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.
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The bond is to cover events in Austria, metro Corsica and France, Italy, Monaco, Slovenia and Switzerland.
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Spreads weighted by volume have increased by 71 basis points year on year.
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Part of the loan will be used to pay a $120mn dividend to HG Global equity holders.
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Chances of a major hurricane making landfall is above the norm this year.
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Pricing rose to 950 bps, the higher end of guidance.
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The issuance takes total cat bond lite issuance to $155.3mn
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Markel CatCo’s buyout transaction closed 28 March, as the firm prepares to pay out $106mn of remaining value to shareholders in its public fund.
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A flurry of selling in the secondary cat bond market is causing “weakness in pricing”, according to a note by Twelve Capital, as sources suggested investors are moving to free up capital for what is expected to be a bumper pre-hurricane season phase.
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Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
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He will lead strategy and development for the team, which provides consulting and software.
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Inigo’s first cat bond with Syndicate 1301 is pricing above the initial target range.
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This is down from the one-in-400-year benchmark used previously.
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The limit has increased by 5.5% on cover of $1,930mn placed last year.
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The company ceded 67% more cat premium to Nephila in 2021 after pulling out of cat reinsurance itself.
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The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.
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The company’s adjusted return on equity will have a floor of 14%.
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The earthquake was 250 times less strong than the 2011 Tohoku disaster.
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Ceded premiums earned were also up by 27.7% due to new quota share agreements.
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Lenders, business owners and investors can assess the impact of climate driven shifts.
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Pricing settled at 500 basis points, the higher end of guidance.
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The new cat bond will add to $450mn worth of existing cover protecting the reinsurer.
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Acrisure Re brokered the deal.
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CEO Steve Donaghy said the hires would boost the company’s strategic objectives.
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This is the InsurTech’s first sally into the cat bond market.
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The deal will add to $480mn in prior Bonanza Re cover for American Strategic Insurance.
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It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
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HCI is waiting for the right moment to maximize its chances in Florida.
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Singh had managed Lloyd’s catastrophe risk appetite prior to joining MS Amlin.
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The cat bond provides a mix of per occurrence and annual aggregate cover.
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
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The cat bond is on behalf of Lloyd’s Syndicate 1301 and is Inigo’s first entry to the market.
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Pool Re offers protection against terrorism in England.
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Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
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Subject to court approvals the buyout should be complete by the end of this month.
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The company is focusing on non-catastrophe offerings, such as P&C.
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The firm generated total fees of $40mn including quota share commissions.
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The deal would bring the North Carolina residual insurer’s total ILS coverage to $650mn.
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Duda will be the latest exit from Markel after Lodgepine’s closure.
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There were 220 trades in the secondary market in Q4, as aggregate and Florida bonds were less liquid.
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The bond will replace the 2020 Class B bond which matured in January.
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This is Allstate’s first entry to the cat bond market in 2022.
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The firm’s 2020 edition cat bond has also lost $3.2mn.
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In its earnings call, the firm said lower policies in force and higher premiums would increase the firm’s top line
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The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.
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The firm said its results reflect its aim to return to profitability in 2022.
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Coca Cola has downsized its ILS holdings almost every year since 2017.
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Just under half of the $8mn cat losses stem from insurance books FedNat is running off, with reserve strengthening impacted by 2020 reinsurance gaps.
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German actuarial firm Meyerthole Siems Kohlruss warned the losses represented a “turbulent” start to the year.
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Its policy platform also calls for states and territories to abolish taxes on insurance products
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The final bill is likely to be higher as further damage occurs due to gusts of wind.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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The reinsurer said it was anticipating increased volume for catastrophe bonds and collateralised reinsurance this year.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
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The UK state backed carrier offers property protection against acts of terrorism.
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This is the first month-on-month rise in claims since July 2021, despite last year's reforms.
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The multiple is slightly higher compared to last year’s Floodsmart offering
