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The pension fund holds 0.6 percent of its assets in ILS.
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Any lack of retro support could push reinsurers to reduce their gross footprint in the Sunshine State, suggested Validus Re's Chris Silvester.
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ILS Capital Management is looking at converting its collateralised reinsurance company to a rated balance sheet, the firm’s managing partner Tom Libassi said at the Trading Risk New York conference.
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LGT ILS Partners is now transacting 70 percent of its reinsurance book on a rated basis through its A rated Lumen Re platform, partner and portfolio manager Michael Stahel has confirmed.
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Multinational measures have helped to close the insurance protection gap in Asia.
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California has become the “loss leader” of the homeowners’ insurance market, according to a new Aon study.
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The discussions are very much at the early stage with any developments likely to be in “phase two or three”, according to Lloyd’s regional director for the APAC region.
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Aon’s Dominic Christian says a 35 percent cost base for the (re)insurance industry is not sustainable.
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Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight. -
The New Zealand Government Superannuation Fund’s ILS holding has dropped to 5.5 percent of total assets.
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The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
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Concerns about broader market conditions could be a selling point for the sector, New York conference told.
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Jeremy Ginter takes on the new role, moving across from Willis Re.
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Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.
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The Texas-based military insurer is offering double-digit premiums across two tranches of its second bond of the year.
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The ratings agency has predicted a stronger 2019 performance as the group’s combined ratio improved to 99 percent.
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Early reports suggest no fatalities but buildings and vehicles were damaged and schools closed.
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The company will pay out another $13mn to shareholders but made a Q3 loss.
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The sovereign wealth fund’s allocation to its alternatives portfolio fell in percentage terms as the fund grew overall.
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Tropical storm and storm surge warnings are in effect for the region.
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The insurer disclosed $46mn of losses for the quarter and $15mn in adverse reserve development from cat events in prior years.
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The investment manager, which is currently in run-off, is also monitoring the impact of Typhoon Hagibis.
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The reinsurer calculated that Dorian contributed $160mn of losses with Faxai adding $120mn.
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Gross cat losses for Japanese insurers this year could top 2018’s 1.6tn yen ($15bn) following Typhoon Hagibis, according to equity analysts Jefferies.
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Alison Dyer-Fagundo leads the team in Bermuda, while Kendra Foster is managing partner in the Cayman Islands.
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The typhoon made landfall in central Japan on Saturday causing flooding and mudslides.
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Hurricane Michael has produced 149,448 claims, according to the Florida Office of Insurance Regulation.
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The storm is now at Category 4 strength, and tracking to make landfall in Japan at Cat 3.
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Upon completion, the carrier will have ceded over $4.7bn of mortgage insurance risk.
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This year is on track to be above average, according to the risk modelling firm.
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The Apollo-owned third-party funds vehicle has raised $1.5bn as of August.
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Two Rugby World Cup matches scheduled to be played in Japan on Saturday have been cancelled.
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Models need to be the start of the analysis not the end, Fermat boss John Seo said at Trading Risk’s event in New York.
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The ILS Capital Management managing partner also sees opportunities in taking business from Lloyd’s.
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The Reinsurance Opportunities Fund also repurchased $43.4mn of shares in September.
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The MGA has grown its premium base by 60 percent this year to a projected $440mn of GWP.
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The typhoon is forecast to become a super typhoon with minimum 150 mph winds in the next 24 hours.
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Avoiding a “bucketing” approach to risk-taking will help the ILS industry fill in the insurance protection gaps, according to Fermat managing director John Seo.
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The firm is “far from a start-up” according to head of ILS business Rick Pagnani.
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Mark Shumway has joined from JLT Re where he was most recently global head of strategic advisory.
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The cover provided by Insurance Linked Notes is tradeable by both the buyer and seller.
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Assured Guaranty paid $160mn in cash for the alternative asset management firm which has $18.9bn in assets under management.
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The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
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A slew of new retro vehicles were mooted at the Monte Carlo Rendez-Vous and existing players are keen to expand.
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As more ILS managers look into setting up rated platforms, commentary from two of the latest firms considering this move highlights the variety of motivations that are driving the trend.
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Experts have forecast that the cat bond market will rebound heading into 2020 following low issuance this year, with a diverse crop of maturities likely to drive more favourable dynamics for sponsors.
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The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.
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Ratings agencies remain positive on reinsurers boosting their use of retrocession to grow, despite this year’s capacity crunch in the retro segment.
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Martin McCarty’s new responsibilities will include servicing Axis’ strategic capital partners.
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The risk modelling firm has released the highest estimate for industry losses so far and the top end of its prediction could hit some ILWs.
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The carrier’s Irma bill has now topped $2bn.
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Insurers had flagged a spike in claims from the legal change that came into effect on 1 July.
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A tropical storm warning remains in place with wind and rain forecast to affect the island in the middle of the week.
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The hurricane is forecast to have weakened to a Category 1 storm by the time it could approach the island at the start of next week.
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MS&AD noted that losses could yet increase and highlighted its access to reinsurance coverage.
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According to reports, the island was spared the worst of the storm but has suffered power cuts.
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Investment returns lifted the overall result but Typhoon Jebi claims hit the reinsurance segment.
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The combined $2.1bn offering will now look to develop common products and funds, according to the Coriolis CEO.
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The NHC has reported that the hurricane may approach the island as a Category 2 storm.
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The firm’s estimate points to a higher top-of-the-range loss than early market forecasts of between $1.5bn and $5bn.
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The Catco Reinsurance Opportunities Fund grew again in August, continuing the trend of growth every month in 2019.
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The settlement was midway between the $20bn insurers sought and an earlier $8.5bn offer.
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Managing director Philipp Graf said the new arrangement with Allen Partners would bring the full suite of Twelve’s products to institutional investors in Australia and New Zealand.
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Two Resilience Re bonds and one from Argo have had their maturity dates shifted again.
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Lawrence Cheng, underwriting managing director of Peak Re, says reinsurers could have done more to foresee Jebi loss creep.
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The ILS fund manager has expanded its reach by teaming up with the Sydney-based capital advisory and fund placement firm.
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The deal announced in May takes the reinsurer’s ILS assets to $2.1bn.
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GC Securities president Shiv Kumar urges more evolution as he says ILS capital can make more use of rated paper partnerships.
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Investors are taking a broader look when evaluating transactions with more emphasis on qualitative attributes of sponsors, according to the firm.
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The partnership will layer Xceedance’s data and analytics services on to the community of cat modellers.
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The Lloyd's CEO highlighted the idea of a syndicate in a box as an approach that could work well for ILS firms.
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PG&E will be excluded from the initial reinsurance for the California Wildfire Fund.
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The hurricane is forecast to become a post-tropical cyclone with hurricane-force winds as it approaches Nova Scotia late on Saturday.
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Aon Securities CEO Paul Schultz has predicted that growth will return to the ILS market in the second half of the year after it dropped by $5bn year on year to 30 June.
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The executive left Aeolus last year having been with the fund manager since 2009.
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Hurricane data provider Tropical Storm Risk predicts there is an 85 percent chance of the US mainland being hit by Category 1 hurricane conditions in the next 21 hours.
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Jeff Fraser was assistant vice president of cat pricing at the insurer before joining the ILS start-up.
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Both North and South Carolina remain within the cone of probability for Dorian’s track but landfall is not projected.
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Hurricane-force winds now extend outward up to 60 miles from the centre, up from 45 miles yesterday.
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The ratings agency predicts stable ratings for reinsurers with growing premiums and steady profitability in 2020.
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Previous Category 3-4 storms passing near Grand Bahama and Abaco caused up to $1.3bn of damage in today’s prices, according to the modelling agency.
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The NHC has warned that the hurricane will move “dangerously close” to the coasts of Florida, Georgia and South Carolina in the coming days.
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ILS proposals must add value, Lloyd’s CEO John Neal said as he discussed which ILS priorities are quick wins and which are on the back-burner.
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Markel and Pimco updated the market on their ILS plans.
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Lloyd’s CEO John Neal said that cutting back the number of “lead” underwriters in the market would be key to paring overall operating costs.
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Hurricane Dorian has reached Category 5 status as it batters the Bahamas.
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The historical median is considerably higher than for past Cat 3 Florida storms, with Irma a recent example.
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There is a 10 percent chance of the storm coming within 50 miles of Miami, according to the modelling agency.
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Historical parallels including Jeanne have caused a huge range of economic losses.
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The hurricane is forecast to approach Florida as a major storm on Sunday evening.
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The threat to the Bahamas and east coast of Florida has increased, according to the NHC.
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The storm is predicted to become a hurricane in the next 48 hours as it approaches Puerto Rico and eastern Hispaniola.
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The former MS Amlin executive will lead Credit Suisse ILS’s Bermuda reinsurance vehicle.
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The organisation’s latest data showed a further acceleration in rate rises as the line strengthened for the eighth consecutive quarter.
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The fund’s on-risk investments have performed positively in every month this year, according to a London Stock Exchange filing.
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The reinsurer helped Fermat to write $100mn for the Florida state reinsurer’s 2019 cover.
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The catastrophe fund’s cover shrank by $80mn as it extracted flat pricing from carriers.
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The agency maintained its prediction of eight hurricanes but increased the number making landfall in the US to two and in Florida to one.
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The court blocked Prudential’s transfer of £12bn in annuity assets to life reinsurer Rothesay Life in a deal agreed in March 2018.
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The firm’s 2019 portfolio has pushed further into specialty, US insurance and Lloyd’s risks.
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The agency has raised its forecast number of named storms to between 10 and 17, up by one to two events.
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The smart tracker has written more than $50mn in premiums this year, according to its new leader.
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The carrier took a EUR58mn hit in Q2 from Jebi, putting its retro covers on point to trigger.
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The reinsurer released EUR360mn of reserves during the quarter.
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The business bought 30 percent of the ILS manager for $55mn in May.
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The group’s increased use of third party capital continues to lower net retained premiums.
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Six carriers rated as A Prime for financial stability, with the remainder rated Exceptional.
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The insurer reported $17.7mn of income from sidecar investors and MGAs.
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Its parent career restarted writing business in Q2, assuming $1.1mn of premiums.
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Profit at the carrier fell from $2.4mn to $0.7mn year on year.
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The executive joins after 22 years at Swiss Re.
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Industry leaders have lifted the expected total loss to a new high.
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CEO John Forney said it was a “tough quarter” for the business.
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Megan McConnell is moving to become CUO for Hiscox USA, with her London role replaced by Andrew Dolphin.
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Fee income rises by over two thirds to surpass $19mn for the quarter.
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The carrier has meaningful available capacity to deploy, according to CFO François Morin.
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The reinsurer said its nat-cat exposure is at the highest level since 2015, with support from third-party capital.
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The heaviest H1 losses were from May tornadoes in the US.
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The case had been brought before the recent legal change on assignment of benefits rigthts.
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The provider beat analyst expectations with operating earnings up 30.5 percent.
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The NAV per share has dropped by 2.6 percent since the turn of the year.
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The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.
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The rate of increase has slowed since the start of the year.
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The seventh issuance this year takes the annual total to $134.08mn.
