New Zealand insurer Tower has agreed a NZ$22mn ($15.9mn) settlement with Peak Re regarding a wrangle arising from a 2015 adverse development cover policy.
The Bermuda Business Development Agency (BDA) has revealed that 24 new licenses for special purpose insurers (SPI) were approved in 2017 - seven more than in 2016.
It was a rough 2017 for investors in ILS, as hurricanes Harvey, Irma and Maria swept through the Atlantic. But 2018 has offered some uplift to yields from the sector.
Guy Carpenter told Trading Risk that rate increases on retro business ranged from 5 to 25 percent on a risk-adjusted basis, with pricing dependent on loss experience.
