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National Mortgage Insurance has priced a new 10-year ILS deal, Oaktown Re, the firm announced today.
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Incremental new demand from private market insurers in Florida could help to foster more stable rates at the 1 June renewals, Everest Re reinsurance CEO John Doucette said on the company's Q1 earnings call.
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Assets under management at Everest Re's Mt Logan Re sidecar rose by $75mn during the first quarter to reach $942mn by 1 April, the reinsurer disclosed in a Q1 earnings presentation.
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The ILS market has been "firing on all cylinders" in early 2017 and could be in for a record year for issuance volumes, Willis Towers Watson Securities said in its latest ILS market report
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NMI Holdings said its subsidiary National Mortgage Insurance Corporation was set to buy $211.3mn of reinsurance cover through an insurance-linked securitisation deal.
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The Gator Re cat bond is now expected to be a $35mn loss to investors, as the full amount of collateral held back will be paid out to the sponsor American Strategic Insurance, according to sources.
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American Integrity Insurance Company has finalised pricing for its debut cat bond Integrity Re 2017-1, with spreads settling at the lower end of revised guidance, according to sources
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Nephila Capital and its fronting partner Allianz have formed a new insurance facility with Marsh, dubbed Alternus, which will bring them a 10 percent share of the broker's large US commercial property business.
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Further progress on the London ILS framework will be held up until after the UK holds a snap election on 8 June.
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2016 was a challenging year for the ILS market, as cat bond issuance activity and fundraising intakes slowed down,while catastrophe activity returned to average levels after a couple of benign years.
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The days of a market-changing reinsurance event that acts as a "rising tide lifting all boats" are probably gone, according to Willis Re International chairman James Vickers.
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The Resilience Re platform run by Willis Towers Watson Securities has completed a $173mn ILS issuance in its second largest deal of the year, according to a Bermuda Stock Exchange announcement.
