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.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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Minimum standards will include full communicable diseases and wildfire exclusions, the ILS fund has said.
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The carrier failed to secure sufficient investor interest for the transaction.
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Private ILS strategies largely escaped losses from the Australian wildfires, ILS Advisers said.
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Kara Owens said investors’ understanding of cyber insurance has evolved.
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The issue will effectively renew quake and storm cover, with one of the company’s $100mn bonds expiring in June.
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The MGA is backed by (re)insurance capacity from Markel, through the carrier’s Nephila insurance-linked securities fund.
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Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The investment comes as the Indiana Public Retirement System exited Nephila’s Palmetto fund in pursuit of a more diversified ILS strategy.
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The figures reflect expectations that sponsors will return to the ILS market to seek cover as rates stabilise.
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The cat bond could help lower barriers to collateralised participation in primary business, says the ratings agency.
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Fema deputy administrator for resilience Daniel Kaniewski said it could be argued the agency created a “moral hazard.”
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The insured loss total is more than one third down on the 2018 tally of $80bn.
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Ali will take charge of Hamilton’s future cat bond placements, having been involved in the recent renewal of its sidecar Turing Re.
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Losses arise from four events plus reserve re-estimates.
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Modest gains follow a broadly flat European cat treaty market for 1 January.
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The Paris-based carrier has a history of using innovative capital tools to manage risks to the company’s balance sheet.
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Ross will start immediately at the Bermuda-based Credit Suisse affiliate.
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The product is the first non-US cat bond issued in the past nine months.
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The business will become part of Artex Risk Solutions, a unit that focuses on captive management and alternative risk transfer.
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The Galileo cat bond is the first to be launched by Axa XL since Axa bought XL Group in 2018.
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The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
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Bernina Re will become the flagship underwriting unit for Credit Suisse's ILS funds.
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Moves under consideration include acquisitions, as well as merger deals.
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Investors may be able to part collateralise ILS investments with other assets, effectively adding an ILS overlay to an existing mandate, says Rick Pagnani, head of the firm’s ILS business.
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Hudson Structured Capital Management has continued to add senior Bermudian (re)insurance talent to its advisory board.
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The industry can offer cover on climate risks but should also look at resilient investments, the Bank of England governor said.
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The Californian utilities firm has established a $14bn backstop fund to ensure all liabilities are paid.
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The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
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"Signs of fatigue" are showing in the market as pricing hardens slightly.
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Rates for $40bn live cat trades have risen as the market has grown more wary of a significant loss, sources said.
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The company has created a new management committee as it refocuses on disciplined underwriting.
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Despite shrinkage of the overall pool, new capital providers have entered the market in recent months, the ratings agency said.
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California lawmakers passed a bill in July to create the $21bn utility liabilities fund.
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Reserve strengthening for prior-year catastrophes lifts the overall loss ratio, while specialty line earnings improve.
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The latest quarter was the second-lowest Q2 for issuance volume in the past eight years.
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The company is also placing its Markel Catco reinsurance fund into run-off.
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After an almost two-year absence, Brad Livingston is rejoining the broker to focus on ILS business.
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The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.
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The NFIP will bear the brunt of losses from Hurricane Barry, according to industry analysts.
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The mid-year renewal included $135mn from a Bermuda-listed placement, which shrank from $278mn after the insurer revised the covered portfolio.
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The Californian utility has agreed the settlement with 18 public entities following a series of wildfires from 2015 to 2018.
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The insurer said half of the losses came from one weather event in the Midwest.
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The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.
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The Toronto-based firm had already been collaborating with Perils for the past two years.
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Congresswoman Maxine Waters has proposed the new law to end lapses in National Flood Insurance Program coverage.