ILS

Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.

The HSCM founder said that, in the last few years, the cost of large losses had been driven up by interconnected events.

He becomes the first service company provider to hold the title.

The charity made history this year with its issuance of the first ever humanitarian cat bond.

Pricing on the Japan earthquake deal settled toward the higher end of guidance.

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.

The high-profile ILS lead has departed Aon Securities to spend more time with his family.

Aon’s head of capital advisory noted that future investors could be “plugged in” to the Constellation structure set up for the initial JP Morgan deal.

It would be the Japanese mutual’s largest ILS transaction to date.

One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.