Published by this author:
-
Coronavirus is just one factor driving rate increases, (re)insurers said.
-
People moves in the ILS marketplace.
-
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.
-
Puerto Rico, the US and British Virgin Islands and other territories are under storm warning.
-
The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
-
The reinsurer did not provide an updated Covid-19 loss estimate.
-
The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
-
The deal is the second mortgage ILS transaction to close post-pandemic.
-
The storm remained offshore but lashed Kauai with rain.
-
The platform allows brokers to manage reinsurance deals from offers to execution.
-
This is the largest insurance fund the fixed income specialist has raised.
-
Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
-
Claims on 15 cat events impacted the carrier, with most losses related to April.
-
Hailstorms across the Midwestern US will likely add to substantial losses this year.
-
The fund expanded its distribution efforts in the two main Australasian countries last year.
-
The two tranches of notes will expire in October 2024.
-
The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
-
Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
-
The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
-
Several US states were hit by tornadoes, heavy rainfall and large hail in July.
-
The rating could fall if the company fails to meet deadlines, the agency has warned.
-
The start-up carrier reduced its price guidance for both tranches of the deal.
-
US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
-
Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
-
Regulators have remained responsive despite the Covid-19 pandemic, according to the Obsidian CEO.
-
KKR described the $4.4bn deal as a “transformative event” and a “highly strategic” investment for the company.
-
She will leave Schroders at the end of the month after spending more than seven years at the company.
-
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
-
The Northeast P&C insurer said it is expecting AM Best to review its financial strength rating in response to the cutback.
-
The European earthquake bond will pay investors a 450 basis point spread.
-
The island's ILS capacity grew by $19bn, or 37 percent, the year after Irma.
-
This comes after its previous $320mn pandemic bond was subject to criticism over the time it took for it to pay out.
-
Cat bond investors received better risk-adjusted rates on new issuances, but lower risk levels meant average spreads fell year on year.
-
The consultancy firm also argued that the World Bank should buy more pandemic cover after receiving a payout under its cat bond programme.
-
The interim CEO said this marks a new era for the utility firm.
-
The deal settled at the low end of the revised spread guidance.
-
Pure cat bond funds fared better than those with private ILS strategies.
-
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.
-
The firm has narrowed its price guidance range, suggesting a higher multiple.
-
Robson will assume additional responsibilities as Suncorp changes the unit that handles reinsurance.
-
The ratings agency placed the bond on credit watch in late March as Covid-19 deaths in the UK began to surge.
-
The two-tranche deal will provide US storm and Canadian quake cover.
-
ILS can spread climate-related risks and reduce potential financial costs, the body said.
-
An influx of underwriting capacity will likely limit the extent to which reinsurance rates rise, the agency said.
-
Losses to the Res Re and Caelus ILS series have narrowed from prior investor expectations.
-
Bond spreads settled at the lower end of the revised guidance.
-
An active hurricane season could further amplify RoL increases, the investment bank warns.
-
The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
-
Earlier this week, Guatemala received a $3.6mn payout for losses incurred from tropical storms Amanda and Cristobal.
-
The deal could settle towards the lower end of guidance price, one source said.
-
The role at Lockton's Capital Markets unit is targeted at bringing together insurance and alternative asset management industries.
-
Tropical Storms Amanda and Cristobal triggered the country's excess rainfall cover.
-
The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
-
She has over 20 years of (re)insurance experience and will start her new role at Willis Re in mid-July.
-
Calgary storm could rank among Canada’s costliest cat events, according to Aon.
-
Fidelis has raised over $1bn so far this year from a series of equity and debt raises.
-
The £280mn ($438mn) deal will see MetLife provide PIC with UK longevity risk reinsurance cover.
-
The equity investment into Jackson is set to close in July.
-
The deal took cat bond lite volumes to $139mn in 2020.
-
Current spreads should persist in the short-to-mid term but are not a new normal, the Fermat Capital leader argued.
-
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.
-
Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
-
Investors collectively tried to redeem more than a third of the $3bn fund.
-
This would be the reinsurer's fourth cat bond of the year.
-
The bond will provide second-event US wind and quake cover.
-
While many brokers are embracing clearing platforms, some firms feel threatened by the technology.
-
Despite an active outlook for the season, weather patterns could protect the coastline, it said.
-
The capital release was largely connected to 2019 side pockets.
-
The Floridian carrier increased its private reinsurance programme to cover growth despite rate increases.
-
Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
-
The bond’s spread has settled at the top of the (re)insurer's target range.
-
As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.
-
On a risk-adjusted basis, the cost of Citizens’ private reinsurance programme increased 20 percent year on year.
-
The university scientists now expect nine hurricanes, up from eight in their earlier forecast.
-
The sidecar’s loss ratio improved by 30 points year on year.
-
The result fell below the 10-year monthly average of an 0.11 percent gain.
-
The Dutch reinsurer is hoping to double its expiring cat bond limit.
-
The Florida-based insurer’s spend rose by 17 percent to $262mn.
-
The carrier took a small co-participation on its first layer, effectively lifting its retention.
-
R&Q executives have said managing legacy business on behalf of third parties is part of their strategy going forward.
-
The bond will pay a considerably higher spread than the Alamo Re bond issued last year.
-
Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
-
The bond’s spread has moved to the top of the initial range, following the prevailing trend this renewal.
-
The bond will renew only part of previous Blue Halo cover benefitting Nephila's fronting partner.
-
Earlier, the carrier added a pandemic exclusion to the annual aggregate bond.
-
Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
-
The FHCF opted to “sit this renewal out”, according to sources.
-
It becomes the eighth ILS specialist firm to join the standards association, and the third this year.
-
The platform aims to improve the liquidity of collateralised reinsurance.
-
Seo and Millette both expressed optimism about inflows into ILS over the coming months.
-
The cat bond is set to pay up to 125bps more than last year’s Alamo Re deal, which has a near-identical risk profile.
-
Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
-
The insurer's Castle Key subsidiary will pay a 5.5 percent spread for the cover, up 70 percent from the rate on an expiring 2017 cat bond.
-
Earlier this week, the company pulled another Everglades Re bond it had simultaneously marketed alongside this deal.
-
Earlier this month, the carrier said it wouldn’t renew its 2017 Torrey Pines Re cat bond.
-
The company said last month that it would redeem 8.9 percent of the Reinsurance Opportunities Fund via a new stock buyback.
-
After the immediate claims hit, reinsurers face the prospect of harder rates but shrinking premium volumes in some lines.
-
The insurer will proceed with a $100mn ILS deal for its personal lines account, but dropped a separate coastal aggregate cover.
-
Pricing has moved to the top of the initial guidance, according to sources.
-
The transaction covers storm and earthquake in the US.
-
This is the latest indication that reinsurers are standing their ground in the mid-year renewal.
-
The Florida firm hopes the higher spreads will help it replace $300mn of expired bond cover.
-
The Zurich-based firm has focused on the cat bond space since launching almost two decades ago.
-
The CEO stressed that ILS’ non-correlated nature makes it an attractive asset class in periods of financial instability.
-
Reinsurance rates increased were manageable, a number of carriers said.
-
Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.
-
Despite market pressure, HCI is expected to complete its reinsurance programme on schedule, CEO Paresh Patel said.
-
The two new cat bonds are set to become the highest-paying bonds the CEA has completed in recent years.
-
The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
-
The carrier abandoned plans to do a new cat bond and boosted traditional cover on “better terms”.
-
The spread on the deal settled 16 percent higher than initial forecasts.
-
The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.
-
The modelling agency noted that an easing of the restrictions would reduce this percentage.
-
The carrier said it would focus on growing outside of Florida until pricing in the state “more accurately reflects our increased costs of doing business.”
-
Some insurers in the panhandle may not be able to handle reinsurance rate increases in the 1 June renewal, according to Bruce Lucas.
-
-
The new multi-peril deal would effectively replace a soon-to-expire 2017 bond.
-
Losses from 2019 Japanese cat events have risen by nearly 13 percent since mid-March.
-
Plenum’s CEO said the hire of Grieger and a SocGen credit research leader will “unleash significant potential” by adding insurance bond capabilities.
-
Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
-
The cover was raised fairly evenly between the two remaining tranches.
-
All cat bond funds across the Eurekahedge ILS Advisers index finished lower in March due to the mark-to-market hit from Covid-19.
-
The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
-
The Floridian insurer remained in underwriting profit but recorded $4.3mn of prior-year loss creep.
-
BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders.
-
Renewals could help cat bond spreads return to pre-Covid levels, the broker added.
-
The California Earthquake Authority joins a rejuvenated cat bond market with several deals launched in the past week.
-
The transaction will provide storm surge and quake cover for New York's subway system operator.
-
The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.
-
Sources said conditions in the cat bond market had “pretty much gone back to normal”.
-
The firm has already raised over $600mn from two Matterhorn Re cat bonds issued earlier this year.
