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The Covid-19 impact on Swiss Re year-end shareholders' equity was 1.63 percent and on Lancashire’s 2.9 percent. -
People moves in the ILS market November 2019.
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New Zealand’s sovereign wealth fund posted a 2 percent drop in its ILS holdings over its financial year while Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec invested $500mn in a new insurance investment platform.
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Aggregate retro lock-ups will be a major point of focus for the ILS market.
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People moves in the ILS market September 2019.
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People moves in the ILS market at Aeolus, AIG Re, Arcus and more.
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Aspen Re has appointed Meredith Head as leader of North America property catastrophe. She will join in September and report directly to Aspen Re CUO and Aspen Bermuda CEO Christian Dunleavy.
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Markel Corporation has appointed AIG’s head of retail property in North America Guenter Kryszon as underwriting officer for global property, a position that includes partnering with Nephila.
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People moves in the industry in the past month.
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The impact of Hurricane Irma loss creep is coming to the fore ahead of the June renewals.
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People moves in the industry in the past month
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People moves in the industry in the past month.
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People moves in the industry in the past month.
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In the US, renewal results varied widely and wildfire losses were a subject of focus.
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AIR’s Brent Poliquin says ILS model users are getting to grips with more detail.
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People moves in the ILS market, November 2018
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Legacy insurer Quest and US investment firm Mangrove Partners have raised $300mn for a new Bermuda-based vehicle for legacy deals, sister publication The Insurance Insider has reported.
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Perils has released an initial loss estimate of EUR1.47bn ($1.81bn) for extratropical cyclone Friederike, which hit the British Isles, Belgium, the Netherlands and Germany on 17 and 18 January.
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Reinsurance buying strategies are likely to diverge ahead of the June renewals as some cedants attempt to agree capacity early and others sit tight in the hope of striking a better deal later on, sister publication The Insurance Insider has reported.
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Special purpose insurance vehicle Panthera Re has issued $100mn of ILS notes, according to a Bermuda Stock Exchange listing.
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RMS has appointed QBE senior vice president Adam Sandler as head of underwriting, cyber and model solutions.
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Ratings agency Demotech is to set to pass judgement on the 16 remaining Floridian insurers it has not yet affirmed.
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Liberty Mutual ceded $1.23bn to its reinsurance partners in 2017 following hurricanes Harvey, Irma, and Maria and the California wildfires, the company said in its end of year results on Monday.
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Hiscox Re and ILS reported a profit of £25.5mn ($35.8mn) in 2017, a drop of 83.6 percent on a year earlier, the company said on Monday.
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Britain's Department for International Development (DFID) will invest £25mn ($35mn) over a 20-year period in the Natural Disaster Fund managed by Global Parametrics, the DFID has confirmed.
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Australian insurer QBE has announced a net loss of $1.25bn for 2017, up slightly from the $1.2bn it reported in January.
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Berkshire Hathaway's $20bn legacy reinsurance transaction with AIG is set to cost it $1.8bn more than initially expected, the company said in its annual results.
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The Nakama Re 2018-1 cat bond settled at $700mn, after expanding by nearly 200 percent over the course of marketing, according to Trading Risk sources.
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Aspen will get quota share support from a separate cell of its Peregrine vehicle, after electing not to renew its Silverton Re sidecar at this year's renewals, according to a 10K filing.
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Swiss Re has estimated that its net catastrophe losses in 2017 will be $4.7bn, with $400mn added from the California wildfires in the fourth quarter.
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Perils has put its final loss estimate for extratropical cyclone Doris at EUR248mn ($305.4mn).
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Floridian carrier Heritage Insurance Holdings expects to reclaim $104.4mn from several tranches of its Citrus Re cat bond issuances following Hurricane Irma, Trading Risk has learned.
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Scor P&C earnings rose more than 94 percent to EUR344mn ($422.5mn) in Q4, as the carrier attributed its retro and ILS cover to helping it pass the "real-life stress test" of 2017.
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United Insurance Holdings (UPC) lined up a new panel of quota share providers in January, as the firm said it had already renewed some of its loss-hit reinsurance layers ahead of the 1 June renewal.
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Zenkyoren's Nakama Re 2018-1 cat bond has more than doubled over the course of marketing to reach $700mn, after being marketed with an initial size of $250mn, Trading Risk understands.
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PartnerRe took a $28mn operating loss for the fourth quarter as the impact of Q4 catastrophes was partially offset by a $23mn reduction in estimated losses from Hurricanes Harvey, Irma and Maria.
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Alleghany took a $1.7mn loss during the full year from its investment in Pillar Capital, as a fourth quarter profit of $1.2mn from the Bermudian ILS manager partly offset third quarter losses.
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The Bermuda Monetary Authority (BMA) has been criticised for demanding new disclosures from local alternative reinsurance operators without sufficient consultation with involved parties.
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Sompo is due to complete its sale of Lloyd's carrier Canopius to Centerbridge next month, according to sister publication The Insurance Insider.
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The number of assignment-of-benefits (AOB) lawsuits in Florida rose for a third straight year reaching 129,781 in 2017, according to the Florida Justice Reform Institute.
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Tonga will receive a $3.5mn payout due to cyclone Gita from the Pacific Catastrophe Risk Insurance Company (PCRIC).
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Two tranches of a Nationwide Mutual cat bond are now expected to have suffered combined losses of $120.75mn, Trading Risk can reveal.
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Universal Insurance Holdings reduced its estimated gross loss for Hurricane Irma to $447mn in the fourth quarter down from $452mn at the close of Q3.
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LGT ILS Partners launched its Bermudian rated vehicle Lumen Re with $350mn of equity, according to an AM Best rating report.
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Seven districts of New Zealand have been declared a state of emergency as former cyclone Gita hit its west coast today with winds of up to 140 kilometres an hour.
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The Bermuda Monetary Authority (BMA) has asked local alternative reinsurance operators to disclose a detailed schedule of contracts written and losses incurred, including within loss-struck 2017 portfolios.
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The 7.2 magnitude earthquake which hit Mexico on Friday will not trigger a pay out from the World Bank's new CAR 118 - 119 cat bond issued earlier this month.
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Japanese technology firm SoftBank has requested several board positions as part of its proposed purchase of 20 to 30 percent of Swiss Re, according to the Financial Times.
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MultiStrat has announced that it has completed a $28mn casualty linked securities (CLS) deal covering high-frequency and low-severity casualty business for a $14bn alternative asset manager.
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UK-based insurer Brit has announced in its 2017 results that its new vehicle, Sussex Capital, was launched with $102.5mn of capital.
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Is catastrophe risk as exotic as the reinsurance industry thinks it is?
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Initial industry loss estimates for last year's catastrophe events were probably too high to begin with, Arch Capital chief operating officer Marc Grandisson said on the company's fourth quarter earnings call.
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The abundance of ILS and traditional capital is reducing the likelihood of a sustained rate hardening in catastrophe-exposed US insurance business, Willis Towers Watson has said in its update on the US property market.
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Lancashire took a $9.4mn loss during 2017 from its 10 percent equity stake in its Kinesis third-party capital platform.
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Australian carrier Suncorp exceeded its natural catastrophe claims budget for the six months to 31 December by A$65mn ($51.8mn), primarily driven by losses from the Victoria hailstorm in December.
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Ratings agency, Demotech, is yet to pass judgement on 16 Floridian insurers it covers after affirming ratings on the majority of this peer group in a recent announcement.
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Swedish state pension fund AP2 has reported that the fair value of its ILS investments held steady in US dollar terms throughout the course of 2017, reaching 5.13bn Kronor ($627mn) at year-end 2017.
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Brit increased its Versutus sidecar by almost 25 percent to $187mn of capital for 2018, the insurer announced.
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Australian carrier IAG recouped A$120mn ($94mn) from reinsurers on its aggregate programme during the six months ended 31 December, helping to keep its catastrophe losses below budget.
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MS Amlin took 77.8bn yen ($724mn) of losses from last year's hurricanes and Californian wildfires, with 24.9bn yen ($232mn) of these losses coming through in the fourth quarter due to the Californian wildfires.
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Arch Capital has put its fourth quarter net catastrophe losses at just $0.8mn, as losses from the Californian wildfires were offset by reductions to its claims linked to third quarter hurricanes.
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Perils has given an initial loss estimate for extra-tropical Cyclone Eleanor of EUR 643mn ($789.3mn), coming in well below modelled loss projections that the storm could surpass EUR1bn in damages.
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Markel Catco's "eye-catching" hike to its wildfire loss reserves in its December monthly report implies that the Californian disasters triggered the firm's "floating back-up" pillars, according to a Numis analyst's note.
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RenaissanceRe has raised $70mn from a third issuance of its Fibonacci Re private cat bond notes, a Bermuda Stock Exchange (BSX) update has revealed.
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Seven new tranches of tradeable ILS notes have been issued on Solidum Partners' private blockchain with the deals totalling around $15mn of reinsurance limit, the Zurich-based ILS manager said.
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MyLotto24 has returned to the ILS market with its third ILS structure, Hoplon III, which comprises a combination of collateralised reinsurance and a cat bond.
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Japanese insurer Zenkyoren has returned to the cat bond market after a one-year absence, with a $250mn two-tranche Nakama Re 2018-1 cat bond which will cover Japanese earthquake risk.
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Securis and StarStone have agreed a partnership that will expand the ILS manager's US property insurance portfolio, Trading Risk has learned.
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PCS has largely reversed an earlier cut to its loss forecast for Hurricane Irma, estimating the insured damage at $17.2bn, sister publication The Insurance Insider reported.
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Prudential allocated $100mn to Securis Investment Partners, more than doubling its original stake, a Prudential spokesperson has confirmed.
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ILS spreads have widened in the mid-to-high teens range after last year's losses, Swiss Re Capital Markets estimated in its latest quarterly market report.
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First quarter cat bond issuance has already reached $1.56bn after the World Bank's Latin American earthquake cat bond upsized to close at $1.36bn, according to Trading Risk data.
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First quarter cat bond issuance has already reached $1.56bn after the World Bank's Latin American earthquake cat bond upsized to close at $1.36bn, according to Trading Risk data.
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The second-largest ILS manager posted a $200mn incremental gain in assets under management in January as it said it chose not to draw down on some post-loss capacity.
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LGT ILS Partners launched its Bermudian rated vehicle Lumen Re with $350mn of equity, according to an AM Best rating report.
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The sidecar market has expanded notably in 2018 as Sompo and Axis became the latest carriers to provide updates on new or expanded vehicles.
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One of the major post-HIM talking points in reinsurance circles was the question of whether there was a gap in loss estimates recognised by individual carriers and the overall anticipated industry burden.
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Securis wins no-fee Kansas deal; PFZW still looking to expand ILS allocation; UK pension fund's £165mn ILS mandate
