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Brant Loucks is one of four promotions across the Capital Partnerships and reinsurance units. -
Widespread underinsurance and low exposures will limit losses.
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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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Many commercial risks will have London coverage, but insured values are relatively low.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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The syndicate is expected to write ~$300mn of business in 2026.
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Operating revenues were also up on the $29.1mn reported over Q2.
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O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
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Third-party investors made a net income of $415mn in the quarter.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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Central pressure of 900mb or below would trigger a full loss of the $150mn deal.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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Pricing on Friday implied a potential $45mn loss to the bond, before the storm outlook deteriorated.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The bond will provide protection against US wind with a PCS trigger.
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Majority shareholder Fosun will continue to hold the remaining 86.7% of shares.
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Investor interest is warming up following a colder spell over the past several years.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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The executive is charged with defrauding investors out of nearly $500mn.
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While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The carrier will continue to write assumed retro in Bermuda.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Newsom has yet to sign a pending bill to create a public cat model.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Toh joins from Nephila, where he spent the last decade, bringing expertise in ILS.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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The executive has worked at Aon for almost two decades.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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The tropical cyclone is expected to be named Imelda.
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In the new role, Edward Johnson will be rejoining former Aon Securities colleague Chris Parry.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The ILS services specialist has worked in the ILS market in Bermuda for 10 years.
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Charles Mixon joined the firm a year ago in a business development role.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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The resource was developed by leading ILS managers and investors.
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The major storm is set to move on to mainland China later in the week.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The economic loss from the event was around EUR7.6bn.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The sidecar will support five programs providing specialty frequency coverages.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Losses were primarily driven by personal property lines.
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The tech firm is building a joint stock company with insurers and investors.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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Scott Cobon's most recent title was MD, insurance management services.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The sponsor extended two notes issued in 2022.
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It is understood that CyberCube has been considering a sale of the business.
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The volume of property cat aggregates placed grew 50% in 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The trend for private credit in alternative asset management is “set to continue”.
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The investment bank had stopped offering ILS services last September.
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The data modeling firm said losses previously averaged $132bn annually.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The Japanese carrier faces integration challenges to make a success of the deal.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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Last year marked the second consecutive year in which carriers made a positive return.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The group claims the White House is undermining disaster preparedness.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The company plans to launch in New York and New Jersey next year.
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American Integrity grew GWP by 30% to $287mn and Slide GWP was up 25% to $435mn in Q2.
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The estimate covers property and vehicle claims.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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Both organisations still predict an above-average hurricane season.
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The transaction is expected to close later this year.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The forecast has increased since the early July update due to several additional factors.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The carrier posted its H1 results earlier today, beating analyst consensus.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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California wildfires account for $40bn of the insured loss tally in H1.
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The company also purchased $15mn of SCS parametric coverage.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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The new team will be headed by Brown & Brown’s Ed Byrns.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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This brings the carrier’s total limit on the program to $1.8bn.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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Matthew Flynn joins from RenaissanceRe.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The figure updates an April estimate of EUR696mn.
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Brian Hickey joins the firm from PE specialist AE Industrial Partners.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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Reserve releases helped to recapture deferred fees.
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The consultation period around UK ISPVs was opened in November last year.
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The proposed reforms are designed to put the UK’s regulatory framework on par with Bermuda and the US.
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CFO Christoph Jurecka will succeed as management board chair.
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He replaces Andrew Hughes, who held the role since 2021.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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Matthew Towsey has spent 14 years at Aon.
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The suit claims billions of dollars are being illegally withheld.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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State legislation has led to major strides in rate adequacy.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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Category 4 and 5 storms could become more common and hit further north.
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Former ILS lead Matt Holland left the company in May.
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He had spent 10 years at Securis, with seven of them as COO.
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In the US, the index fell 6.7% year on year.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The weather-modelling agency is predicting a below-normal season.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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The third-party capital manager is a new entrant to the retro space.
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The measure could have landed insurers with extra tax on US business.
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The body said cat bonds are closer to an insurance product than a security.
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Michael Hamer recognised for his work with investors and on reporting frameworks.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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Harry White has been with Verisk for 14 years, while Ted Gregory has been with PCS for 12.
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John Kulik will work within Ledger’s broking team, Ledger Investing.
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In April, the loss modeller pegged losses at A$2.57bn.
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The documents figure in a potential criminal case against a CCB employee.
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The Bermuda-based team is led by John Fletcher.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The loss has decreased by 0.3% since the company’s third assessment.
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The number has expanded by around 40% from an earlier update, sources said.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The executive has 15 years of experience in meteorology and cat analytics.
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William Soares moves from casualty and specialty CUO to president.
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She was previously head of investor relations and business development for North America and Australia at Securis.
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HCI secured three towers with $3.5bn in XoL coverage.
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David Baldwin joins from EIRS where he was a senior reinsurance consultant.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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Weston Tompkins spent 10 years in an investor relations role at Securis.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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The company also has $100mn for US hurricane events.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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Bredahl has been appointed CEO and Bonneau as chairman.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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The pension plan has been allocating to ILS since 2005.
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The firm is pressing ahead with IPO plans just ahead of the start of the Atlantic storm season.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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Almost 50,000 people have been forced to evacuate.
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TSR previously predicted activity slightly below the 1995-2024 average.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The group reported an 89.7% combined ratio for the quarter.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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As with 2024, pricing pressure has been most acute on top layers.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The Altamont-backed broker has been building out its team since launching in 2023.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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The headcount at the start-up now stands at around 40.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The (re)insurer used alternative capital in the reinsurance coverage.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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California homeowners are also expected to move admitted business to E&S.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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AIG, HDI Global and others have settled, while Chubb’s fight continues.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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Richard Pennay also addressed the dip in cyber ILS activity.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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The unit’s premium reduced by 4% for the first quarter.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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All 29 funds tracked by the index returned a positive performance.
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The initial offering will include 6,875,000 shares of common stock.
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The carrier is offering shares priced at $29-$31.
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Growing economic and population exposures are driving potentially larger insured losses.
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The casualty ILS business now has $175mn in capital.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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His leadership roles included overseeing the firm’s capital solutions group.
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The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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The carrier announced a major writedown in its L&H book last year.
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The storm made landfall in Queensland, Australia at the beginning of March.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
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The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.
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The Floridian company applied to be traded on the NYSE.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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Gokul Sudarsana has been with the company since 2020, having joined from Deloitte.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
-
Suzanne Wells is also joining the company from Arch as COO.
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The announcement spurred a quick spike in stock market valuations.
-
KCC is part of the CDI’s review into creating a public wildfire cat model for insurers.
-
The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
-
The prediction comes after a highly active hurricane season in 2024.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The reinsurer said the probe concerns the alleged involvement of its former chairman.
