Wildfire

The Leadenhall Capital Partners CEO tells Trading Risk’s London ILS conference how he hopes changes in Lloyd’s will create further opportunities.

The sidecar’s main exposure is European wind risk.

The committee voted in favour of a new law that would see state funds used to buy cover for the costs of responding to a natural disaster.

The expected losses from the December hailstorm in Sydney have risen from A$871mn to A$1.2bn.

Cat bonds in future are likely to cover new perils, such as aviation hull, terror and cyber, JLT Re’s David Flandro said.

The New Mexico Educational Retirement Board pension fund invested in ILS via ILS Capital Management.

Some primary insurers are scaling back or withdrawing from offering Californian wildfire cover after two years of record losses, sister publication The Insurance Insider reported.

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.

The sidecar’s cat claims came in just under the $323.7mn level recorded in 2017.

The utility’s total pre-tax charges for the 2018 Camp Fire and 2017 Northern California wildfires now stand at $14bn.

The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.

Losses from Hurricane Michael and the California wildfires brought the reinsurer’s non-life combined ratio up to 108.7 percent.