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A new pooling structure allowed the firm to free up historic side pockets and provides a template for future exit options.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.
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The former Aspen Capital Markets COO hopes to set up fronting partnerships for reinsurers wanting to build out in ILS.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The insurer secured 22 investors with its first public cat bond offering, having previously done a private deal.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.
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Allianz Global Corporate & Specialty (AGCS) is adding five new roles dedicated to ILS alongside an expansion of the ART team.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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The HSCM co-founder said the cat reinsurance market was going through a profound shift that would open ILS opportunities for growth.
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ILS risk-sharing should stick to peak risks, the reinsurer argued.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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Rate increases are now universal in the property cat markets, the Gallagher Re executive said.
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The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion.
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Beazley’s own in-house ESG goals were put under as much scrutiny by its third-party capital providers as its underwriting strategies when the insurer launched ESG-focused Syndicate 4321 at the start of this year.
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The Dutch pension adviser hopes to scale the vehicle to $2bn-$2.5bn over time, as it reported a slightly negative ILS return for 2021 and revealed Integral ILS allocation.
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The firm will look to grow its offerings on climate change and natural catastrophe risk.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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Nephila will maintain a minority holding in the MGA, which is looking for paper from more reinsurers and ILS firms.
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After Slide completed a $100mn fundraise, the CEO laid out the InsurTech’s plans to launch in five states at the start of 2022 in an interview with Inside P&C.
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