Trading Risk November 2017
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Fermat Capital Management has appointed Joanna Syroka from the African Risk Capacity (ARC) as its new director of business development
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Former Hiscox Re executive Michael Jedraszak and ex-RenaissanceRe portfolio manager Kai Morgenstern have co-founded a new business, Tangency Capital, together with Dominik Hagedorn
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Horseshoe Group has promoted Yulanda Francis to president of the firm's collateralised reinsurance platform Horseshoe Re
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Swiss Re has hired Weilong Su to join the ILS trading team, according to Trading Risk sources
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Aaron Garcia has joined Hiscox Re's ILS team in the role of ILS portfolio manager in Bermuda
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Chandler CEO Steven Butler and senior administrator Beverly Hodkin are to join Artex Risk Solutions' existing captive and insurance management team in the Cayman Islands following Artex's acquisition of the company
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Brad Livingston has joined Axis Capital as a vice president after four years at Willis Towers Watson, where he was a vice president in the ILS team
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Jo Stanton, former CFO at AlphaCat based in Bermuda, left the firm in September, according to her LinkedIn profile
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John Butler, former head of investment management at Twelve Capital, joined the financial services firm Cohen & Company Financial as of 1 November to develop a US insurance asset management strategy and a global ILS platform
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Third quarter catastrophe losses represented a 7 to 14 percent hit to the shareholders' equity of global reinsurers, with major catastrophe writers such as Everest Re, Lloyd's of London, Lancashire and RenaissanceRe the most severely affected
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A rating correction is widely expected in 2018 after reinsurers said they would push for increases in response to catastrophe losses that have highlighted their softer margins
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Four of the listed Florida insurers have ceded more than $1.2bn of third quarter catastrophe claims to their reinsurers, based on estimates from their quarterly disclosures
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US homeowners' insurance premiums are forecast to expand by 2 percent to $93bn in 2017, but underlying returns on equity (RoEs) from the business are still deteriorating, according to Aon Benfield
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US property insurers are pushing for base case rate increases of 10-20 percent on catastrophe-exposed business, even for loss-free accounts, according to a client advisory from broker Lockton
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Florida Citizens Property Insurance is expecting to take on another 100,000 to 150,000 of mostly multi-peril policies in the next couple of years following Hurricane Irma's strike on the state
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The Californian wildfires could add as much as another $10bn of industry losses to the 2017 catastrophe tally, as reinsurers debated whether disclosures on third quarter events were keeping pace with expectations
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Making the scale of flood exposures clear is critical to getting more risk taken up by the private insurance markets, said Willis Towers Watson's head of capital, science and policy Samantha Medlock
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Market participants have said the Prudential Regulation Authority (PRA)'s guidelines on the London ILS framework are flexible enough to be workable, although some have expressed disappointment over the regulator's final stance on funding arrangements
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Investors waiting to move into the ILS sector could seize their chance in the post-loss environment, but speakers at this year's Trading Risk New York Rendez-Vous questioned whether the price reaction to 2017 catastrophes would be enough to draw in more opportunistic actors
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There has been a mixed reaction to third quarter catastrophe losses from Korean investors who invested in ILS for the first time this year, an analyst from South Korea's leading securities firm told Trading Risk
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The legacy reinsurance market is catching the attention of ILS funds seeking additional yield and diversification, as business opportunities from insurers looking to offload older portfolios increase due to the tighter capital restrictions imposed by Solvency II
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Credit Suisse US plan; Catco to raise $250mn; BlackRock targets cat bonds
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Returns from a group of cat bond funds tracked by Trading Risk produced an average 3.96 percent loss in the third quarter, plunging from the Q3 2016 figure of up 2.0 percent
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Cat bond rates have only increased slightly for remote risk layers following the third quarter losses from hurricanes Harvey, Irma and Maria and the Mexican earthquakes, GC Securities estimated