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
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Ledger has placed more than $400mn in premium into the capital markets.
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He will lead capital raising for its insurance linked programme.
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Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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The cover changed from cascading aggregate to an occurrence-based structure.
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Kelvin Re, one of two balance sheets previously affiliated with Credit Suisse ILS, has been in run-off since December 2020.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
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The event is the sixth-largest insured loss event in Canadian history.
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This is UPC’s latest attempt to downsize after offloading part of its personal lines business to HCI.
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Allianz and Swiss Re are leading on the project to provide disaster response capacity for flooding.
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Partial owner White Mountains said conditions for ILS investing are “attractive”.
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Price guidance has moved down 25 basis points to 325-375 bps.
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It is the reinsurance company’s first entry to the cat bond market.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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The deal upsized from an initial $150mn target despite one layer being withdrawn.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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CEO Luca Albertini has no immediate plans to step down but the firm said the promotion provided clarity on succession plans.
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The $100mn earthquake issuance failed to attract investor interest.
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Markel Catco reported a small gain for its February result on 2019 side pocket releases, ahead of its early buyout of investors.
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It is also Core Specialty’s first entry to the cat bond market.
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The $100mn Southern Fidelity notes were dropped after the insurer suspended new business.
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Higher reinsurance premiums led to the upward adjustment of spreads.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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The broker spent three years with Aon in Bermuda and New York.
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FedNat, which owns Monarch, recently had 68,200 policies cancelled as part of a restructuring that will put another subsidiary in runoff.
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Industry association FAIR said a full reinsurance backstop should be provided.
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He moves from Axis Capital and will succeed Jon Levenson.
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This is the second cat bond lite from Ocorian this year.
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The modelling firm has introduced a slew of tweaks and new additions to its nat-cat suite.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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The state insurer expects to face a 29% increase in its premium rates, driven by exposure growth.
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The size of the deal is $165mn, as $10mn of Class A notes are dropped.
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The deal propels HSCM total AuM and capital commitments to above $4bn.
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M Best affirmed its rating of A on the Leadenhall-affiliated platform, which it said plans to increase open market business to take advantage of rising rates.
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Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
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Pricing has moved up to 775 basis points, amid Citizens’ exponential growth.
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Severe convective storms in the US caused hundreds of millions of losses, while a small number of expensive homes in California were hit by a wildfire
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It is offering a significantly higher premium than prior-year cat bonds from the state insurer, after it stands to gain $135mn from cat bond payouts linked to Hurricane Ida.
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Notices of intent to file lawsuits fell 12%, the first time such notices have fallen since July.
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In a survey report, the BMA warned that such “fallback” solutions failed to measure specific geographic features affected by climate change.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.
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UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.
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The bond will provide cover against named storms in the US.
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Replacement changes will be made by Q4 2022 after a warning from the DoJ.
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This the Hong Kong reinsurer’s first cat bond.
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The Q2 trend of increasing spreads continues as Palomar seeks to close its $300mn bond.
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The hire of the senior Horseshoe executive follows two earlier ones, as Bryce Wojciechowski and Alex Staab joined as analysts.
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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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The firm ‘felt very good about consolidating programmes’, at 1 January.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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The panel discussed the need to adapt to ESG and climate change
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The panel described cyber as a short tail peril suitable for ILS markets, although the “non-stationary” nature of the risk might limit the duration of structures that can be placed.
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Reduced capacity and inflation have driven up prices over April.
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The panel also spoke of a “bifurcation of investors” between sophisticated ones seeing a complement to cat risk, and smaller ones which prefer simplicity.
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It will provide cover against cyclones, earthquakes, thunderstorms and winter storms.
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Pricing has settled at 14.5%, above the initial 12.25%-13% target.
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The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
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Company's Nephila ILS operations will focus on “significant” cat opportunities.
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The Class 10 zero-coupon structure notes have been withdrawn.
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Sure is seeking $150mn of named storm cover with the issuance.
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Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.
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The company announced net retained catastrophe losses of $462mn.
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The Bank of England pledged to smooth the process for certain types of short-tail ILS businesses to give faster response times
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The catastrophe bond will be triggered on a weighted industry loss basis.
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The firm took $175mn of qualifying losses as cat claims dropped notably from last year’s Uri-impacted quarter.
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The bond is offered in two tranches providing indemnity cover on a per-occurrence basis.
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March tolls second-highest monthly count since Senate Bill 76 took effect last July.
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Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.
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The reinsurer said its stop-loss bond required a “partnership” approach to distribution.
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The company said it is seeking to “extend the boundaries of insurability” as it can now model over 50% of secondary peril exposure.
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The Florida-based insurer’s 2019 issuance is expected to lose up to $37mn of its $40mn principal after Hurricane Ida.
