The insurance-linked securities (ILS) investor base is braced for the potential for losses to grow from U.S. primary insurer Nationwide Mutual Insurance Company’s $375 million Caelus Re V Ltd. (Series 2017-1) catastrophe bond, as the insurers aggregated natural catastrophe losses rise further.
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Insurance and reinsurance sector CEO’s are currently in “surprisingly optimistic” mood about the prospects for their own organisations growth over the coming years, but are increasingly open to joint-ventures or strategic alliances to help them grow and at the same time still terrified of the pace of technological change.
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The remaining in-force notes of Bermudian reinsurance firm RenaissanceRe’s $140 million of Series 2017-1 notes issued by Fibonacci Reinsurance Ltd. have been extended again, presumably as loss development continues.
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The 2018 Atlantic hurricane season is expected to feature significantly above long-term average levels of activity by researchers from North Carolina State University, who suggest that as many as 18 named tropical storms and hurricanes could form this year.
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Between April 13th and 15th a major springtime storm system impacted central and eastern areas of the United States, bringing severe convective weather, thunderstorms, hail, tornadoes, flooding rains and heavy snow, resulting in damage across 20 states and economic and insured losses running into the hundreds of millions of dollars.
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Allstate estimates $361m of Q1 catastrophe losses, largely from March

April 19, 2018

Primary insurance carrier Allstate has begun 2018 with a significantly lower level of catastrophe losses than it experienced a year earlier, reporting an estimate $361 million of losses for the first-quarter, down from $781 million in the prior year.

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Build America Mutual hails first of a kind financial guarantee ILS

April 19, 2018

Build America Mutual Assurance Company, a financial guarantee specialist established by the National League of Cities with initial capital from White Mountains, has hailed its $100 million Fidus Re Ltd. (Series 2018-1) insurance-linked securities (ILS) transaction as the “first of its kind”.

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$300m Caelus Re V 2018 cat bond launched for Nationwide Mutual

April 19, 2018

Nationwide Mutual is back looking for another slice of multi-peril reinsurance protection with a new catastrophe bond issuance, a $300 million Caelus Re V Ltd. (Series 2018-1) transaction that marks the insurers return at a time when its in-force cat bond coverage is still facing losses.

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Envelop Risk launches for cyber focus with Jonathan Spry as CEO

April 19, 2018

A new firm named Envelop Risk has launched to focus on cyber risk underwriting and analytics provision with experienced reinsurance capital markets executive Jonathan Spry at the helm, suggesting that the company may well look to cyber insurance-linked securities (ILS) in future.

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Arch returns with largest Bellemeade Re mortgage ILS to-date

April 19, 2018

Bermudian insurance and reinsurance group Arch Capital has returned to the insurance-linked securities (ILS) market to source collateralized reinsurance for its mortgage insurance book, with its largest mortgage ILS transaction to-date, a $374.5 million Bellemeade Re 2018-1 Ltd. deal.

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Aspen’s new Kendall Re 2018 cat bond set to upsize 50% to $225m

April 19, 2018

The first catastrophe bond in over a decade from Bermudian insurance and reinsurance group Aspen Insurance Holdings Limited looks set to increase in size by 50%, with the Kendall Re Ltd. (Series 2018-1) international multi-peril transaction now likely to secure the company $225 million of collateralized reinsurance protection.

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AXIS Re hires Megan Thomas from AIG as new CUO

April 18, 2018

AXIS Re, the global reinsurance business unit of AXIS Capital Holdings, has named Megan Thomas, previously of AIG, as its new Chief Underwriting Officer.

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Two Resilience Re private cat bonds have maturity extended further

April 18, 2018

Two private catastrophe bond transactions that were issued through the Resilience Re Ltd. platform, which is owned by Willis Towers Watson Securities, have had their maturities extended further, likely to allow for loss development to continue.

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Hurricane Irma claims pass $8.6bn

April 18, 2018

According to the Florida Office of Insurance Regulation (FLOIR) the value of insurance claims from hurricane Irma in the state of Florida has risen to just over $8.6 billion, with still more than 100,000 claims remaining open.

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Meteo Protect launches parametric flood insurance for river dependent businesses

April 18, 2018

Meteo Protect, a parametric and weather index insurance specialist, has launched a new product offering parametric flood coverage for river cruise operators and riverside businesses.

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