Commercial auto

The company also purchased $15mn of SCS parametric coverage.

Andrade flagged expected 5% to 10% increases in the US and Europe.

The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.

This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.

The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.

The transaction covered a portfolio of $250mn in casualty risk premiums.

The firm will focus on high-frequency, low-severity risks including personal and commercial auto, general liability, workers' compensation and professional lines.

This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.

The former analyst at Aeolus joins the growing number of ILS experts to join the firm.

The unit will aim to grow captive solutions and structured solutions.

A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.

The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.

The broker said EPS estimates for 2023 were broadly flat due to inflation fears.

As ILS players such as Vesttoo seek to grow beyond cat risk, Trading Risk looks at some of the questions surrounding how casualty ILS deals will operate and the amount of risk transfer undertaken to date.

The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.

The projections are slightly worse than they were three months ago, as heightened cat losses and Covid-related pressures impact rates.

ILS Capital Management has backed the launch of a new InsurTech incubator, Mltply, which will offer fronting and reinsurance capacity to start-ups as well as venture capital and infrastructure support.

ILS Capital has invested seed capital in start-up InsurTech provider Pouch, which provides auto coverage for small businesses.

The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.

Covid-19 claims could make the year the most expensive on record, the broker warns.

The deal will give Buckle access to Gateway’s 47 US state insurance licences.

The broker's total insured loss estimate spanned $11bn to $140bn, depending on the recovery from Covid-19.

Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.

The fund has cut back in retro but plans US insurance expansion.

Social inflation is not just a Florida issue – it's also top of mind in the casualty market.

Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.

Munich Re now has a stake of about 27.5 percent in Next Insurance.

The insurer increased its participation at the Japan renewals in April.

Munich Re and Swiss Re as well as Lloyd’s insurers are among the top reinsurers of the leading insurers in North Carolina and South Carolina.

Hurricane Lane, which hit Hawaii earlier this month, is set to be more of a flood event than a wind event for insurers, rating agency AM Best has said.

Hurricane Lane is set to be more of a flood event than a wind event for insurers, the ratings agency said.

The Carr fire is 30 percent contained but it continues to rage across 112,888 acres.

The blaze in Northern California covering 103,772 acres has destroyed 818 residential and three commercial structures so far.

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.

Collateralised reinsurer Southport Re is one of three reinsurers that have provided cover to ailing insurer Tower Group.

New Jersey Manufacturers Insurance Group has placed its first cat bond, raising $60mn of cover from the privately placed Sullivan Re