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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up. -
In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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Fort Lauderdale Hollywood airport was forced to close as a result of the flooding caused by the 25 inches of rain that fell on Wednesday and Thursday.
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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.
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The £50mn syndicate made most of its profits in aviation.
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It is understood that the company has mandated Nomura to raise the risk capital.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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Structures have been developed that would avoid “excessive capital trapping”.
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The transactions would protect ceding (re)insurers against outages of the cloud.
