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Aspen Re has hired Christian Dunleavy from Axis Re to become head of global property catastrophe effective immediately, the company announced today (8 September).
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Guy Carpenter has estimated that total insured losses from the Tianjin port explosion could range from $1.64bn to $3.25bn, according to a client report obtained by sister title The Insurance Insider.
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Consolidation in the reinsurance industry is contributing to an uptick in demand for retro cover in 2015, although the impact is expected to be short-lived.
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ILS funds gained an average of 0.4 percent in July, lagging the 10-year monthly average of 0.62 percent, according to the Eurekahedge ILS Advisers Index.
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Swiss private bank Banque Heritage and London-based ILS fund manager Coriolis Capital are setting up a UCITS catastrophe bond fund, Heritam Equinox, the companies confirmed.
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Insured losses from the Tianjin port explosions that occurred last week (13 August) could be in the region of $1bn-$1.5bn, with the marine (re)insurance market potentially on the hook to pick up a significant portion of claims.
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Catco said that it expects its 2015 returns to come in ahead of the 14 percent gain reported in 2014, after running free of claims in the first half
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Nephila Capital was among the new participants on the reinsurance panel for the African Risk Capacity (ARC) initiative this year, the fund manager announced.
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Allied World increased property catastrophe reinsurance coverage for its 1 May programme, buying additional cover for world-wide and North American perils as well as purchasing new industry loss warranty cover.
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Property catastrophe rate reductions continued to slow in the 1 July renewals, with collateralised reinsurance markets one driver of the slowdown in peak zone softening, according to Willis Re.
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The average ILS expected return recovered to 3.66 percent by June 2015, from a low of 2.36 percent in September 2014, according to secondary market data compiled by Lane Financial.
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M&A activity has taken off in the reinsurance market over the past year - with integration at some merged companies well underway while the fraught battle between Axis and Exor for PartnerRe continues
