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December and January people moves in the ILS market.
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The international body is looking at ways to supply Covid tests and vaccines to poorer countries.
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Covid-19 may have been the biggest talking point in the (re)insurance markets this year but arguably, the pandemic is being overtaken by several other factors – ILS market dynamics amongst them.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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People moves in the ILS marketplace.
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This comes after Exor said the firm was not for sale.
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People moves in the ILS marketplace.
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People moves in the ILS market December 2019.
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Reconstruction in the ILS market continues, with ongoing concerns about investor sentiment, capacity growth and the impact of retro rates -
People moves in the ILS market: Lodgepine Capital, Halsband, Hyperion, Guy Carpenter and more
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Reinsurance conditions began moving in investors’ favour in mid-year 2019, marking a delayed reaction to 2017-2018 losses.
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This year’s award winners have taken their moment in the spotlight at a turbulent time in the ILS market’s history, making their recognition all the more valuable.
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The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.
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Retro and reinsurance partners will pick up $142mn of Axis Capital's $779mn of gross HIMM losses, with the bulk of recoveries due to retrocession on the firm's reinsurance book, the firm reported in its third quarter results.
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The ILS market has quickly stabilised after last year’s catastrophe losses – but the fallout from Hurricane Irma has continued to push claims higher.
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Securis Investment Partners has hired Paul Wilson from RMS and Adam Tidball from MS Amlin to lead its non-life catastrophe analytics team.
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Three ILS funds have joined the Florida Hurricane Catastrophe Fund (FHCF) programme this year, using Tokio Millennium Re as a fronting partner.
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People moves in the ILS market, September 2018
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Mt Logan Re investors took $133.8mn of losses in Q2 as its parent Everest Re suffered from adverse development on 2017 claims, undoing the benefit of reserve releases booked in the fourth quarter last year.
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Secquaero Advisors CEO Dirk Lohmann was named the outstanding contributor of the year at the Trading Risk awards held in New York in June.
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People moves in the ILS market
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June people moves in the ILS market
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An "awful lot" of trapped ILS capital may turn out to be lost capital as 2017 claims evolve, chief underwriting officer at QBE Re Jonathan Parry said during a panel debate at Trading Risk's London ILS event last week.
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The Prudential Regulation Authority has been praised for its efficiency in approving the first transaction to be launched under the UK’s new ILS regime.
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Aspen Re Americas CEO and chairman of reinsurance Brian Boornazian will step down at the end of April.
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Brit Insurance's Bermuda head of property treaty Julia Henderson has left the company, according to sources.
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MS Amlin wrote £62.9mn of gross premium for Leadenhall Capital Partners through its Lloyd's syndicate 2001 in 2017, which was up by 44 percent year-on-year.
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Arcus syndicate 1856 reported a £7.7mn loss in 2017 as the Credit Suisse-backed syndicate's combined ratio deteriorated to 111.7 percent.
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Aspen Re Americas CEO and chairman of reinsurance Brian Boornazian will step down at the end of April, as it was reported that the company is preparing to run a bid process after being approached by several potential buyers.
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Nephila's Lloyd's syndicate 2357 fell to a $120.6mn loss in 2017 as its combined ratio spiked up to 167 percent.
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Japanese technology firm SoftBank is now closer to buying a 25 percent stake in Swiss Re for up to CHF$9.23bn ($9.66bn), according to Bloomberg News.
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Demotech has affirmed the A ratings of all but one of the 16 Floridian homeowners' carriers that had been awaiting action from the rating agency.
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Markel Catco's London-listed Reinsurance Opportunities Fund posted just a 0.35 percent gain to net asset value in February for its ordinary shareholders exposed to last year's losses, the company disclosed today.
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New York-listed insurer The Hanover has confirmed that it has hired Goldman Sachs to run a strategic review that could lead to the sale of its Lloyd's business, Chaucer.
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Aspen is preparing to run a bid process after being approached by several potential buyers, sister publication The Insurance Insider revealed last night.
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Climate finance entrepreneur Neil Eckert's latest venture, Incubex, is planning to raise up to $5mn of additional equity, as it considers trading opportunities in the reinsurance markets.
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Securis Investment Partners is hosting a remembrance reception for Jonathan Barnes, who passed away on 1 March.
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Swedish state pension fund AP3 reported that its ILS allocation increased by 56.3 percent in US dollar terms throughout 2017, rising to $505.8mn (4.14bn kronor) at year-end.
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Horseshoe Group is to seek Prudential Regulation Authority approval to open a protected cell company in London to conduct collateralised reinsurance transactions under the UK's new ILS regime.
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Perils put its final loss estimate on Australian cyclone Debbie at A$1.74bn ($1.34bn), up by just under 5 percent from its prior figure.
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Prudential Retirement and Pension Insurance Corporation (PIC) have launched a new process to expedite longevity reinsurance transactions for smaller pension buy-ins and buy-outs.
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Two tranches of Nationwide Mutual's Caelus cat bonds are expected to be nearly wiped out by 2017-18 losses, following an investor update which put the insurer's Winter Storm Riley claims at $90mn-$130mn, Trading Risk can reveal.
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The Corporation of Lloyd's has denied claims that it was asked to reduce its level of cat risk by the Prudential Regulation Authority or ratings agencies, according to sister publication The Insurance Insider.
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Confirmed Lassa fever deaths have risen from 72 to 95 in Nigeria, the World Health Organization (WHO) said, as the figure remains below the level required to trigger a payout under the World Bank's pandemic cat bond.
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Florida-headquartered insurer UPC has returned to the cat bond market with a new Armor Re offering, sources said.
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PCS has released an initial loss figure for Winter Storm Riley of $1.36bn, according to sources.
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Artex said that one of its founders Peter Mullen will be re-joining the company as CEO-elect, taking over leadership of the insurance services firm from March 2019.
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Floridian insurer Safepoint's Manatee Re 2018-1 cat bond has settled at $200mn, an increase of 21 percent from the initial target size of $165mn.
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MS&AD Insurance Group's Akibare Re 2018-1 typhoon cat bond has settled at the upper end of a revised target range at $320mn, as pricing dropped to the lower end of the updated guidance.
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A $1.3tn funding measure signed by US president Donald Trump on Friday sets a 31 July deadline by which Congress must re-authorise the National Flood Insurance Program (NFIP) or it will expire.
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New UK ILS vehicles are in the pipeline as the Chancellor of the Exchequer and the London Market Group prepare to host a reception for ILS investors in Downing Street tonight.
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Essent Group announced today that it has issued $424.4mn of mortgage insurance notes to protect its subsidiary Essent Guaranty.
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Three series of Radnor Re 2018-1 mortgage security notes totalling $424.42mn have been listed on the Bermuda Stock Exchange (BSX).
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In the past week, several signs of distress have been emerging in the (re)insurance industry, which had seemed to rebound so quickly from last year's catastrophes.
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San Francisco-based CyberCube Analytics has launched a cyber risk modelling platform that it established with backing from computer security software maker Symantec.
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Several low-lying aggregate tranches of Residential Re cat bonds are expected to pay out to USAA after the insurer's winter storm losses took its annual covered losses to $1.03bn, Trading Risk understands.
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LGT ILS Partners has hired Philip Borgia from Aon Benfield to join its deal sourcing and analysis team, the company confirmed.
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Pricing on Japanese catastrophe programmes has been flat in the latest renewals, despite attempts from reinsurers to leverage the 2017 cat losses to secure improved terms.
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Over 30 000 residents have been told to evacuate Santa Barbara county in southern California, as weather watchers issue flood and mudslide warnings.
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Allstate's Sanders Re 2018-1 cat bond has expanded by 25 percent to $500mn, as pricing dropped to 550 basis points, the lower boundary of the initial guidance range.
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Lloyd's chief financial officer John Parry has said there had been "strong interest" from the ILS market in insuring the Lloyd's Central Fund, in comments made to the press after Lloyd's published its annual results.
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High initial loss estimates put out for Hurricane Maria by AIR Worldwide helped to fuel ILS fundraising that brought in more capital than would have otherwise entered the market, said panellists at an event hosted by sister publication The Insurance Insider last week.
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Lloyd's of London today announced a £2bn ($2.8bn) pre-tax loss for 2017 and major claims of £4.5bn following last year's catastrophe events.
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The cap on the Earthquake Commission (EQC)'s residential building cover has been increased by NZ$50,000 (US$36,000), New Zealand officials announced on Tuesday.
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Ratings agency AM Best has put US property and casualty insurance underwriting losses at $23.5bn for 2017.
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Aon Benfield has lined up Guy Carpenter executive Matthias Meyenhofer to join the broker's Bermuda office, sources told Trading Risk.
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ILS manager Hudson Structured Capital Management (HSCM) and Everest Re have agreed a strategic relationship that will see the reinsurer act as anchor investor in a new insurance technology fund that HSCM is launching early this year.
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Blue Capital reported a 0.03 percent loss in February for its London-listed Alternative Income fund, as an ILS industry benchmark is also showing negative returns for the month based on current data.
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Florida insurers are running up high costs of settling claims linked to Hurricane Irma, as loss adjustment expense (LAE) levels reach roughly 20 percent or more of total claims, sources have told Trading Risk.
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Bushfires that swept through rural parts of New South Wales and Victoria states over the weekend have been classified as a catastrophe event by the Insurance Council of Australia (ICA).
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Several Floridian insurers are looking to lower their reliance on the state-backed reinsurance fund in 2018, bringing a small amount of new demand into the market.
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Pricing for both tranches of MS&AD Insurance Group's Akibare Re 2018-1 typhoon cat bond has fallen below the initial guidance, as the insurer seeks to expand the deal to $300mn-$320mn.
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MGA Rokstone Underwriting has launched a new property treaty division with capacity from the Cayman Islands.
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Milliman has hired industry veteran John Rollins to lead its property and casualty team in its new Tampa office, which was up in response to growing demand for property insurance analytics, the company said today.
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Munich Re said it would focus on cutting mid- and back-office staff as part of plans to axe 900 jobs by 2020.
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Jonathan Barnes, a veteran of the ILS and reinsurance markets, died on 1 March 2018.
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Nephila Capital is planning to replace Asta Managing Agency with its own personnel to run its Lloyd's Syndicate 2357 in house subject to regulatory approval, according to Trading Risk sources.
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RMS has appointed fintech veteran Karen White as its new head, replacing co-founder and CEO Hemant Shah, who has left the company.
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Aon Benfield has appointed Eric Paire to head its new capital advisory unit, which will offer structured and alternative risk solutions among other services.
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Florida MGA New Paradigm Underwriters has hired broking veteran Evan Bull as executive vice president.
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Securis Investment Partners has hired Simon Arnott as head of origination for Bermuda and the US, based in Bermuda.
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Markel has named Guy Carpenter's Julia Chu as its new chief global ceded reinsurance officer.
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Langhorne Holdings has appointed Craig Fowler as CEO of Langhorne Reinsurance (Bermuda), the company's Bermuda underwriting platform.
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JLT Re has appointed Ariel Hernandez as senior vice president based in Miami.
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Pension risk transfer solutions provider Hymans Robertson has named Michael Abramson as a partner and risk transfer specialist based in London.
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Ben Fox has joined Hiscox Re's ILS investment team as portfolio manager.
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Opportunities abound for investors willing to embrace the resilience gap, according to RMS global managing director Daniel Stander
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Florida insurers are running up high costs of settling claims linked to Hurricane Irma, as loss adjustment expense levels reach roughly 20 percent or more of total claims, sources have told Trading Risk.
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If ILS capital is designed to be the ultimate home for catastrophe risk, how far should asset managers look to hedge their investors' bets?
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The Florida Hurricane Catastrophe Fund has more than halved its estimate of losses from Hurricane Irma to $2.04bn from $5bn.
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The Texas Windstorm Insurance Association will reset its Alamo Re 2017 cat bond to trigger at a lower level after its Hurricane Harvey losses wiped out the association's funds.
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M&A to rejig primary/wholesale balance; ILS blueprints for global transfer multiply
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Two government-backed insurance schemes on either side of the Atlantic are considering new ILS purchases as they seek to diversify their reinsurance panels.
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A lack of fronting capacity and licensed insurance paper is one of the major challenges facing the InsurTech industry, a panel of speakers agreed at the Sifma IRLS conference in Miami this month.
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UPC names new quota share partners; RenaissanceRe fee income drops 38%; Elliott and Wand team up on life deal
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Leading InsurTechs Metromile and Lemonade have reported rising losses, with rapidly increasing net premiums earned not enough to prevent underwriting losses from surging, research from two industry veterans has shown.
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Commercial flood is set to be one of the first lines of business InsurTech start-up Extraordinary Re targets when it launches this summer.
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Elementum joins SBAI; Gemini Re targets mid-year launch; Willis sets up resilience insurance facility
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The Teacher Retirement System of Texas held $300mn in ILS as of 31 August 2017, which represented 0.21 percent of its total portfolio, the pension fund confirmed.
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Twelve Capital is exposed to the liquidation of Danish motor insurer Alpha Insurance via a EUR20mn ($24.8mn) private debt transaction issued in 2014.
