, at lower pricing.
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ILS is delivering “a growing contribution” to the group, according to CEO Cloutier.
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The firm has rotated capital in sidecar Voussoir toward direct investor relationships.
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The NCIUA had initially sought $350mn of limit.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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The carrier increased premium by 7% at the January renewals.
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There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
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The carrier expects the market loss to land at $35bn-40bn.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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UCITS fund diversification targets limit their capacity for US wind bonds.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
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Several Florida start-ups are poised to begin writing business this year.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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The investors are led by PE firm NMS Capital Group.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.
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A higher loss quantum will put a greater burden on retro programmes.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
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New limit of $474mn entered the market across two deals.
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The Class B segment of the bond has priced below initial guidance.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The bond provides coverage for storms, earthquakes and severe weather events.
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Two ILS funds featured in the top five asset-raisers within the index.
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The fall marks this the first time in 20 years the index has been negative in January.
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The firm will match segregated accounts of portfolios to investor mandates.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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The role at PCS included acting as primary touchpoint for ILS.
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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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The departures include North American Arcas head Alex Orloff.
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Neuberger Berman’s AuM stood at $3.2bn as of 1 January 2025.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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The bond will provide coverage for named storms in North Carolina.
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The executive has also worked for Guy Carpenter during her 20-year career.
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American Integrity is seeking expanded limit on more favourable terms.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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But cat bonds are experiencing negative secondary market price movement.
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Tower Hill secured $400mn of Winston Re limit in 2024.
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Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The sponsor secured $100mn limit last year, paying a multiple of 8.3x.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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The restructuring arrangement is designed to protect creditors.
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Programs did not offer adequate risk-adjusted return.
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Shreeve’s role will encompass the Aon Captive & Insurance Managers’ ILS business.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
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Theokli joined the company in 2021 as a senior underwriter.
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The deal priced below guidance for the Class A and Class B tranches.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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The Integrity Re bond is structured into five tranches.
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The deal has upsized by around 64% compared with the initial target.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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Barthelemy Thomas joins from PartnerRe Capital Management in Zurich
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The reinsurer added two new tranches to its 2025 issuance.
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Peril- and geography-specific deals are being well received by investors.
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A negative January return will be unprecedented for ILS industry.
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The index delivered a total return of 1.29% for the month of December.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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Company touts growing investor demand for Asian cat risks.
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Non-proportional business accounted for 34% of its total.
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Both the Class A and Class B notes increased in size.
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The latest issuance will add extra cat bond limit, with a $100mn note still on risk.
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The figure does not include specie or auto losses.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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The platform will transform ILS transactions on behalf of Jireh and SRS clients.
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The firm will advise and support third-party risk capital providers.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The platform will match partner capital to provide capacity for reinsurance placements.
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PFZW’s insurance allocation stood at $8.7bn as of year-end.
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He joins from Pillar Capital and will be based in Bermuda and New York.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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Secondary market pricing indicated anticipated California wildfire losses.
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Graeme Bell (pictured) will continue in his role as group legal officer.
