Cyber risk is increasingly showing signs of becoming a peak peril and as the insurance-linked securities (ILS) sector continues to look for growth it makes sense to focus on these peak levels of the insurance and reinsurance risk tower, according to Joanna Syroka, Director of New Markets, Fermat Capital Management.
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Global markets and Latin America focused asset manager BTG Pactual Asset Management has completed its acquisition of Lutece Re Ltd., the Bermuda based reinsurance linked investments manager.
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The first long-range outlooks and forecasts for the 2019 Atlantic hurricane season both suggest an average level of storm activity, but note some uncertainty over whether an El Niño event occurs and how strong the El Niño Southern Oscillation (ENSO) trend is.
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The number of deaths confirmed by the World Health Organisation (WHO) from the ongoing Ebola virus outbreak in the Democratic Republic of Congo have now passed the trigger point for the World Bank’s pandemic catastrophe bond, but the outbreak still needs to spread internationally before a payout becomes due.
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In the state of Florida the incidence of so-called assignment of benefits (AOB) lawsuits connected with property insurance claims have risen by more than 70% over the last five years and as this continues primary insurance rates are rising with them.
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Legacy expert Armour looks to help free capital from trapped ILS assets

December 14, 2018

Bermuda-headquartered P&C legacy or run-off reinsurance specialist and founder of ILS Investment Management (ILSIM) Armour Group is seeking to put its expertise to work to help ILS funds or investors that have been hit by recent catastrophe losses.

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California wildfire losses could hit $20bn, based on Allstate’s share

December 13, 2018

The market expectation for the eventual insurance and reinsurance industry loss from the recent California wildfires already stands above $15 billion, but the $1.2 billion gross impact reported by primary insurer Allstate suggests that $20 billion may even be in sight.

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Hong Kong’s ILS work continues, targets 2019-20 legislative session

December 13, 2018

Hong Kong continues to work towards establishing a local market for insurance-linked securities (ILS), with the regulator and government working together to develop the necessary legislation to support ILS vehicle domiciling and transactions, with a target to get it into the 2019-20 legislative session.

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California wildfire reported losses pass $9bn: Insurance Commissioner

December 13, 2018

Direct incurred insured losses from the recent Camp and Woolsey wildfires in California have already passed $9 billion, according to the state Insurance Commissioner.

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Red Cross looks to ILS structure for refugee & migration financing

December 13, 2018

Artemis recently spoke with Adam Bornstein, Global Financial Innovation Specialist, International Federation of the Red Cross and Red Crescent, about the use of catastrophe bonds to finance refugee and migration response, a funding gap currently not addressed through normal humanitarian assistance.

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Allstate pays over $1.2bn California wildfire claims, reinsurance lowers cost

December 13, 2018

U.S. primary insurance giant Allstate has already paid over $1.2 billion in gross claims from the recent devastating California wildfires, but on a net basis after reinsurance recoveries and reinstatements the company estimates its loss from the Camp and Woolsey Fires at $670 million before tax.

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A $200bn catastrophe loss year (that took 18 months to accumulate)

December 12, 2018

Everyone thought it would take a really significant single loss, or an aggregation of numerous catastrophes that drove significant impacts in a single year, to change the trajectory of pricing. 2017 wasn’t big enough to do it alone. But now that the market has suffered $200 billion of losses, there are rising hopes for positive […]

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ILW pricing stays relatively flat since recent catastrophe losses

December 12, 2018

Pricing for industry-loss warranty (ILW) backed retrocessional reinsurance protection has not shifted significantly since the aggregation of recent catastrophe loss events, with brokers still pitching capacity at the same rates as prior to the wildfires, sources have told us.

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Nationwide’s Caelus Re 2018 cat bonds priced for wildfire losses

December 12, 2018

Two tranches of Nationwide Mutual’s Caelus Re V Ltd. (Series 2018-1) catastrophe bond have been marked down in the secondary market due to market expectations they could face losses from the recent California wildfires.

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Enhanzed Re launched by Enstar in partnership with Allianz & Hillhouse

December 12, 2018

Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group has partnered with global insurer Allianz SE and investment manager Hillhouse Capital Management to launch a new reinsurer, Enhanzed Reinsurance Ltd. (Enhanzed Re).

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