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A drought of retro cover may bolster Florida rate demands, sources suggest.
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Documents show only one of its ILS investments, in the Medici cat bond fund, delivered a positive return for the year to 30 June 2018.
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Carriers that wrote more premium include Swiss Re, Munich Re, RenaissanceRe and Everest Re, while Hiscox Re and Axis posted reductions in top line income.
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AlphaCat’s $4.16bn net AuM was detailed in a recent Securities and Exchange Commission filing.
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The Prudential Regulation Authority is committed to ensuring the UK offers an ILS regime which allows the market to develop, says Gareth Truran, head of London market supervision
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The “limited purpose insurer” framework is designed to operate complex collateralised reinsurance vehicles.
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Among other promotions, chief risk officer Tim Aman will take responsibility for outwards reinsurance.
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Losses taken by the Everest Re sidecar more than doubled year on year.
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Increased retro costs mean RenaissanceRe will likely be retaining more risk.
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The DaVinci Re result drove net income from $29.9mn in the first quarter of 2018 to $70.2mn at the end of Q1 this year.
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Excluding the impact of its ILS operations, premiums in the reinsurance segment grew by 3 percent.
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Catastrophe losses increased $1.5mn quarter over quarter, to $5.5mn.