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Coronavirus is just one factor driving rate increases, (re)insurers said.
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People moves in the ILS marketplace.
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Nat-cat experience was slightly adverse but Covid-19 losses were the main driver. -
The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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Puerto Rico, the US and British Virgin Islands and other territories are under storm warning.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
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The deal is the second mortgage ILS transaction to close post-pandemic.
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The storm remained offshore but lashed Kauai with rain.
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The platform allows brokers to manage reinsurance deals from offers to execution.
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This is the largest insurance fund the fixed income specialist has raised.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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Claims on 15 cat events impacted the carrier, with most losses related to April.
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Hailstorms across the Midwestern US will likely add to substantial losses this year.
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The fund expanded its distribution efforts in the two main Australasian countries last year.
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The two tranches of notes will expire in October 2024.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
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Several US states were hit by tornadoes, heavy rainfall and large hail in July.
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The rating could fall if the company fails to meet deadlines, the agency has warned.
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The start-up carrier reduced its price guidance for both tranches of the deal.
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US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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Regulators have remained responsive despite the Covid-19 pandemic, according to the Obsidian CEO.
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KKR described the $4.4bn deal as a “transformative event” and a “highly strategic” investment for the company.
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She will leave Schroders at the end of the month after spending more than seven years at the company.
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Twelve Capital's Urs Ramseier says the potential for more distressed opportunities to appear will depend on the extent to which carriers pass on increased reinsurance costs to policyholders
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The Northeast P&C insurer said it is expecting AM Best to review its financial strength rating in response to the cutback.
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The European earthquake bond will pay investors a 450 basis point spread.
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The island's ILS capacity grew by $19bn, or 37 percent, the year after Irma.
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This comes after its previous $320mn pandemic bond was subject to criticism over the time it took for it to pay out.
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Cat bond investors received better risk-adjusted rates on new issuances, but lower risk levels meant average spreads fell year on year.
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The consultancy firm also argued that the World Bank should buy more pandemic cover after receiving a payout under its cat bond programme.
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The interim CEO said this marks a new era for the utility firm.
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The deal settled at the low end of the revised spread guidance.
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Pure cat bond funds fared better than those with private ILS strategies.
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The investment hit to the industry has nearly been erased, while capital raising is approaching the scale set by the class of 2005 start-ups.
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The firm has narrowed its price guidance range, suggesting a higher multiple.
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Robson will assume additional responsibilities as Suncorp changes the unit that handles reinsurance.
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The ratings agency placed the bond on credit watch in late March as Covid-19 deaths in the UK began to surge.
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The two-tranche deal will provide US storm and Canadian quake cover.
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ILS can spread climate-related risks and reduce potential financial costs, the body said.
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An influx of underwriting capacity will likely limit the extent to which reinsurance rates rise, the agency said.
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Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
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Bond spreads settled at the lower end of the revised guidance.
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An active hurricane season could further amplify RoL increases, the investment bank warns.
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The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
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Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
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The deal could settle towards the lower end of guidance price, one source said.
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The role at Lockton's Capital Markets unit is targeted at bringing together insurance and alternative asset management industries.
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Tropical Storms Amanda and Cristobal triggered the country's excess rainfall cover.
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The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
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She has over 20 years of (re)insurance experience and will start her new role at Willis Re in mid-July.
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Calgary storm could rank among Canada’s costliest cat events, according to Aon.
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Fidelis has raised over $1bn so far this year from a series of equity and debt raises.
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The £280mn ($438mn) deal will see MetLife provide PIC with UK longevity risk reinsurance cover.
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The equity investment into Jackson is set to close in July.
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The deal took cat bond lite volumes to $139mn in 2020.
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Current spreads should persist in the short-to-mid term but are not a new normal, the Fermat Capital leader argued.
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The spread on Achmea’s new European bond has moved to the bottom of the initial range, contrary to a trend seen in the market.
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Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
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Investors collectively tried to redeem more than a third of the $3bn fund.
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This would be the reinsurer's fourth cat bond of the year.
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The bond will provide second-event US wind and quake cover.
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While many brokers are embracing clearing platforms, some firms feel threatened by the technology.
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Despite an active outlook for the season, weather patterns could protect the coastline, it said.
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The capital release was largely connected to 2019 side pockets.
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The Floridian carrier increased its private reinsurance programme to cover growth despite rate increases.
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Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
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The bond’s spread has settled at the top of the (re)insurer's target range.
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As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.
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On a risk-adjusted basis, the cost of Citizens’ private reinsurance programme increased 20 percent year on year.
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The university scientists now expect nine hurricanes, up from eight in their earlier forecast.
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The sidecar’s loss ratio improved by 30 points year on year.
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The result fell below the 10-year monthly average of an 0.11 percent gain.
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The Dutch reinsurer is hoping to double its expiring cat bond limit.
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The Florida-based insurer’s spend rose by 17 percent to $262mn.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
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R&Q executives have said managing legacy business on behalf of third parties is part of their strategy going forward.
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The bond will pay a considerably higher spread than the Alamo Re bond issued last year.
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Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
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The bond’s spread has moved to the top of the initial range, following the prevailing trend this renewal.
