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The US experienced twice the number of billion-dollar events in the 2010s than in the prior decade.
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The average cat bond yield was 7.48 percent by year end as cat bond issuance picked up.
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Every New Year the (re)insurance industry looks back at how much natural disasters cost it in the last 12 months – but the 2019 statistics undercut the value of this exercise.
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The deals include a $30mn aggregate and a $110mn all-other-perils deal.
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As more claims emerge from the December-January fires, aggregate reinsurance contracts will be exposed to rising losses.
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Natural hazard losses have put the carrier’s aggregate reinsurance covers closer to triggering.
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Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.
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The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
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Recent disasters have tested the idea of catastrophe risk as a short-tail risk.
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The bushfires have drawn attention to extended hours clauses that allow insurers to group together claims as a single event.
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Hannover Re issued seven Seaside Re cat bond lites totalling $74.5mn yesterday, following $77mn of notes at the end of 2019.
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Both tranches of the transaction priced at the bottom of the guidance range.