Aisling Finn
Aisling Finn is a reporter for Insurance Insider. She covers aviation, property D&F, political violence and terrorism, InsurTech and binders.
Published by this author:
-
Sergio Micucci joins from the Corinthian Group, where he was CFO. -
The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
-
The total economic cost from the catastrophe is estimated to be EUR9bn.
-
CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
-
P&C re and CorSo reported improved net profits and combined ratios for the quarter.
-
He will report to Kelly Superczynski, Aon’s global head of capital advisory.
-
Overall economic losses hit $45bn in the first quarter of 2024.
-
The Class A notes priced well below the midpoint of initial guidance.
-
The bond will cover named storms, North American earthquakes and European windstorms.
-
The organisation has received 11,527 claims to date.
-
Initially, the government sought $360mn of coverage.
-
The bond offers named storm coverage in Florida.
-
-
The carriers are seeking $130mn of Class C named storm coverage.
-
The new facility is backed by Lloyd’s syndicates and London-based international insurers.
-
The carrier also narrowed the pricing guidance for the two types of notes.
-
-
The carriers are seeking up to $130mn of named storm coverage.
-
The bond will provide parametric cover for earthquake and windstorms.
-
The cat bond now has a pricing spread of 250-275 bps.
-
The cat bond will initially cover named storms in Florida and South Carolina.
-
The cat bond will cover earthquake and named storm events.
-
Pricing guidance has also been updated to between 8%-8.25%.
-
He was executive managing director in Aon’s wholesale treaty team.
-
The bond offers earthquake cover for several European countries.
-
-
Vesttoo is unable to make a similar request again.
-
Arm is based in Guernsey and has a Bermudan management licence.
-
The carrier set the initial profit guidance to NZ$22mn-NZ$27mn.
-
The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
-
The review followed a methodology change.
-
The increase can be attributed to the Christmas storms of 2023.
-
The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
-
The carrier is seeking indemnity per occurrence for quake coverage in the US.
-
The carrier has also extended the redemption period by three years, to 31 March 2029.
-
The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
-
France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
-
-
The reinsurer is now targeting EUR150mn-EUR175mn for the cat bond.
-
HCI is offering one million common stock shares priced at $78 per share.
-
Rob Newbold joined Verisk in 2002 and has held several roles, serving most recently as COO of extreme event solutions.
-
The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
-
The MAPA will allow APCL clients to participate in a portfolio of syndicates without the need to own the underlying capacity.
-
The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.
-
The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
-
The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
-
Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.
-
The bond will provide coverage for windstorms and severe thunderstorms on a per-occurrence basis in Belgium and the Netherlands.
-
The Class A notes priced at the midpoint of guidance and the Class B notes at the top end.
-
The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
-
The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
-
The bond will provide cover for windstorm, hailstorm, flood and quake.
-
The bond’s Class A notes are priced at 8.5%, while the Class B notes are priced at 16.5%.
-
The storm caused significant damage to homes and businesses as gusts reached over 100 mph and resulted in widespread flooding.
-
The cat bond will provide coverage for North American named storm events and earthquakes as well as European windstorms.
-
Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
-
The storm caused significant wind damage and flooding across parts of Scotland and England.
-
Verisk said the majority of the insured losses can be attributed to wind damage.
-
The ratings agency also said economic and insured losses caused by Otis have reached $16bn.
-
The carrier is looking to raise $50mn in zero-coupon Class 2 notes, $100mn of Class 3 notes and $150mn of Class 5 notes.
-
The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
-
Robert Salzmann has held a variety of roles at SI Re, most recently overseeing the carrier’s ILS markets and retrocession team.
-
Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.
-
The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.
-
BCCL will be rebranded to Nascent Advisory Services Ltd as part of the transaction.
-
Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
-
The ratings agency said the improvement was a result of “high pricing discipline driving a hard market, rising investment yields and a strong demand for reinsurance protection”.
-
The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
-
The analytics firm said that the majority of insured losses will be attributable to wind.
-
Moody’s said most losses from Idalia are likely to arise from homeowners and commercial property lines.
-
The storm battered large areas of the Southeast, leaving homes without power, flooding roads and damaging properties.
-
The forecaster also added a tropical storm watch for parts of North Carolina.
-
The (re)insurer also appointed Thomas Deane as head of investment banking.
-
For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
-
The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
-
The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
-
The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
-
The embattled ILS InsurTech said its investigation into fraudulent letters of credit used as collateral in the company’s transactions was in “advanced stages”.
-
The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
-
This came after the firm said it had begun the process of moving its US E&S business off its Lloyd’s paper as it sets up a new E&S carrier.
-
The carrier reported a 66% increase in GWP for its property business.
-
The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
-
The carrier has priced the new bond at 10%, the lower end of the most recent pricing guidance released earlier this week.
-
The reinsurer is seeking coverage for named storms across several states, including Alabama, Louisiana, Texas and New York.
-
The ILS fund now comes in at the 26th spot on Trading Risk’s ILS fund manager directory.
-
E&S specialty MGA Velocity is launching an E&S carrier after receiving an AM Best rating of A- (Excellent).
-
The cat bond will cover named storms across several US states including Louisiana, Mississippi, Texas and New York.
-
The fund ranks 19th in Trading Risk’s ILS fund manager directory following this disclosure.
-
R&Q launched Bermuda-based reinsurance sidecar Gibson Re with $300mn of capital in September 2021.
-
There has never been a named storm to form in the eastern tropical Atlantic this early in the season.
-
The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.
-
The report outlined 17 recurring and emerging risks (re)insurers should be aware of.
-
Frank Lopapa was instrumental in the formation of Mt Logan in 2015 and retires after eight years on the board.
-
The bond covers European windstorm events across 12 European countries.
-
Previously, Shaw was lead underwriter at MS Reinsurance and lead underwriter at MS Amlin’s Bermuda office.
-
The carrier’s reinsurance portfolio is now worth NZ$8.2bn, which includes a NZ$225mn cat bond for the first time.
-
The forecaster is predicting 13 named storms, six hurricanes of which two are expected to be Category 3 or above.
-
The forecaster is predicting there could be as many as 14 hurricanes in the North Atlantic between June and November.
-
The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near-normal" hurricane activity in the Atlantic this year.
-
Initially the reinsurer offered a pricing spread of 8.25%-9.25%.
-
The Bermuda reinsurer is exploring cat bond market options as an alternative to its current retro purchasing.
-
Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
-
The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
-
Palomar is now looking to raise $200mn for its Torrey Pines cat bond, up from the initial target of $150mn.
-
Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
-
The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
-
The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
-
The reinsurer is looking to raise in excess of $250mn from class A notes and a yet-undisclosed amount of class B notes.
-
The reinsurer is seeking $125mn in Class 13 notes and $275mn in Class 14 notes.
-
The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
-
The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
-
The bond, which was first announced in October 2022, had an initial target size of $195mn.
-
The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
-
In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.
-
The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
-
Mollinier spent 14 years at Aspen, most recently as head of EMEA and LATAM, and will help TransRe to expand its continental European business in his new role.
-
The carrier has placed $50mn of Class 1 Notes at 2.5% and $150mn Class 2 Notes at 4%.
-
Nationwide Mutual is looking to raise $150mn in $50mn tranches of Class A-1, B-1 and C-1 notes.
-
Fort Lauderdale Hollywood airport was forced to close as a result of the flooding caused by the 25 inches of rain that fell on Wednesday and Thursday.
-
The new pricing gives a 7.8x multiple of the bond’s 1.57% modelled expected loss.
-
The newly developed scale will run from AR-1 to AR-5, with AR-5 being the most intense, to mirror measurements of hurricane events.
-
The cat bond priced at 9.5%, 22% lower than the midpoint of the initially guided range of 11.75%-12.5%.
-
Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
-
The impact of the cyclone, which battered New Zealand in February 2023, was worsened by previous bad weather on the North Island.
-
Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
-
Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.
-
Prior to joining Nirvana, Thomas Mannsdorfer led the European specialty underwriting team at Sompo International.
-
The flooding resulted in the costliest weather event for New Zealand’s insurance industry to date.
-
All five new partners will retain their existing roles alongside their new responsibilities as partners.
-
The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
-
Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
-
The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
-
The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
-
The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
-
The cat bond will pay out to Beazley if total claims arising from a cyber attack on its clients surpass $300mn.
-
Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
-
KCC is predicting insured losses across 42 states, with the worst affected being Texas, Georgia, Tennessee, North Carolina and New York.
-
Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
-
Scott Stephenson, former chairman, president and CEO of Verisk, will join CyberCube’s board after participating in the funding round.
-
RenRe, Fontana’s owner, said earlier this year that it was considering getting a rating for the casualty and specialty sidecar.
-
The regulator has implemented several changes, which it says will increase UK competitiveness and bolster participation in the UK’s ILS market.
-
The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
-
Will Roscoe, who has managed the Smart Tracker since 2019, has been named active underwriter.
-
The vehicle offers attachment points of $500mn and above for global property and downstream energy risks.
-
The comments were made to Key Biscayne residents last week ahead of the Special Session later this month.
-
David Schmid joins from New Re, where he spent 11 years, most recently as a senior structurer.
-
The ratings agency took increased nat cat activity, pricing trends, growing demand and business plan stabilisation into account when assessing the segment.
-
The pay-out figure has nearly doubled over the last two weeks.
-
Martina Müller-Kamp will sit on the board of Twelve Capital’s holding company, while Caroline Clemetson and Andreas Knörzer join the board of Twelve Capita’s investment manager.
-
The reinsurance market next year will be a “challenging environment”, which Beazley expects to “shift significantly”, according to CEO Adrian Cox.
