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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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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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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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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.
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A 20 percent increase in industry loss estimates for last year's hurricanes and wildfires could see 2017 returns for Markel Catco's London-listed Reinsurance Opportunities Fund drop by a further 8 percent, the retro manager has disclosed.
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The Resilience Re platform run by Willis Towers Watson Securities issued two deals amounting to $112.6mn in March.
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The cat bond market has gained some much-needed diversification following the launch of three Japanese deals, including a $700mn transaction.
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Nationwide Mutual and Heritage Insurance Holdings each expect to recover more than $100mn from cat bonds, Trading Risk reported this month.
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Dutch insurer Aegon has hired Kirsten van Exel as a senior ILS underwriter, as it seeks to build its ILS portfolio.
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Axa's plans to significantly expand its risk transfer to reinsurers and capital market partners after its $15.3bn acquisition of XL are a positive sign for the ILS sector amid another expected wave of (re)insurance consolidation.
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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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Insurers need to lower their expense ratios to 25 percent or less in order to succeed in the future, according to TigerRisk President Tony Ursano.
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UPC has already placed 100 percent of its programme for the year, months ahead of the 1 June renewal deadline, CEO John Forney said at sister publication The Insurance Insider's Insider US conference in New York.
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Hiscox Re has introduced the first ever cyber industry loss warranty to the ILS and reinsurance markets.
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Munich Re has announced plans to restructure its reinsurance unit, as it set a target of EUR2.1bn-EUR2.5bn ($2.6bn-$3.0bn) net profit for 2018.
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The riskiest tranche of Tokio Marine's Kizuna Re II 2018-1 earthquake cat bond has settled at the lowest end of the initial guidance, while the deal's overall size has remained unchanged at $200mn.
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The Texas Windstorm Insurance Association (TWIA) 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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Aeolus's private equity backers Elliott Management Corporation and Wand Partners have furthered their investment in the insurance space with the acquisition of US life insurer Prosperity Life Insurance Group.
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Prudential has transferred £12bn in annuity assets to life reinsurer Rothesay Life as part of its demerger of M&G Prudential from Prudential Plc.
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Markel has named Guy Carpenter's Julia Chu as its new chief global ceded reinsurance officer.
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Federated National recorded a net income of $6.3mn in the fourth quarter, rebounding from an $8.8mn loss in the year-earlier period following Hurricane Matthew
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Florida MGA New Paradigm Underwriters has hired broking veteran Evan Bull as executive vice president.
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Hannover Re ceded 37 percent of its 2017 catastrophe losses to retro partners, passing on EUR662.6mn ($537.4mn) of claims throughout the year.
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Elementum Advisors has signed up to the Standards Board for Alternative Investments (SBAI), according to the organisation's latest newsletter.
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ILS investors are closely monitoring the World Bank's pandemic cat bond, as a partial payment could be triggered if a major outbreak of Lassa fever widens in Nigeria, sources told Trading Risk.
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Mt Logan assumed $323.7mn of catastrophe losses during 2017, as the sidecar's liabilities made up just over a quarter of reinsurance receivables due to its sponsor Everest Re at year-end.
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US commercial property prices showed low single-digit increases in the fourth quarter, after dropping for much of the recent past, according to Willis Towers Watson.
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Canopius is considering setting up a Bermudian sidecar as it looks to reduce its catastrophe exposure following a management buyout from Sompo this month.
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Federated National Holding Company subsidiaries Federated National and Monarch National have purchased protection from the Florida Hurricane Catastrophe Fund (FHCF) for the next hurricane season at the same level as last year, according to an SEC filing.
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The Resilience Re platform run by Willis Towers Watson Securities has completed a $52.6mn ILS issuance, according to a Bermuda Stock Exchange announcement.
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Markel Catco said that it had to create larger side pockets for its 2017 portfolio than in any previous year, as two-thirds of its year-end asset base was tied up pending loss development.
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Many of the ILS market folks who gathered in Miami this week for the Sifma IRLS conference would have been hoping for brighter skies than awaited them at home, as storms converged on both sides of the Atlantic.
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Allstate Insurance Company is seeking $400mn from its latest Sanders Re cat bond, which will cover named storms, earthquake, severe weather and other perils.
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Florida insurer Heritage said that underwriters have already offered the carrier quotes for flat pricing on hundreds of millions of dollars of limit on its 2018 property cat placement.
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Securis Investment Partners has hired Simon Arnott as head of origination for Bermuda and the US, based in Bermuda, sources told Trading Risk.
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Heritage said that it had closed 87 percent of Hurricane Irma claims as the carrier recorded a fourth quarter operating income of $23.2mn.
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RMS has upgraded its cyber risk management platform with the launch of the industry's first probabilistic model for the peril.
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HCI Group CEO Paresh Patel said that the firm has had to re-open about 2,000 previously closed Irma claims, or about 11 percent of its original 18,000 total.
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ILS asset manager Gemini Re has launched in Florida with $500mn of capacity, which will be used to target US risk, the company has confirmed.
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The Florida Hurricane Catastrophe Fund (FHCF) has dropped its estimate of losses it incurred as a result of Hurricane Irma to $2.04bn at 31 December.
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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, the company announced today.
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UK terrorism reinsurer Pool Re is considering sponsoring an ILS product worth at least $100mn using the UK's new ILS regime, according to sources.
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The Resilience Re platform run by Willis Towers Watson Securities has completed a $60mn ILS issuance, according to a Bermuda Stock Exchange announcement.
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Florida Citizens Property Insurance is now expecting to make some reinsurance recoveries related to its Hurricane Irma claims after these losses rose from initial estimates, the insurer's chief financial officer Jennifer Montero said at the Sifma IRLS conference in Miami.
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ILS funds returned 0.56 percent in January amid windstorms in Europe and flooding and mudslides in California, according to the Eurekahedge ILS Advisers Index.
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Axa CEO Thomas Buberl said the company intends to buy more reinsurance to de-risk XL following its $15.3bn acquisition of the (re)insurer.
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Catastrophe data aggregator Perils estimated last year's cyclone Zeus cost the insurance industry EUR272mn ($335mn), slightly below a previous estimate of EUR284mn issued by the company in September.
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FEMA deputy administrator for insurance Roy Wright said that the agency is pursuing a possible mid-year reinsurance placement that would build on its January purchase of $1.5bn of cover.
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Axa said its planned $15bn acquisition of XL Group will improve its access to alternative sources of reinsurance capital, as it would bring access to the Bermudian's majority-owned ILS manager New Ocean.
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Floridian insurer Safepoint is targeting $165mn from its three-year Manatee Re 2018-1 cat bond, according to ?sources.
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French insurer Axa is to acquire XL Group for $15.3bn as it expands its property and casualty business.
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State Farm announced a pre-tax operating loss of $1.7bn for its P&C companies in 2017, as last year's catastrophes took their toll.
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Tokio Marine is targeting $200mn with its Kizuna Re II 2018-1 earthquake cat bond which will protect both itself and subsidiary, Nichido Fire Insurance, according to sources.
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RMS has appointed FinTech veteran Karen White as its new head replacing co-founder and CEO Hemant Shah.
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Ben Fox has joined Hiscox Re's ILS investment team as Portfolio Manager, Hiscox announced today.
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Insurtech start-up Extraordinary Re has announced that it will be using technology from exchange operator Nasdaq to run its new ILS trading platform.
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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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Leadenhall Capital Partners has launched a remote risk fund with $22.5mn of seed capital at this year's renewals, the company has confirmed.
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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.
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Japanese insurer MS&AD Insurance Group Holdings has launched the Akibare Re 2018-1 cat bond targeting $225mn.
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Aon Benfield has appointed CEO of Aon UK Dominic Christian as its global chairman.
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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.
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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.
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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.
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The Eurekahedge ILS Advisors Index reported a return of -5.57 percent for 2017, its worst since its inception in 2006.
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The African Risk Capacity (ARC) has partnered with the United Nations Economic Commission for Africa (ECA) to increase insurance coverage in Africa following the rising costs associated with climate change.
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Blue Capital Reinsurance Holdings has reported a net loss of $43.2mn for 2017, following a string of third and fourth quarter catastrophes, it said in its fourth quarter results.
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AlphaCat could grow to multiples of its current $3.4bn size under AIG's ownership, Validus CEO Ed Noonan has said.
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Nephila Holdings has launched a specialty division Nephila Climate (NCx) which is dedicated to weather risk transfer and climate resilience.
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California insurers must cover homeowners for damage caused by mudslides if fire is judged to be the "proximate cause" of the slide, regulators said yesterday.
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Los Angeles-based modelling company Praedicat has announced it has raised $6mn to develop latency catastrophe models for emerging casualty risk..
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Securis has parted ways with its head of origination Neil Strong after a significant management restructure that has elevated Paul Larrett to the new role of chief underwriting officer and head of non-life analytics.
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Aon Benfield has forecast that continued momentum from 2017's record-breaking cat bond issuance will push this year's total to $8bn-$9bn.
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ILS manager Hudson Structured is set to buy some of the subsidiaries of Scottish Re, as the life reinsurer commences chapter 11 bankruptcy proceedings covering its Cayman Island entity and associated subsidiaries.
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ILS managers are "running toward" the potential to grow their market share rather than running away from last year's losses, Willis Towers Watson Securities said in its latest market report.
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Artex Risk Solutions has established an office in Singapore which will be headed by chief executive Vic Pannuzzo, the insurance services manager announced today.
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Perils has lifted its insured property loss for European Cyclone Herwart to EUR 255mn ($317mn), up only slightly from its initial loss estimate of EUR252mn ($297mn).
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Aspen Insurance CEO Stephen Postlewhite has departed from the role with immediate effect, the Bermuda carrier said in a statement.
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Dutch pension fund PFZW has reported that the value of its ILS portfolio fell by 13.3 percent year-on-year to EUR3.84bn at year-end 2017, but currency hedging losses outweighed the impact of catastrophe claims.
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One of AIG's former reinsurance buyers, Samir Shah, once argued that insurers should be looking at ILS not just as an alternative to reinsurance cover but as a way to more fundamentally overhaul their capital structures.
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Aspen said it would take $135mn in net losses related to the Southern California wildfires during the fourth quarter, as an uptick in primary insurance losses also contributed to a $245mn underwriting loss for the quarter.
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Insured losses for European winter storm Friederike will be between EUR1.2bn - EUR2.6bn ($1.71bn - $3.71bn), ranking it among the continent's most expensive storm losses, modelling firm AIR Worldwide has estimated today.
