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Florida carrier United Insurance Holdings (UPC Insurance) said its $150mn public debt offering which closed yesterday would enable the company to participate in future opportunities
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European traders of catastrophe bonds will be required to report transactions under the updated Markets in Financial Instruments Directive (Mifid II), which comes into effect on 3 January
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A reform bill for the National Flood Insurance Program was approved by US House of Representatives and will now be sent to the Senate for consideration.
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Proposals which would open the US flood market to private insurers are set to appear before the full chamber of the House of Representatives for debate.
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Four of the listed Florida insurers have ceded more than $1.2bn of third quarter catastrophe claims to their reinsurers, based on estimates from their quarterly disclosures -
Market participants have said the Prudential Regulation Authority (PRA)'s guidelines on the London ILS framework are flexible enough to be workable, although some have expressed disappointment over the regulator's final stance on funding arrangements
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Brokers are pressuring ILS managers to stump up capital well ahead of the 1 January reinsurance renewal date following the string of third quarter catastrophe events, according to sources
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The Prudential Regulation Authority outlined its approach to ensuring that London-based ILS vehicles meet requirements to be fully funded under Solvency II regulations, as it said ISPVs must prove they have secured funding before risk transfer.
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The Prudential Regulation Authority (PRA) will expect insurance special purpose vehicles (ISPV) to prove they have secured funding before risk transfer under the upcoming London ILS framework, according to guidelines published today
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Singapore has announced a scheme to pay for the upfront costs of structuring catastrophe bonds
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The Malta Stock Exchange has received regulatory approval to launch a securities market that will allow the listing of insurance-linked notes, as well as other instruments
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The Prudential Regulation Authority expects to issue rules based on its interpretation of the UK's recently published ILS regulations by late September or early October, a spokesperson confirmed.
