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May catastrophe events, including the Canadian wildfires and US and European storms, are expected to cost (re)insurers at least $7bn, Impact Forecasting said in its monthly cat report.
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Fast-growing Floridian insurer Heritage Insurance has expanded its 2016-2017 reinsurance programme by 70 percent to $3bn, paying a higher share of gross earned premium to reinsurers than last year in the process.
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The UK Treasury is still planning to introduce legislation to attract insurance-linked securities (ILS) business this year, but the timeline has been extended as it processes a flood of responses to the proposals.
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Fund manager Twelve Capital has acted as the anchor investor in a EUR50mn deal that provides Slovenian insurance company Adriatic Slovenica with Solvency II compliant capital for a ten year period, it announced today (7 June).
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The Insurance Council of Australia said that insured losses from recent storms in eastern Australia have reached A$56mn ($41.6mn), as the catastrophe zone now stretched to Victoria's east coast and Tasmania's northern and eastern coastlines.
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Twelve Capital has completed a $23.8mn Dodeka VIII cat bond lite, according to Bermuda Stock Exchange listings.
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Florida insurer Universal added $100mn of new multi-year limit to its reinsurance programme for 2016, after placing roughly $200mn of multi-year cover last year for the first time.
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Residents of Georgia and Florida are bracing themselves for Tropical Storm Colin, which is anticipated to cross the coast in the afternoon or evening of 6 June, local time.
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PCS has released its initial estimate of industry losses from the Alberta wildfires that engulfed Fort McMurray, putting the cost at C$4.6bn ($3.5bn), Trading Risk understands.
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The Insurance Council of Texas (ICT) said that insured auto and homeowner losses from three hailstorms that struck San Antonio in April have now reached $1.9bn
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The average ILS fund return came to 0.39 percent in April as the month's catastrophe events had only a limited effect on the market, according to the Eurekahedge ILS Advisers Index
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Chris Parry has left Aon Securities, where he headed the international division of the capital markets team, and is expected to join RenaissanceRe Ventures later this summer, sources said.
