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It also put an A$166mn tally on a November Queensland hailstorm.
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Willis Towers Watson has tipped that greater focus will be drawn to ILS domiciles and structures in 2020 amid an “unusual amount of innovation” from existing and emerging jurisdictions.
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The cat bond is the second Matterhorn deal to be launched by the (re)insurer this year. -
The pension plan is hiring a portfolio manager to lead the new programme.
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The Axa XL cat bond was so oversubscribed that some investors had their allocations reduced by 60-70 percent, Trading Risk can report.
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More than $2bn of reinsurance quotes have been placed on the platform, with ILS funds among the market participants.
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The firms, which provide banking and ILS services, have joined to create the sixth largest US commercial bank.
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The (re)insurer had previously removed two tranches from the multi-peril transaction
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Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.
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An estimated 683 homes have now been burned as a result of the blazes.
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It is the first ILS vehicle to receive the credential from the FNG.
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Turner will be leading the £30bn Railpen pension scheme’s ILS allocation, which is managed by Credit Suisse ILS.
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The typhoon is expected to reach Category 3 status by Tuesday local time, but the ILS cover is geared towards payouts for even stronger events.
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Sierra is Bayview Asset Management’s first ILS deal.
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The $225mn deal was the first cat bond to be listed on the Singapore Exchange.
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The market is pricing Unipol's EUR45mn ($49.50mn) Atmos Re I cat bond for a full loss.
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The General Insurance Association of Japan also announced 235,225 claims have been paid out for Typhoon Hagibis.
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The long-term legacy life portfolio manager will use the capital for new run-off acquisitions.
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The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.
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Pricing for the earthquake notes settled above the midpoints of the initial guidance.
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The Everest Re sidecar assumed $79.5mn of losses after Dorian and Faxai hits, up from $29mn in the same quarter last year.
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More than 150 homes have been destroyed as fires blaze across New South Wales and Queensland, according to reports.
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The Galileo cat bond is the first to be launched by Axa XL since Axa bought XL Group in 2018.
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The class C notes are being offered with an initial guidance of 525-575 bps.
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Pricing for both tranches of the deal stayed within the midpoint of the initial target range
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This was a substantial improvement on the $0.8mn loss it filed in Q3 2018.
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The capital will help those affected by drought during the 2019 agricultural season.
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The Floridian insurer also increased its Hurricane Michael loss to $32.5mn in the quarter.
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The reinsurer reported a gross loss of EUR207.7mn ($230.2mn) for Dorian and EUR167.2mn for Faxai.
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The reworked guidance comes as the Bermuda regulator clamps down on use of special purpose insurers.
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Alex Kaplan has joined AmWins as executive vice president of alternative risk.
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It will be many months before the $11bn payout agreed between Pacific Gas and Electric Company (PG&E) filters through to the (re)insurance and ILS markets, with this lump sum likely to benefit some parties more than others.
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Despite continuing Irma losses, retro availability could be a stronger influence on 2020 renewals, suggested one Florida insurer.
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Panellists at Trading Risk’s conference in New York said they were adopting a wait-and-see approach to Lloyd’s Blueprint One proposals intended to make it easier for ILS managers to participate in the market.
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Access to risk has been the biggest driver of M&A deals for independent ILS funds, TigerRisk Capital Markets & Advisory co-CEO Jarad Madea said at Trading Risk’s conference in New York last month.
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The insurer avoided Irma loss creep but warned of pressure on claims from Hurricane Michael.
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Liquid products such as cat bonds are likely to benefit in both Q4 and 2020, said Willis Securities’ Bill Dubinsky.
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The carrier’s ILS revenues tripled year on year after its Nephila acquisition.
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The firm made less fee income from reinsurance partnerships, but lifted insurance-related fees.
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The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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The European windstorm bond has grown to EUR110mn-EUR130mn as pricing fell to the lower end of the initial range.
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The deal is the republic’s first and will cover earthquakes and tropical cyclone risks.
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The former Aon Securities executive is the first big hire for Credit Suisse ILS in the US.
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According to the Insurance Council of Texas, the outbreak on 20 October is the costliest tornado loss in the state’s history.
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Large loss estimate ranges are arguably just masking risk modelling limitations – not improving themBenjamin Franklin apparently once said that ‘nothing in life is certain except death and taxes’ – and it seems like the adage resonated with the risk modellers of the (re)insurance industry.
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The finance from the Global Risk Financing Facility (GRiF) will support Jamaica in expanding its financial protection.
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Broader risks could entice new investors to the ILS space, Dan Brookman head of alternative capital at Axa XL said at Trading Risk’s conference in New York earlier this month.
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Tropical Storm Nestor made landfall at the St Vincent nature reserve off Florida's northern Gulf Coast on Saturday afternoon.
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Arch Capital has concluded its fourth mortgage ILS deal this year.
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The technology is mature enough to deliver on its promises, according to the B3i CEO.
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The deal follows up a EUR10mn ($11.7mn) private subordinated debt placement in July 2017.
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Rates fell back to their Q1 levels after experiencing an uplift in the second quarter of the year.
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The August return was significantly below the 14-year historical average of 0.63 percent, according to the Eurekahedge ILS Advisers Index.
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The industry has a chance to open the "black box" of risk modelling and gain more in-house control of risk.
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Hyeji Kang succeeds Bernhard Arbogast who is retiring in May 2020.
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Bold Penguin has raised $32mn from a series B funding round.
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Both LGT and Schroders have signed up to the ILS notes trading platform.
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A slew of new retro vehicles were mooted at the Monte Carlo Rendez-Vous and existing players are keen to expand.
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The EUR45mn ($49.50mn) Atmos Re I cat bond from Unipol is likely to lose nearly 50 percent due to severe weather events in Italy, according to sources.
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Sidecar renewals have already begun kicking into gear with new potential sponsors and buoyant demand expected.
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The ILS market’s shift toward lower-attaching risk in the past decade meant it had much higher exposures to the 2017/18 losses than to the last active hurricane season in 2004/05.
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The major continental reinsurers are looking to continue strengthening their US positions in reaction to the 2019 price increases.
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The firms will back the Heart of Texas development via a “proxy generation swap”.
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The latest issuance takes the total amount of Eclipse transactions for the year to $279.6mn.
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ILS based on parametric triggers are vital in reducing insurance protection gaps and increasing resilience, the Bank of England governor said.
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The Atmos Re I cat bond provides Unipol with protection against atmospheric events in Italy.
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The London-based fund becomes the SBAI’s fifth specialist ILS member.
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Non-life insurers in Japan are anticipating a 300bn yen ($2.8bn) loss from Typhoon Faxai, the chairman of the General Insurance Association of Japan has said.
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The (re)insurance industry should expect a Japanese loss of over $15bn at least once every 20 years, the risk modeller said.
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The system could bring tropical storm-force winds to east Florida over the weekend.
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Manoj Gupta will be taking the new title from Rob Bredahl, who left Third Point Re for TigerRisk in May.
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Former Tokio Millennium Re CEO Tatsuhiko ‘Tats’ Hoshina is now the chief commercial officer at the start-up.
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Fronting rival TMR joined the RenaissanceRe stable in March after the Bermuda carrier’s $1.5bn takeover of the Tokio Marine business.
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Cat bond pricing volatility in the first half of the year meant that some cedants didn’t want to risk entering the market, the Willis executive told Trading Risk.
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ILS capacity is also expected to hold the line on return expectations, the rating agency’s Robert DeRose said in Monte Carlo.
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The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.
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PG&E will be excluded from the initial reinsurance for the California Wildfire Fund.
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Private ILS fund returns fell below cat-bond-only strategies in July as loss creep continued to drag down side pockets.
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A sidecar arrangement would allow the company to finance larger acquisitions, it said
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Continental reinsurers and Lloyd’s pulled back use of collateralised retro but overall reinsurance use of ILS retro rose from 2015 to 2018.
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The former group CEO of Tokio Millennium Re will take on the role of deputy head of Schroders Secquaero in November.
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Fourteen cat bonds with a combined value of $1.18bn are expected to be a full loss following 2017 and 2018 losses, Trading Risk understands.
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The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
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A day ago, cover that attached at $40bn was being offered at 15 percent rate on line.
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The five Florida landfalls of hurricanes similar to Hurricane Dorian include Hurricane Jeanne in 2004, the modelling agency said.
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Pricing has not increased to levels that compensate for the volatility in the sector in the past couple of years, the investor said in an earnings call.
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Streets in Madrid were flooded yesterday as the Spanish capital was subject to hail and torrential rain.
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The fund has also hired a deputy risk manager to join its London office.
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The scheme now holds £41.2mn via Securis, compared with £98.1mn last year.
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The legacy fund uses ILS Property & Casualty Re II and Armour Re to write business.
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Just two percent of the insurer’s portfolio has exposure to US risk.
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It is the fifth deal of the year to be issued from the Horseshoe Group platform.
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The platform was launched by Guy Carpenter in 2017, and this is the first year it has transacted deals.
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Arch Mortgage Insurance raised $701mn in the largest mortgage ILS deal to date, while National Mortgage Insurance is hoping to raise $327mn.
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The insurer’s second-quarter pre-tax catastrophe losses increased to $275mn, compared with $211mn last year.
