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K2 Parametric will offer policies that pay pre-agreed claim amounts based on local parameters of measurable events, such as hurricanes or earthquakes. -
ILS Capital described it as “the ultimate short-tail risk” but noted structural and sourcing challenges for ILS writers.
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On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.
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The projections are slightly worse than they were three months ago, as heightened cat losses and Covid-related pressures impact rates.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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SiriusPoint has hired Andreas Kull as its new chief risk officer, the Bermudian carrier announced.
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The cat bond market has priced a $20mn tranche of Safepoint’s 2019 Manatee Re cat bond for a full loss after Hurricane Ida as two regional, low-attaching deals are set to be impacted by the 2021 hurricane.
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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.
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Markel said it has entered into consultation with staff at the ILS vehicle, which was launched in 2019.
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Ardonagh’s reinsurance business Inver Re has hired former Howden executive Nick Griffiths as a director.
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Axis Capital has signed up Patrick Witteveen, European head of investor relations at Securis, for a new role in its ILS division, Trading Risk has learned.
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