ILS
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.
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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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Inside P&C’s news team runs you through the key highlights of the week.
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With the macro environment drying up capital streams M&A has slowed, but IPOs are reflective of pricing opportunities.
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Normalized cat returns of 25%-30% do not seem to be persuading reinsurers to dial up risk.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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US investments in the ILS and cat bond market are highly concentrated with five companies accounting for 70% of industry investments.
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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.
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The call came after Markel reported Q1 results that included 21% growth and a 5 point reduction in the combined ratio.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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Sources fear that the issue will be buried after the coming legislative elections in November.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Markel will provide approximately $150mn to facilitate the buyout of the retrocessional segregated accounts of the funds, as well as tail-risk cover to release $100mn of trapped collateral.
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The business acts as a transformer, allowing traditional asset managers the chance to participate on collateralised (re)insurance transactions.
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CEO Juan Andrade laid out the new targets in an investor day presentation in which he said the carrier will become a “digital first” (re)insurer.
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The executive had previously been the head of third-party capital at Axis.
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Reinsurance recoveries and subrogation payouts helped to minimize retained cat losses to $466mn, post-tax.
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The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
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Palomar expanded its underwriting footprint in 2020 as it entered the specialty lines market.
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The insurer will take a pre-tax net hit of $567mn from the winter loss, implying roughly $700mn of reinsurance recoveries before the impact of reinstatement premiums.
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The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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The modelling firm said its study aimed to help insurers “plan for the worst and hope for the best”.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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Pricing dropped to the bottom of the range previously offered to investors.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The deal is set to pay a higher coupon than most other outstanding CEA bonds, but target spreads are 18% below a similar May 2020 transaction.
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The utility did not disclose which insurers would receive payments.
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The insurer will begin ceding risk to Lifson from January 1 next year.
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Books are scheduled to close on Monday, with final pricing being decided on Tuesday.
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Founder Lee Van Slyke has taken over the top job, according to the InsurTech’s website.
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The Samir Shah-led firm is considering raising its own ILS fund to support future securitisations.
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Transaction marks the company’s second mortgage ILS deal of the year.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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The ratings agency expects the residual market to grow as private carriers are under pressure.
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Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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LiquidX is a trade finance and trade credit insurance exchange that has executed more than $21bn in trades since 2016.
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The deal will see HSCM founder Millette and HSCM Bermuda clients assume majority control of the holding company.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.