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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.
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Agencies expect up to $250mn of claims to be covered by public insurance.
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Last week it was announced that Richard Lowther would be leaving the ILS manager after five years.
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The UK regulator has said that it is happy to discuss proposals with applicants who think their structures meet the principals of being ‘fully funded’.
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The funds were raised over 18 months, portfolio manager Florian Steiger said.
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The volcano cat bond is being structured so that will be open to investment from other ILS funds.
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The service provider will be merged with Inflexion private equity’s existing portfolio manager Ocorian.
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Typhoon Jebi creep continued to have an impact on performance, with multi-instrument ILS funds reporting an average loss of -0.78 percent for the quarter.
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Activity in the first half of the year was the lowest since 2011.
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There will be no change to the running of the ILS fund Merion Square or its strategy, managing partner Richard Pennay told Trading Risk.
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The estimate includes privately insured wind and storm surge damage but not public flood insurance losses.
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The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
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The asset manager said it is the first cat bond fund to specify that it will pursue a responsible investment philosophy in its prospectus.
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Barry could go on to produce storm surge and tropical storm or hurricane force winds across parts of Louisiana, Mississippi and upper Texas coasts, the NHC said.
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Edwin Jordan, who will still be based in Bermuda, was previously head of capital solutions at Tokio Millennium Re.
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The executive was previously global head of ceded reinsurance at Axa XL predecessor XL Catlin.
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Rates are said to be easing following the mid-year Floridian renewals.
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Fosun said Tenax Capital will become one of its most important European asset management platforms.
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The 2019-3 notes bring the total Alturas sidecar support for the year up to $230mn.
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The retro writer warned earlier this month that it was increasing its loss reserves for the two events.
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The platform, led by Chris Bonard, was initially announced by Ed Broking back in December.
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The deal was expected to be a 30 percent loss following a magnitude 8.0 earthquake in northern Peru in May.
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The deal is the North Carolina coastal insurer’s second ILS transaction for 2019.
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The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.
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The Zurich-based fund manager will no longer manage two Falcon cat bond funds.
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Zurich-based Solidum Partners will oversee the two funds, estimated to be worth $400mn, from 1 August.
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The weather protection market currently resembles the early ILS market, according to the Nephila managing principal.
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Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal.
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Ten months on from Typhoon Jebi, there is still considerable uncertainty around why the storm’s insured losses are expected to be so much higher than the initial modelled figures.
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This is the reinsurer's first natural catastrophe bond since the $200mn Mythen Re cat bond in 2013.
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A total of 857,284 claims have now been received for the typhoon event, according to the General Insurance Association of Japan.
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The total of insurance claims is up from the $6.1bn recorded in March, according to the Florida Office of Insurance Regulation.
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The Colorado State University meteorologists are now predicting an average storm season, revising their earlier expectation for slightly below normal activity.
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This was up 12 percent from the $3.9bn (NZ$5.6bn) cover purchased last year.
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Three tranches of Home Re 2019 1 notes were listed on the Bermuda Stock Exchange (BSX).
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A range of buyers have to use private deals to fill out orders, but the vast majority look set to be covered by the end of today.
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The bond priced towards the upper end of Scor’s initial target.
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The Florida-based insurer was initially seeking $75mn for the single-tranche cat bond.
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The company is now targeting $250mn for its latest cat bond, which is being issued in the UK.
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The subtropical storm is not expected to pose a threat to land, the NHC said.
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The start-up is the first Insurtech to be listed as a member of the new block chain initiative.
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Insurers are looking to line up private deals as a stalemate emerges over early firm-order terms averaging risk-adjusted increases of 15-20 percent year on year.
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Issuances from United Insurance Holdings, American Integrity Insurance Company and Safepoint have all reflected an uptick in pricing compared with prior-year benchmarks.
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Insurers are looking to keep overall risk-adjusted rate increases to around 15-20 percent, lower than reinsurer expectations but still reversing several years of declining yields.
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Mitsui Sumitomo has put its Typhoon Jebi losses up to 258bn yen ($2.4bn), compared with an initial estimate of 140bn yen.
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WorldCover, a climate insurance provider to smallholder farmers, has raised $6mn from a fundraising round led by MS&AD ventures.
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The insurer has increased its ultimate net loss for the 2017 storm by 7 percent.
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UPC Insurance halved the amount of reinsurance limit it will seek from the open market to $808mn, after opting for more state fund and quota share cover.
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A digital approach to defining investor appetite and return expectations is one way Lloyd’s could benefit the ILS market in the future, John Neal said at the market’s prospectus launch today.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
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Timothy Gasaatura was previously the chief risk officer of AIG Bermuda/Fortitude Re.
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Complaints by the ex Markel Catco CEO fail to establish Markel committed “offending conduct” in the states where the case was filed, Markel said.
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Chris Demuth was previously a vice president at JLT Capital Markets.
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This is the platform’s first deal to be issued since Rewire Securities, which brokered the previous Eclipse deals, stopped functioning as an independent broker-dealer.
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Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.
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The update means Michael is the first hurricane to make landfall in the US since Andrew in 1992.
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Two tranches of Heritage’s Citrus notes traded at 4.5 cents despite the latest loss reports from the company implying both bonds still have at least 30 percent capacity left.
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The two-tranche issuance will cover named storms and earthquakes in select states in the US.
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The net asset value of the class C shares that included 2018 losses dropped by 35.74 percent by 31 December.
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The total capital in the global reinsurance industry was down 5 percent to $462bn at the end of 2018, according to the broker.
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The cover was raised across five tranches.
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Stephen Mathews was previously at Guy Carpenter, where he led the company’s entry into credit risk transfer reinsurance.
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USAA had cat bonds impacted by the 2017 and 2018 catastrophe events.
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Ebola deaths are at 737 meaning the World Bank’s pandemic cat bond would pay out $28.5mn if the event spreads beyond the DRC.
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The figure includes collateral trapped from catastrophe events in 2017 and 2018, Aon said.
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‘Stalling storms’ are not new, but they may lead to more risk due to increased exposure in coastal areas, TigerRisk said.
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It is “probably one of the best times to invest” in ILS, according to Leadenhall Capital Partners CEO Luca Albertini.
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ILS investors were more frustrated by extended loss creep last year than by the overall hit, according to Michael Knecht of Siglo Capital Advisors.
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Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.
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Cat bond investors are being more careful in assessing where to put their funds after recent losses, Aon Securities CEO Paul Schultz said at Trading Risk’s ILS conference in London this month.
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A tighter cat bond market persisted into the first quarter of 2019, with new issuance activity expected to remain subdued heading into the hurricane season.
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Both tranches of Fema’s $300mn FloodSmart Re cat bond have priced at the upper end of the initial guidance.
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Lane Financial’s latest report shows the best cat bond returns since 2012/13.
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Catastrophe insurer Palomar Specialty Insurance Company is offering a total of 6.47mn shares, with an initial public offering price expected of between $15.00 and $17.00 per share.
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The executive predicts more differentiation between cedants at the upcoming Florida renewals.
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Ontario Teachers’ kept its C$150mn ($85.60mn)-plus investments in DaVinci Re, the Hudson Catastrophe Fund and Kyobo last year as it cut capacity for 2019.
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Michael Beck was previously chief operating officer of Mt Logan Re.
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The asset manager is raising up to $4bn for a fund that allows investors to invest alongside life carrier Athene Holding, a Bloomberg report said.
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The firm's chief commercial lines underwriter has left, as it separately announced expansion into North Carolina and New York.
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The former CEO of New Ocean Capital Management has stepped down from his role as vice chairman to pursue other interests.
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The initiative will give ILS managers the opportunity to reduce costs.
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Former Elementum staffer Kristina Maffit becomes vice president of property reinsurance for Brit Global Specialty Bermuda.
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The Florida state insurer confirmed plans to add $200mn of personal lines reinsurance cover to its overall programme.
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The new cat bond lite transactions include an unusual collateralisation feature for second-event covers.
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The "blank cheque" company Insurance Acquisition Corporation is led by John Butler, who previously worked for Twelve.
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Allstate was targeting $350mn from the US multi-peril bond, however a projected $50mn layer of Class A notes will no longer be issued.
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This was a record high for the carrier, which bought $7.13bn of cover in 2017.
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The reported estimates from insurers have increased by up to 140 percent since Q3 2017.
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The Insurance Council of Australia said insurers have received 25,778 claims relating to the flooding to date.
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Seventeen locations across the state reported record flood levels as of Sunday, the Nebraska Emergency Management Agency (NEMA) said.
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Last year Arch Mortgage Insurance Company bought $1.53bn of cover from the ILS market
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As the first quarter drew to a close, cat bond sponsors continued to test the market’s appetite for new deals.
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One of the biggest evolutions in the ILS market has been the move away from a hedge fund investor base to a more permanent capital base, according to RenaissanceRe managing director Chris Parry.
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Plans to launch a vehicle that is both an ILS fund and insurance transformer are being reviewed by the Guernsey regulator, Carey Olsen partner Christopher Anderson revealed at We Are Guernsey’s ILS reception in London last month.
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Cat bonds are becoming a “primary area of focus” for investors after faring well amid two years of catastrophe losses, AlphaCat CEO Lixin Zeng said at this year’s Sifma IRLS conference in Miami.
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There is uncertainty around whether it will ultimately be the ILS market or the traditional reinsurance market that drives wildfire re-pricing, panellists said at the Sifma IRLS conference in Miami.
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New aggregate demand from Japanese cedants may also present opportunities for ILS markets.
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The ILS industry in Guernsey was consulted to clarify legal and reporting requirements to meet the Code Group’s standards.
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The storm, which raced across Germany yesterday, had wind speeds of more than 100km/h.
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The offering will lower costs for clients, according to head of fixed income at the London Stock Exchange Darko Hajdukovic.
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The 2018 season was above average and produced a total of 15 named storms, the modelling agency said.
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The ‘blank cheque’ company, led by John Butler, will look to acquire a company within the (re)insurance and InsurTech space.
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The loss puts Mitsui Sumitomo’s $200mn Akibare Re 2016-1 cat bond around 94 percent of the way to attaching.
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This was up from the $623mn figure reported in its Q2 2018 results.
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Florida Specialty, which has ceded 100 percent of its risk to Sirus America Insurance Company, was among those affirmed.
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Pricing settled at the top end of initial guidance at 590 basis points.
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At $1.05bn, the Everest Re sidecar has remained stable throughout 2018.
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The loss tally for catastrophe bonds impacted by the 2017 disaster events has now climbed to $1.1bn, according to January pricing sheets.
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The cat bond market is set to shrink temporarily as 2019 issuance to date has been overshadowed by the $1.85bn of cat bonds maturing in the first quarter of this year.
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Insurers have received more than 13,000 claims.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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The latest event follows a heavy year of catastrophe losses in Australia, which had put some aggregate reinsurance deals close to triggering.
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Kathleen Faries is a founding member of the body, launched in 2013 to promote ILS in Bermuda.
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The insurance premium on the EUR45mn ($51.5mn) Italian multi-peril Atmos notes settled 12.5 percent above initial median targets.
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This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4.
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The increase follows reports that the class B notes have been placed in the traditional market.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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USAA’s losses put it on track to recoup another $82mn from its cat bonds, following a projected $182mn recovery in 2017.
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The 20 December hail storms battered Sydney and many other New South Wales communities.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The Bermudian specialty carrier also announced that it had strategically increased the use of its third-party capital.
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The Dodeka XX notes were listed on the Bermuda Stock Exchange yesterday.
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The bond is the ILS market’s first terrorism cat bond since 2003.
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Sarah Demerling has 17 years of experience in the financial services sector, including in ILS.
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A new $213mn issuance has been added to an $87mn Eden Re tranche done in December.
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Just one of the funds tracked by the ILS Advisers Index reported a positive return for the month.
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The total fell below the $140bn of insured national catastrophe losses in 2017.
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The bond has been launched with the same initial price guidance as last year’s issuance.
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The latest deal will provide the carrier with retro cover, Trading Risk understands.
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The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.
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The new vehicle managed to launch amid a challenging fundraising market.
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The tsunami which struck Lampung and Banten in Indonesia on Saturday destroyed thousands of homes and commercial buildings, including at least nine hotels.
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The Californian earthquake deal brings the total cat bond lite issuance up to $974mn for 2018.
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Quota share and aggregate retro remain the most disrupted pockets of the market ahead of the January renewals, as underlying reinsurance looks flatter.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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Merion Square will invest in property and casualty insurance, annuities and mortality-related ILS products.
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PGGM is initially backing the rated reinsurer with $600mn to target remote US cat risk.
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The insurer is to redeem $79.5mn of it its outstanding senior secured notes, as it announces a new credit facility.
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The move will benefit both new Special Purpose Insurer (SPI) cells, as well as rollover deals.
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Tropical Storm Risk has projected 12 tropical storms, five hurricanes and two major hurricanes for the 2019 storm season.
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The global property reinsurance professional will be joining the start-up broker as executive vice president.
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PCS has put out an initial $13.8bn combined loss figure for the Camp and Woolsey wildfires which tore through California in November, sources told Trading Risk.
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Steep reserve deterioration may reduce confidence in the fund’s reserving process, Jefferies analyst said in a recent note.
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Annual cat bond issuance for 2018 has surpassed broker-dealer predictions for a strong post-loss year.
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The retro market is likely to tighten at this year’s renewals as investors pause and reconsider their strategies following another year of substantial losses.
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Projected cat bond losses from the 2017 disasters have increased by just over 10 percent to $997mn.
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The use of rated vehicles in the ILS space is likely to become a trend which will shape the market of the future.
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Heavy wildfire losses in 2018 may have a heavier impact on the ILS market than in 2017.
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Ordinary shares in the Markel Catco-managed fund slump more than 40 percent on news of the investigations and increased loss estimate.
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This is the Italian insurer’s second cat bond.
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October represented the fourth monthly loss registered in 2018 on the Eurekahedge ILS Advisers index.
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Property treaty underwriter Nicholas James will be joining the Credit Suisse-backed syndicate in April next year.
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The typhoon has led to 825,091 insurance claims across Japan, the General Insurance Association of Japan said.
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The retro manager also warned 2018 wildfire losses could exceed those of last year.
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The insurer is expected to make significant recoveries from its aggregate cat bonds for the second year running.
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The risk modeller expects $7.5bn-$10bn of insured losses from the Camp Fire and $1.5bn-$3bn from the Woolsey Fire.
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The initial estimate suggests an ultimate outcome broadly in line with market expectations.
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The industry loss warranty will trigger based on a specified number of users in a network experiencing network failure.
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The uptick is the result of more cat bond holders looking to sell, sources said.
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The former XL Catlin chief operating officer is taking on an advisory role at the start-up which is developing a trading platform for (re)insurance risk.
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ILS fund Hudson Structured Capital Management is a significant minority investor in both companies and was involved in the transaction.
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The three fires have already destroyed 7,539 buildings, and threaten a further 15,000.
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Reinsurance brokers need to cut costs if they are to survive being disintermediated, industry veteran Ted Blanch told Trading Risk.
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Third quarter cat bond issuances increase.
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Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.
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Hurricane Michael is likely to have triggered Floridian window industry loss warranties (ILWs), sources told Trading Risk. The window covers typically attach at ranges between $2bn-10bn and $7bn-15bn, covering Florida wind risks only.
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Only around three or four reinsurers are managing true asset management platforms, Hiscox Re & ILS chief operating officer Richard Lowther said at the Trading Risk New York Rendez-Vous.
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The wildfire in Butte County has led to widespread evacuations.
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Silva left his position as senior underwriter at Scor back in June this year.
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The Bermudian-based reinsurer will be offering excess of loss property catastrophe cover at this year’s renewal.
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The Insurance Authority said that it welcomed the initiative put forward by Hong Kong’s chief executive officer Carrie Lam.
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Fairfax has taken its total share of Brit to 88 percent with the purchase from the Canadian pension fund.
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The insurer said it had no issue with “gaps” in its prior-year reinsurance cover for Irma.
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The reinsurer reported a net profit of $634mn for its P&C division for the nine months to 30 September.
