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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge. -
Child will join the firm from Artex later this year and SRS will begin recruiting immediately for Guernsey-based staff.
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The new platform will give cedants “100x more data” and greater pre-trade insight, Tremor said.
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One estimate suggested around $2bn of new capacity in private deals.
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Across its three core retro deals, the carrier renewed EUR1.17bn, down 3% from EUR1.21bn in 2020.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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Losses stem from four events and amount to $1.5mn gross.
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Along with its reinsurance platform, the company plans to help brokers hold in-house auctions.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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The spreads on the ultra-low-risk deal are the highest on this series in the past six years and 50% up from a low baseline last year.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
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RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
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Marine insurance and reinsurance are target business areas, the project partners said.
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The utility did not disclose which insurers would receive payments.
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A “pooling fund for disasters” would leverage insurance and reinsurance markets as a backstop.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The issuance follows roughly $107mn of issuance across five series last year.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Ascot will provide the reinsurance support for the index-based crop products.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.
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The US carrier expects to recover $16.7mn of premium by cutting off the treaty.
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The total value of Eden Re has fallen 17% compared with 2020.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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Leadenhall more than tripled its deal volume and Schroders has increased its assets under management in 2020.
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Aggregate retro capacity has “reduced enormously” but rate increases were less severe than some had feared, the Willis Re international chairman said.
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Capacity was constrained but some ILS funds were able to grow, while cat bonds also propped up supply.
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Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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Founding CIRCA members include Greenlight Re and Barents Re, as well as Knighthead and Nassau Re, whose senior executives take chair and vice chair roles.
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The firm expects AuM “well above” that level in early 2021 despite upcoming redemptions, after growing $600mn since July.
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Fewer AOB cases contributed to easing the caseload down from a 2020 peak in October.
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The Singapore-based cat bond deal offers a 400 bps spread 16% below the carrier's initial target.
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The revived bill seeks to limit legal fees to a “lodestar” method, based on hours spent on a case.
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The deal comes after several large placements in the longevity swap market this year.
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The marketplace is in the midst of the application process and awaiting regulatory approval.
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Weather activity and adverse claims trends in Florida have impacted underwriting results, the ratings agency said.
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The updated spread implies a slightly lower multiple on the retro quake notes.
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Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
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The state-backed carrier escaped lightly from hurricane losses but 500 Eta claims await payment.
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Both storms had landed in the country as category 4 storms within a two-week period.
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The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
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With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says.
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The firm comes as part of a planned expansion in that segment of the reinsurance market.
