Stocks
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The announcement spurred a quick spike in stock market valuations. -
Markets have taken a battering across the globe following the “Liberation Day” announcement.
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Insurance share prices were more resilient than the US stock market.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Both carriers have extensive reinsurance coverage.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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The role will focus on international treaty, specialty lines and strategic advisory.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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The investors are led by PE firm NMS Capital Group.
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A higher loss quantum will put a greater burden on retro programmes.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The carrier has been reducing its presence in the state since 2007.
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Programs did not offer adequate risk-adjusted return.
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A negative January return will be unprecedented for ILS industry.
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The company’s reinsurance business also has some exposure, the executive said.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The fund returned 15.69% in calendar year 2024.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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ILS managers expect the losses to have some impact on future cat bond spreads.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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The renewal marks the seventh issue of the retro vehicle.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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The vehicle is yet to recover to 2021 levels of $235mn.
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In June 2023, Hale Partnership got its license from the Cayman Islands Monetary Authority for HP Re.
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The manager’s Interval Fund returned 28.25% over the financial year.
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The broker estimated ILS capital has reached $107bn.
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The company no longer has any exposure to reinsurance contracts.
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The Class A and C notes increased in size, while the Class B note remained unchanged.
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Former ILS investors who left the space have looked again and re-allocated.
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The facility will also provide a dividend to clients for the first time.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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The bond is split into three tranches of notes.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Shareholders are voting to approve being wound up on 18 December.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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The capital being returned to shareholders is part of a compulsory partial redemption.
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Only around EUR70mn-EUR140mn will fall to private insurers.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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The figures imply first-layer reinsurance recoveries for Helene.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
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The manager is hopeful of closing all contracts by the end of 2024.
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A storm surge warning is in effect from Flamingo to Indian Pass.
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The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.
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The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.
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Demand for peak peril retro increased significantly in Q2 2024.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The deal will boost the investment consultancy’s ILS capabilities.
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White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit.
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The executive has worked for Scor, RMS, Aon and SiriusPoint, among others.
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Reinsurers continued to diversify into primary and specialty business.
