Commercial E&S

Moody’s also expects losses in the billions of dollars.

Hurricane Milton will show the ILS product behaving as investors expect it to.

A $40bn Milton loss should barely dent many ILS returns but will trap some capital.

The raise includes minority investments from Nationwide, Enstar and others.

Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.

It is understood that the company has mandated Nomura to raise the risk capital.

The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.

Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.

In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.

It is understood that the company is being advised by boutique investment bank/broking firm Stonybrook and TigerRisk Capital Markets.

The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.

The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.

Mark Groenheide, who has held several positions at HDI and Zurich, was most recently senior vice president of excess and surplus lines at GuideOne.

The carrier revised its cat bill following Ida and PG&E losses.

Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.

The carrier has also exited US MGAs exposed to North Atlantic cat risk. 

The specialty insurer will lend both admitted and non-admitted paper to other providers.

The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.

After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.

The reinsurer recovered 24% of its gross major losses from retro partners.

Investment bank partner Tom Deane said that reinsurers would remain crucial to the market and that the beginnings of rebuilding were underway that could reverse some current trends.

The carrier said Texas claims are beginning to drop off with quota share and minor perils cover in place to help minimise its retention.

The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.

The entity plans to retain up to 30% of risk per program.

The California-based carrier had to tap reinsurers for two reinstatements in Q4.

Roche raised concerns about the "reemergence of social inflation".

Kessler originally joined as chief actuary at Ace Westchester in 2003, while Konz arrived from Aon Benfield in 2012.

The hire follows a $18.5mn fundraise that the firm planned to use to expand in the US and Asia.

It is expected that the transaction will close in the first quarter of 2021 and that Vault will retain its A- rating from AM Best.

The rating of the new company has been assigned on a pooled basis.

The Nephila co-CEO said he is not doing "backflips" over rate increases due to increased loss costs.

The Midwest derecho in late August accounted for about $103mn of the carrier’s quarterly claims tally.

The former New Ocean and CIG Re leader is expected to join the start-up alongside other major market names.

The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.

Ex-RenRe CUO is eyeing a start-up, while other new propositions tussle over Ariel.

Cal Fire says the SCU blaze in southern California is also 60% contained.

Cal Fire says the blaze in central California has been 35% contained.

The ratings agency predicts a potential retreat of certain E&S carriers.

The Australian insurer had a relatively low reinsurance trigger on its UK BI loss exposure.

The reinsurance plan will reduce its North American peak peril retention.

"Access" is one of those magic words or mantras that get horribly over-used in the (re)insurance markets.

The Bermudian ILS manager has been active in the primary segment since 2017.

Wildfire recoveries benefitted DaVinci investors and RenRe's retro partners in Q3.

The MGA has grown its premium base by 60 percent this year to a projected $440mn of GWP.

Bold Penguin has raised $32mn from a series B funding round.

The major continental reinsurers are looking to continue strengthening their US positions in reaction to the 2019 price increases.

The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.

The tone of discussions when the hurricane had a projected Florida landfall highlights the precarious nature of the reinsurance market’s current stability. 

Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.

Market participants have welcomed Lloyd’s plans to attract ILS capital but emphasised that cost reductions will be key to making them work.

The buyer expects to pay about £102mn ($134.7mn) in cash for Beaufort Underwriting Agency and its Syndicate 318.

The ILS manager is likely to revisit plans to launch full syndicate at a later stage.

Hurricane Florence may cost (re)insurers between $4.5bn-$4.8bn, according to an estimate from Credit Suisse Insurance Linked Strategies.

A marked-down trade of the $500mn Floodsmart Re 2018-1 cat bond may have been cancelled.

Flood risk concerns could mean more drain on the public purse to pay for damages via the NFIP.

This is the first major deal under the leadership of Brian Duperreault and transfers Validus Re, AlphaCat and Lloyd’s platform Talbot to AIG.

The London-listed carrier is said to be looking for both ILS and Names money to support the growth of its facilities-only special-purpose arrangement for 2019.

Elementum Advisors has launched a new commingled fund which allows its investors to participate in insurance portfolios underwritten by a select group of MGAs, Trading Risk can reveal.

Securis-backed Special Purpose Arrangement (SPA) 6129 made a loss of £31.4mn ($44.2mn) in 2017 following the year's major catastrophe losses.

AIG's massive balance sheet could be an advantage to AlphaCat in giving it the leverage to target the insurance market, which few ILS funds have yet attempted on a significant scale.

Former director of performance management at Lloyd's Tom Bolt has been signed up by AIG as chief underwriting officer for its general insurance division.

Hudson Structured Capital Management (HSCM) has invested alongside Allied World in a high net worth (HNW) insurance start-up Vault, sister publication The Insurance Insider reported.

The first Hurricane Irma loss estimates released by UPC Insurance and others suggest that the private residential insured loss from the storm could be less than $5bn

DE Shaw has sold down part of its stake in Bermuda specialty reinsurer James River, netting $167.5mn.

Lloyd's insurer Novae said its special purpose arrangement (SPA) launched with ILS fund manager Securis was a significant factor behind growth in the first quarter, as it reported a 25.5 percent increase in gross written premiums to £324.9mn ($421.6mn)

Managing general agency (MGA) Ventus Risk Management has signed up a top five ILS manager to provide it with capacity for its portfolio of small-to-medium-size enterprise commercial US insurance business

Arcus Syndicate 1856 turned a small loss of £1.48mn in its first year of operation, as the Credit Suisse-backed syndicate built up a diverse portfolio of business, including cyber and energy risks.

Liberty Mutual's new Limestone Re sidecar could pave the way for further disintermediation in the (re)insurance sector, a Standard & Poor's (S&P) insurance analyst said at the Sifma IRLS conference in Miami last month

Liberty Mutual's new Limestone Re sidecar could pave the way for further disintermediation in the (re)insurance sector, though many primary insurers may not be sophisticated enough to follow its lead, a Standard & Poor\'s (S&P) insurance analyst said today at the Sifma IRLS conference in Miami.

Orchid Underwriters has set up a partnership with programme insurer Spinnaker to offer admitted insurance cover to US coastal homeowners.

Liberty Mutual has agreed to buy specialty insurer Ironshore from Fosun in a deal that values the company at around $3bn or 1.45x tangible book value.

The new owners of United Insurance Company are looking to expand the Cayman carrier's remit to front US insurance business for alternative and traditional market reinsurance partners, sister publication The Insurance Insider revealed.

Alleghany's earnings from Bermudian ILS manager Pillar dipped to $5.9mn in the third quarter from $7.3mn a year earlier, its Q3 results revealed

Top 10 ILS manager Stone Ridge Asset Management is working to establish or acquire a Lloyd's corporate member, a vehicle that would allow it to invest in London market syndicates, sources told Trading Risk.

Allstate bought $130mn of new catastrophe limit for the 2016-17 year to fill in gaps around its cat bonds, it disclosed as it reported its Q1 results.

A bill that could see the market for flood risks partly privatised and handed over to the excess and surplus lines sector has passed the US House of Representatives.

Fronting start-up Clear Blue Financial Holdings has announced details of its management team after officially launching with an A- rating from AM Best.

Nephila has expanded the team working on its new primary insurance network and established a new managing general agency (MGA) brand, Velocity Risk Underwriters.

Nephila is in the process of building a managing general agency (MGA) platform that will provide it with the infrastructure to expand its primary insurance portfolio, sister publication The Insurance Insider reported.

Nephila Capital is among the reinsurers that have provided new primary insurance capacity for expansive US hurricane managing general agency (MGA) AmRisc in 2014, sister publication The Insurance Insider reported

Nephila Capital is among the reinsurers that have provided new primary insurance capacity for expansive US hurricane managing general agency (MGA) AmRisc in 2014, sister publication The Insurance Insider has reported.

Selective Insurance added $100mn of cover to the top of its reinsurance programme for 2014 as the firm said that almost 30 percent of the limit was written on a collateralised basis.

Mississippi's insurer of last resort paid about 5 percent less for its 2013 reinsurance programme as it topped up its cover by $25mn, sister publication The Insurance Insider reported.

Private equity-backed start-up Southport Re hopes to have written $100mn-$250mn of collateralised reinsurance limit after the 1 January renewals, according to CEO Glenn Weber

The ‘C' in P&C insurance has to date been a closed market for the ILS world, but P&C insurance information provider ISO hopes that a new casualty index may open up new possibilities for risk transfer to the capital markets.