ESG

The fund will offer additional spread versus other similarly rated corporate debt.

The charity said that improved ecosystems could help protect from disasters.

The fund returned 15.69% in calendar year 2024.

The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.

The ETF format provides for publication of a daily NAV.

The deal will include Axa IM’s alternatives funds including ILS.

The 2024 winners were celebrated at The HAC in London on 27 June.

CEO Wagstaff said the LMG must "compete with other markets".

ILS could benefit from focusing on the social aspect of ESG.

The awards event will be held on 27 June at The HAC, London.

The fund has a strong focus on cedant quality and transaction structures.

The new global bond fund can take a ‘marginal allocation’ to cat bonds.

There are currently 16 deals in the market.

The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.

Steiger will oversee the new article 8 classified fund, based out of Zurich.

The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.

Craig Hupper spent more than 25 years at TransRe, performing a variety of roles.

The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.

The two associations will work together on six matters, including climate change, cyber risks and taxation.

The project which began last year in Zurich has now expanded to a group standing for $29bn of ILS assets under management globally.

Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.

This is the first multi-year plan led by the new CEO.

With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.

The executive worked for WTW for more than two decades.

The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.

RenaissanceRe won the Manager of the Year title, while Beazley’s cyber cat bond won the non-life transaction of the year.

Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).

Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.

Nigel Hanbury, who has been CEO since 2012, will move into the role of executive deputy chairman.

The managing director had spent eight years at Aspen before joining the ESG start-up.

The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.

The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.

The products are designed to protect against instances of purchased carbon credits failing to materialise.

The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.

The parametrics pioneer said Ardonagh would bring additional capacity to clients with new solutions.

The sidecar takes a 25% quota share of CCR’s worldwide property cat book.

Ibarra joins the climate risk-focused platform after more than six years as CEO of Global Parametrics, a London-based InsurTech.

Potential rotation of the investor base, along with continuing evolution in ESG and non-cat products, are set to be themes for the upcoming year.

The firm has folded its former Nimbus weather strategy into the new vehicle.

Quota shares, collateralised re, ILWs and event-linked swaps will also form part of the offer.

Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.

Several structural factors, including the pricing cycle, make insurers more insulated from US activist states. 

The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.

Yao previously served as senior capital and reinsurance specialist at Suncorp’s Sydney office since joining the company in 2019.

The new fund launched earlier this year to invest in companies that are seeking to reduce their emissions.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

The fund will take a vertical cut of all non-life business written by Latam specialist Ocean Re.

Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.

Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.

With investor fundraising prospects challenged due to macro factors, there are questions over how much US demand growth the ILS market can absorb.

How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.

Steve Bowen will work closely with the Gallagher Research Centre, which was launched just yesterday.

A challenged property cat market is expected to open up more opportunities for ILS growth – but the key question surrounds whether and how fast the market can attract more capital to take advantage of this dynamic.

The product protects firms buying carbon credits from third-party negligence and fraud.

Current chief Thomas Loridan will move to executive chairman.

As the ILS market heads back to the office after summer breaks to get stuck into a busy conference season, we recap our top summer features and news coverage that you won’t want to miss.

The executive will work to help corporations understand and mitigate the threats posed by climate change.

The firms said transparency on data, methodology and machine learning techniques would build trust.

The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.

Industry experts told Trading Risk why underwriting guidelines and trust in counterparty management teams are essential.

More public-private partnerships should be a priority for governments and businesses.

Bosnia & Herzegovina saw a 246% increase in the amount of land burnt in the past year.

Collaboration should help protect against greenwashing fears but the industry should start with leaving behind the issue of the sector’s “inherent ESG” appeal.

The group, comprising Credit Suisse ILS, LGT ILS, Plenum, Schroders, Solidum and Twelve, are engaging with brokers to establish a standardised reporting framework for cedants.

Australia and Florida buyers faced capacity problems as inflation drives up pricing.

The new recruit has worked for Argo, Allianz and the European Space Agency.

Responsible investing in ILS requires “look-through data transparency”, the association says.

The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.

A BDA report found that more than 30% of Bermudian carriers have integrated ESG into underwriting.

The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion.

Ahead of a market message on 2023 business plans, Lloyd’s has set out early expectations on inflation, ESG and management of cat volatility.

Beazley’s own in-house ESG goals were put under as much scrutiny by its third-party capital providers as its underwriting strategies when the insurer launched ESG-focused Syndicate 4321 at the start of this year.

Profits slipped by 3% at the carrier in Q1, driven by floods in Australia, which added to the highest Q1 cat claims in over a decade.

ESG products can provide sustainable returns, panellists suggested.

Fee income rocketed by 88% as capital surpassed $900mn.

In certain areas more collaboration is needed but in others the market will continue to get more diverse as investors respond to post-Irma challenges in differing ways.

The pension plan was recognised after ploughing fresh capital into new ILS endeavours, while judges flagged the corporate ILS potential exemplified by logistics firm Prologis. 

The panel discussed the need to adapt to ESG and climate change

The Leadenhall co-founder was recognised alongside other winners including Ontario Teachers Pension Plan and Aon Capital Advisory.

The ILS CEO spoke about growth opportunities at Trading Risk’s London ILS conference

The former AlphaCat and Aspen executives have teamed up to bring an ESG focus to a new independent ILS platform.

She was previously an investor relations senior manager at Swiss Re.

March brought a flurry of people moves in the ILS market.

The committee is the most senior management team at the Bermuda company, responsible for governance and strategy of the firm.

The council comprises Cindy Bruyère, Henk Dijkstra, Kenneth E Kunkel and Park Williams.

The carrier has introduced a number of ESG-focused roles, which sees Cathal Carr, SVP, underwriting, appointed as global head of climate and sustainability strategy.

The firm’s goal is to raise its own capital and partner with others.

The new firm says ESG criteria will be embedded into the products.

Carr was previously SVP, global head of property catastrophe at the reinsurer.

The SEC intends to make information around climate-related risks more transparent.

The industry has moved on from an initial focus on the nat-cat element of ESG.

Lenders, business owners and investors can assess the impact of climate driven shifts.

Singh had managed Lloyd’s catastrophe risk appetite prior to joining MS Amlin.

The move is a response to growing focus on diversity issues from allocators and regulators.

The IPCC has issued its bleakest warning yet on the impacts of climate change on the environment.

In the past month, Scor has expanded its business development team, while Lodgepine’s president and CEO left after Markel shut the retro platform.

The Global Insurance Report from McKinsey sets out industry mega trends, including the proportion of listed carriers that have traded at below book value in recent years.

The impact on different perils should be distinguished, the advisory firm noted.

The follow-on Lloyd’s syndicate posted a profitable combined ratio of 98% in 2021.

He will work with investors and sit on Leadenhall’s ESG Committee.

Resilience bonds attempted to link up financial goals that proved to be too mismatched.

Many investors are in a “hold and assess” pattern on ILS, but some changes in the broader landscape could be more positive for the industry.

There are two strands to the investor response to ILS climate-change issues, the consultant said.

Investors are increasingly concerned about legislative changes and climate change, but there are drivers for optimism, the consultant said.

Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.

Another pandemic outbreak came in fourth place, with 22% of respondents saying they were worried about further health and workforce issues and movement restrictions in 2022.

The regulator is also reviewing Solvency II post-Brexit.

He will replace Jonathan Malawer, who held the position for fourteen years and has left to join a new firm focussed on climate risk investments.

ESG, non-catastrophe and rebuilding after personnel changes will be among the themes of the year.

Personnel turnover and ongoing redevelopment into new areas were the notable themes of the past 12 months.

A new report sets out how to scale insurance and capital for environmental protection projects, for a sector estimated to reach $50bn in size by 2030.

Business plans submitted for 2022 have set the market on track to generate a sub-95% combined ratio next year.

The award-winning Danish Red Cross-sponsored deal has made its stock exchange debut.

The facility is linked to the ESG rating of Ki’s Funds at Lloyd’s and builds on investment guidelines the business has established for third parties.

Local officials have warned that the cost of rebuilding in British Columbia could exceed C$1bn ($790m).

Record rainfall has caused floods and landslides across the Canadian province of British Columbia, leading to at least one death and cutting all rail access to the country’s largest port in Vancouver, according to Reuters.

The COP26 climate talks in Glasgow represent progress towards a necessary reduction in carbon emissions “but not victory”, with concerns remaining that pledges do not go far enough, according to Swiss Re.

The cross-industry Insurance Task Force (ITF) working with Lloyd’s has launched a Disaster Resilience Framework for Climate-Vulnerable Countries, as part of its activities for the Prince of Wales’ Sustainable Markets Initiative (SMI).

Twelve Capital has promoted two executives to the new roles of co-managing partners to take on day-to-day management at the firm and head its group management committee.

The broker said that weather-related losses had become more severe in the past decade because of climate change.

Financial authorities must ‘massively expand’ risk-sharing pools.

The fund’s high risk, high return strategy will aim to replicate performance of the cat bond market.

There were new hires at Mt Logan, AlphaCat and Howden Bermuda.

The top 21 reinsurers were rated positive on just 9% of factors overall.

The new material provides frameworks for discussing ESG and aligning objectives.

Re-allocation of capital rather than true growth seems to be a more likely outcome for the sector in the near term.

Demand for climate-related solutions is ‘trickling up’ from clients and insurers to the ILS market .

The speciality insurer is also providing multi-year capacity and paper to the climate risk shop.

Howden said passing risks onto governments would degrade the value of the insurance industry.

S&P suggested that an “abrupt rethinking” was a more likely outcome than gradual pricing increases – but a third way is possible if ratings agencies set a glidepath to change.

Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.

Discussions with industry and in-country partners have so far foregrounded parametric solutions.

Investors’ growing focus on ESG factors is sparking questions about how this could affect ILS pricing.

The Durant Re IC deal was the first humanitarian cat bond in the history of the ILS market.

Technology-enabled platforms could create a cost-effective, dynamic following market, panellists said.

Cat losses have highlighted the importance of modelling for secondary perils, but there is room for optimism in the industry, panellists said at Trading Risk’s London ILS event.

Daniel King-Robinson and Tobias Engeli have joined Twelve Capital from EFG Bank to work on sustainable and climate investing, which the firm said strengthened its ESG focus across portfolios for institutional clients.

Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.

Lloyd’s chief of markets Patrick Tiernan ruled out completely cutting out sources of energy relied on by certain communities.

The ratings agency said cat activity, Covid-19 and social inflation would play key roles in influencing investor returns.

Schroders Capital ILS chairman Dirk Lohmann said the shift could be due to yield compression in the bond market.

From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.

Carriers will not necessarily accept smaller returns in exchange for high ESG scoring vehicles and risks must be properly priced, according to Dirk Lohmann, chairman of Schroders Capital ILS.

The broker expects ongoing single-digit growth within the ILS market.

The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.

Increasing workforce diversity may be an easier goal than closing the widening protection gap.

The trust will invest at least 80% of its total assets in securities that, in the advisor’s assessment, meet a specified ESG criteria.

Cat bond prices are now approaching historic lows on certain types of deal and compare to “hot market years” such as 2018.

It comes amid fears of increased levels of inflation given the low interest environment and high levels of government recovery spending.

Insurance Insider is conducting a reader survey to ascertain views on appetite for business travel – and if executives are looking to cut their carbon footprint.

With investors’ decision-making increasingly influenced by ESG concerns, the ILS industry is grappling with the challenge of how best to articulate its credentials.

The firm’s co-CEO Richie Whitt said the firm might also consider growing its retro portfolio.

GC Securities’ Cory Anger said using capital freed up from ILS transactions for ESG investing could become a hallmark of future green deals.

Lloyd’s report details how the Corporation will support carriers and their clients across the main themes of greener energy, industry and transport.

The firm is working on an ESG consortium to add to the third-party capital division from next year.

Environmental, social and governance (ESG) factors were the primary driver in 13% of ratings actions in the year to the end of March, according to AM Best.

Collateral will be used to finance sustainable development projects and programs in the IBRD’s member countries.

He will oversee the company’s internal and external communications around ESG issues, as well as diversity and inclusivity initiatives.

Local government pensions funds in the UK are partnering up, creating new strategies and may seek diversification.

Founding member Scor has also announced a commitment to phase out the underwriting of coal-fired power plants. 

The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.

ILS managers said that large volumes of new issuances could carry on through the rest of the year.

Just a few months into 2021, the first natural-disaster headlines of the year are already occupying the minds of ILS insurance risk-takers. The snowstorms that brought freezing conditions to Texas will be a challenging event to evaluate for a number of reasons.

The reinsurer is planning to accelerate growth in its insurance business.

As new regulations on climate risk disclosures are developed, insurance industry argues for a measured approach.

The coupon reduced by 50 basis points compared with what was initially marketed to investors.

Sources suggested the ESG credit for using green collateral is overshadowed by longer-term ambitions for underwriting clarity.

The aspiring carrier is already providing risk-transfer deals for carbon offset buyers but plans for its initial underwriting to be focussed in more traditional areas.

The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.

The firm claims it will be the world’s first fully sustainable insurer with a unique underwriting approach including ESG criteria.

he consortium and follow-only SIAB a targeted for a 1 January 2022 launch.

A global survey finds vast disparities in measures for cyber, regulation and climate risks.

Efforts to curb covers for the most carbon-heavy assets are gaining pace and the infrastructure that allows for Paris alignment on the liabilities side of the balance sheet is improving.

The former Aviva executive joins the Corporation with the new position.

Collaboration to set standards and adapt ESG goals for the ILS market is crucial, ILS Week speakers agreed.

Collaboration could address many of the issues vexing the ILS market and help to even out the pace of its recovery.

Lloyd’s hopes to give institutional investors greater access to non-catastrophe risk.

The asset manager’s survey finds increased investor appetite for opportunistic debt and equities, and private assets.

Sponsors want to know what the benefit will be to them, the broker said.

The Zurich-based manager says frameworks designed for equity investing will take time to adapt to insurance investing.

The EU’s SFDR is the first major regulatory attempt to codify ESG disclosure requirements, and other regions are expected to introduce similar rules in the future.

The firm is the first ILS platform to reveal that its funds have the new classification.

Environmental, social and governance concerns are of growing importance to the ILS industry, but work remains to be done on building a consensus about concrete goals.

The firm signed up to the UN Principles for Responsible Investment a year ago.

The models will be available in June initially for North Atlantic hurricane, Europe inland flood and Europe windstorm.

Declining listed issuance volumes could be down to a growing desire for transparency and flexibility after recent loss years.

A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.

Underwriting results and ESG principles should be aligned and more information will be sought from counterparties, the ILS manager said.

A more detailed ILS framework is to come.

The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.

The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.

The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.

The move comes as environmental policies move up the list of investor priorities.

The carrier will largely avoid ILS and focus on differentiating through ESG.

The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.

New boss Flandro suggested subordinated debt as a reinsurance alternative in a hardening market.

The pandemic may allow companies to “distinguish themselves”, CEO Peter Giacone said.

The firm aims to distribute and underwrite climate insurance on a parametric basis.

Assets with ESG attributes can be more profitable than their counterparts, said panellists at the Convergence 2020 conference.

ILS risks were “a lot cleaner” a decade ago, says MLC Asset Management’s Jehan Sukhla.

The Swedish manager has wound up its small UCITS cat bond fund as it said institutional funds were a better regulatory fit for ILS.

The departure comes after a 21% contraction in GWP at the unit in H1.

Over four fifths of (re)insurers surveyed before the Covid-19 pandemic incorporate ESG into asset allocation, the asset management arm of the US bank finds.

The credential could help ILS platforms on the island advance their ESG status, industry promoter We Are Guernsey said.

The firm will shift its private ILS strategies away from diversifying perils.

Plenum’s CEO said the hire of Grieger and a SocGen credit research leader will “unleash significant potential” by adding insurance bond capabilities.

The manager is now the sixth specialist ILS firm to join the SBAI.

The initiative, which has been evaluated by ESG ratings and research provider Sustainalytics, is part of Trieste-based Generali’s sustainability strategy.

Opportunities are likely to open up for blue-collar schemes as reinsurers participating in swaps seek to diversify, according to Willis Towers Watson.

The $225mn deal was the first cat bond to be listed on the Singapore Exchange.

Liquid products such as cat bonds are likely to benefit in both Q4 and 2020, said Willis Securities’ Bill Dubinsky.

The CEO was speaking as Aon launched a new auction platform in Monte Carlo.

The fund can meet the demand for ESG investments while at the same time providing a commercial return, advisors Global Parametrics said.

The asset manager said it is the first cat bond fund to specify that it will pursue a responsible investment philosophy in its prospectus.

PGGM senior investment director Eveline Takken-Somers was named the outstanding contributor of the year at the Trading Risk Awards held in London last night.

All insurance has a social purpose but covers for lower income countries should probably be considered more impactful transaction than Florida coastal risk.

Part of the solution to lowering costs at Lloyd’s could be more employment of ILS, said Michael Wade, non-executive chairman at TigerRisk.

The MGA was launched by former BMS CEO Carl Beardmore in October last year.

The Leadenhall Capital Partners CEO tells Trading Risk’s London ILS conference how he hopes changes in Lloyd’s will create further opportunities.

PGGM has hit its target of investing 2.5 percent of total funds in ILS for the first time since it began allocating to the sector in 2006.

The ILS market has quickly stabilised after last year’s catastrophe losses – but the fallout from Hurricane Irma has continued to push claims higher.

A growing focus on climate change, as well as the increasing breadth of the ILS market, means that investors are considering the argument for ILS as an ESG investment, as well as a diversifier.

A new research paper suggests there could be more cause for gloom if cover becomes more unaffordable.

News of Beale's departure comes a year after former Marsh Europe CEO Bruce Carnegie-Brown became chairman of the 330-year-old market.

Scor Investment Partners said that its ILS assets under management (AuM) reached $1.44bn at the end of February.

The spectre of interest rate hikes is a reason why the ILS asset class remains attractive for investors, said BMO Global Asset Management's chief investment officer Jitzes Noorman.

CCLA Investment Management, a specialist fund manager for UK charities, local authorities and the Church of England, has taken a 6.2 percent stake in the London-listed Catco Reinsurance Opportunities Fund.

Munich Re has provided Israeli insurer I.D.I Insurance with a "cat in the box" reinsurance cover, in the first parametric transaction closed in the region.

Convergence rainmakers focused on new growth areas at the 2010 SIFMA conference last month...