Renewables

The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.

The panelists discussed the ILS reset and the path to maintaining discipline in this sector.

The peril can no longer be considered secondary, according to Gallagher Re.

The business will service clients in the agriculture, renewable energy and construction industries.

At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.

Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.

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.

The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.

The carrier said geopolitical factors had given “new urgency” to the green transition.

ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.

The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.

Responsible investing in ILS requires “look-through data transparency”, the association says.

The firm’s goal is to raise its own capital and partner with others.

The new firm says ESG criteria will be embedded into the products.

The 2020s is the key decade for action to limit global warming and its impacts.

The executive said there was a strong case for meaningful rate increases in reinsurance.

The reinsurer aims to become carbon-neutral in operations by 2030, whilst its reinsurance target date is 2050.

The city’s pension fund recorded a 3% return from its ILS portfolio in 2020.

In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.

The move comes ahead of the COP26 climate summit in Glasgow in November.

The detailed document lays out plans for reform to capital provision, claims and services administration and distributing risk.

The weather protection market currently resembles the early ILS market, according to the Nephila managing principal.

An Ares fund has used Nephila-backed proxy revenue swap contracts to help finance three wind farms in Texas.

The technology company has signed agreements with REsurety, Nephila and Allianz unit ART to cover three wind projects in the US.

As global head of capital markets Eric Solash will be responsible for executing capital market strategies across property and casualty (P&C).

Nephila Holdings has launched a specialty division Nephila Climate (NCx) which is dedicated to weather risk transfer and climate resilience.

Axa's parametric solutions company Axa Global Parametrics has agreed to offer weather insurance coverage via the trading platform WeatherXchange, the companies announced.

Axa is expanding its parametric insurance offerings with the launch of Axa Global Parametrics, the company announced today

Microsoft has benefited from a hedging arrangement with Allianz Risk Transfer (ART) as it bought enough wind energy to entirely power its vast data centres, the company announced.

Lloyd's weather risk coverholder GCube has appointed a weather risk analyst, Geoff Taunton-Collins, to support the expansion of the company's weather risk operations to North America.

Betting services company Lottoland has completed a EUR100mn bond that will provide it with insurance cover against the risk of unexpectedly high payouts

The Bermudian (re)insurer Endurance's acquisition of the assets of Galileo Weather Risk Management demonstrates the weather market's maturity, according to Galileo co-founder Martin Malinow.

Bermudian specialty (re)insurer Endurance Specialty Holdings has bought Marty Malinow's Galileo Weather Risk Management, which it will use as the launch pad for a new weather trading unit, Endurance Global Weather.

Johnson breaks with Tradition; $10mn IFEX hurricane trade; WRMA heads to Oz

EDF Trading, a subsidiary of French energy giant EDF, has expanded its activities in the weather markets, EDF Trading's Weather Trader Michael Bate said at a CME Group Weather Symposium held in London yesterday (12 January).

A survey for the Weather Risk Management Association (WRMA) has found that the Indian weather risk market for agriculture could reach $7bn over the next five years. According to the survey - conducted by Weather Risk Management Services India (WRMSI) - there is potential for a market with notional value of up to $20bn.