Martha Muir
Reporter
Published by this author:
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Loss creep from Hurricane Ida has led to the loss and an increase in loss reserves. -
Performance is expected to recover in H2 due to rising rates, the broker-dealer forecast.
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The Sompo International company was placed into run-off in June 2019.
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Geoffrey Saville spent nine years at WTW and the Met Office.
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The firms said transparency on data, methodology and machine learning techniques would build trust.
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The manager’s analysis concludes some funds manage risk more efficiently than others.
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The guaranty association’s board voted on Friday to extend an existing 0.7% assessment into 2023.
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New research estimates one in six chance of magnitude 7 or higher eruption this century.
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Philippe Kremer spent three years at Citi and nearly eight years at Swiss Re Capital Markets.
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UPC policyholders could be force-placed by their mortgage lender.
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Cat bonds have built-in protections against the threat of inflation, Schroders ILS chairman Dirk Lohmann has argued.
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Neyme was previously vice president, US casualty treaty.
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Swiss Re’s advisory firm aims to offer investment management services to third-party investors.
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Ledger is on a hiring spree after a $75mn Series B round.
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Three of Florida’s largest insurers recorded month-over-month falls of 30%-50%.
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Industry experts told Trading Risk why underwriting guidelines and trust in counterparty management teams are essential.
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Evanston Insurance Company, a subsidiary of Markel, backed the move.
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The firm’s European regional treaty cover shrank 9% to $398m.
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The company’s net cat loss fell by 1.7% to $454mn year over year.
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The parties will develop climate-conditioned wildfire event catalogs to support cat modelling.
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The private deal was shelved due to investor questions over aspects of the deal, and the wider macro environment.
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The company anticipates a hurricane season close to the 1991-2020 climate norm.
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The company sees and opportunity to grow market share in the state.
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The ceded premium ratio declined by 2.1 points to 31%.
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Private ILS outperformed cat bonds during the month.
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The carrier had improved its combined ratio by 6 points to 99.4%.
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Total issuance of $4.86bn was transacted in the primary market.
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The figures include funds managed by ILS manager Fermat Capital Management.
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Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.
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HSCM has had a majority stake in the company since 2020.
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The office will be led by chief actuary Faisal Haddad.
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Demotech earlier warned that more than 15 possible carrier downgrades could come in July.
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The McKinney and Oak fires are 0% and 67% contained, respectively.
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The company aims to run off its cat and property business by 2024.
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Fee income dropped 24% year on year, as premiums ceded to other strategic partners fell by 7%.
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In its Q2 earnings call, CEO Kevin O’Donnell said that the company held its PMLs flat while taking the benefit of increased rate.
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Gupta moves from Axis Capital where he served for four years in the New York team.
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Markel effected its buyout of Catco investors in April 2022.
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Kalachian moves from Allianz where he was a managing director.
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The company has taken almost half its retention on a $225mn calendar-year aggregate reinsurance deal.
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ILS is rated four out of five with a recommendation of an “overweight” strategy from the Liechtenstein-based private bank.
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More public-private partnerships should be a priority for governments and businesses.
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Howie was a principal in Mercer’s hedge fund boutique where his areas of coverage included ILS.
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Last year’s inaugural Randolph Re issuance was sized at $50.7mn.
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Since January, claims lawsuits have hovered around the low to mid 4,000s each month.
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The initiative follows the success of last year’s Jamaica cat bond.
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He was previously principal, portfolio manager for four years.
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Matz worked at Tower Hill for 26 years, where his titles included COO and SVP.
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The portfolio covers distressed Florida, Louisiana and US nationwide deals.
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The forecast for real-term premium growth was depressed by anticipated claims inflation.
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The offering will be rolled out to Arizona, Georgia, Tennessee and Texas later this year.
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The impacts of the July floods are coming on top of significant flood losses in other parts of the country in March and April.
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Envelop anticipates that cyber ILS could hit $100mn of GWP within four years
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Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year
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Tropical storms gain strength when passing over the deep warm current.
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They will join the team led by Stefano Sola to bolster Vesttoo’s alternative investment products.
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The July date of the event is favourable for reinsurers as Suncorp and IAG have just reset their deductibles, although QBE buys on a calendar-year basis.
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Its half-year gain was down slightly from 1.43% in the prior year period.
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FedNat will retain a minority interest along with representation on the board.
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The company has extended its Munich Re quota share for three years.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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Marsh McLennan’s Bermuda platform issued $68.3mn in private deals last year.
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Unipol previously tried to issue a new cat bond in May and withdrew due to uncompetitive pricing.
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Changes were made to reflect the “hardening” of the reinsurance market.
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Sources say investor capacity may be returning to the market, but hurricane season could “make or break” the market.
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Flash flooding and landslides are expected.
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The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.
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Dan Dijak is to oversee business development and retention in North America.
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Insurance resilience is still lower than prior to the Covid-19 shock, according to Swiss Re’s sigma research.
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Managing director Laura Twidle is to replace founder Joel Baker, who will become vice chairman.
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Pricing has settled at the top end of the reinsurer’s original guidance.
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The state-backed carrier has seen massive growth in the distressed Florida market.
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His move follows other turnover among ILS consultants last year.
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The new issuances will add to the carrier’s existing $900mn cat bond cover.
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The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
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Lloyd’s said it did not expect the majority of syndicates to be impacted by the change
