Stocks
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The combined company will retain the Aon name, with Willis CEO John Haley taking the chairman role. -
Insurers are facing estimated losses of £363mn ($473.7mn) from storms Dennis and Ciara, which caused widespread damage in the UK during February.
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The insurer will offer to buy out side-pocketed assets at a discount, with several hundred millions of capacity available if needed.
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Collateral negotiations are coming to the fore in retro renewals.
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First-event cover and the level of per-event deductibles in aggregate typhoon deals are being re-examined.
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The World Bank’s pandemic bond is expected to partially pay out as deaths surpass trigger points.
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The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.
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As of 30 June last year, the fund had deployed $40mn of its committed funds to HSCM Bermuda.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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The group CUO stressed that returns shouldn’t be judged on a one-year period.
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Projected Ciara/Dennis losses for major local insurers are expected to be below reinsurance retentions.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
