The Massachusetts Pension Reserves Investment Management (MassPRIM) Board has approved $250 million of investments in two reinsurance and ILS investment managers, as the $68 billion state pension asset manager looks for diversifying asset classes with low correlation to its wider portfolio.
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Reinsurance giant Swiss Re is hoping for “substantial” price increases in reinsurance, with the firm’s Chief Economist calling for a “general turn” in reinsurance market pricing, as rates had slipped below technical levels for the last few years.
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It’s clear that reinsurance sector returns are now much closer to the levels of return offered by ILS funds to their investors, once again raising the importance of keeping the cost-of-capital low and maximising efficiency in order to make a profitable return and remain competitive in re/insurance.
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The CEO and CFO of specialist insurance and reinsurance group Hiscox believe that post-loss price rises could last for two years, following the recent major catastrophes, and have told their underwriters to be prepared to shrink the top-line if they cannot get the price increases they seek.
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The stock exchange listed Blue Capital Alternative Income Fund (formerly known as the Blue Capital Global Reinsurance Fund) has reported a negative return for October 2017, as the recent California wildfires added to losses for the year, although at a much smaller level than the recent hurricanes.
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EU ILS trading desks have to report secondary trades under MiFID II

November 20, 2017

All broker trading desks for catastrophe bonds and insurance-linked securities (ILS) in the UK and Europe will have to report their secondary trade information to the U.S. Financial Industry Regulatory Authority, Inc. (FINRA) Trace Reporting and Compliance Engine (TRACE), as from January 3rd 2018 under the new MiFID II regime.

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Allianz lines up Schiavone to head ART as Guffey departs

November 20, 2017

Insurance giant Allianz has lined up Paul Schiavone to lead the firm’s Allianz ART unit, where fronting for ILS, weather risk transfer, catastrophe bond and certain non-traditional reinsurance business takes place, as current head Bill Guffey departs Allianz ART after 15 years.

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ILS NYC 2018: New speakers from Lloyd’s, AmWINS, Swiss Re

November 20, 2017

We’re delighted to announce three more stellar speakers from industry-leading firms Lloyd’s, AmWINS and Swiss Re to the roster for our second conference in New York, Artemis ILS NYC 2018 which is being held in central Manhattan on the 2nd February.

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ILW pricing up as much as 30% in wake of hurricanes

November 20, 2017

Rates-on-line for industry loss warranties (ILW’s) have increased by as much as 30% following the third-quarter catastrophe losses suffered by the industry, perhaps giving a glimpse of where retrocessional reinsurance could move at the forthcoming January renewals.

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CEA’s Ursa Re 2017-2 still $400m, pricing fixed with little uplift

November 20, 2017

The latest catastrophe bond from the California Earthquake Authority (CEA), the Ursa Re Ltd. (Series 2017-2) transaction, has so far not increased in size, still targeting $400 million of collateralized quake reinsurance, but the price guidance has now been fixed at levels which show very little in the way of uplift.

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Best of Artemis, week ending 19th November 2017

November 20, 2017

Here are the ten most popular news articles, week ending 19th November 2017, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates.

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ILS an influential factor when it comes to 2018 reinsurance rates: Fitch

November 17, 2017

Alternative capital and the insurance-linked securities (ILS) market is going to be an influential factor when it comes to determining just how much reinsurance and retrocession rates will rise in 2018, according to Fitch Ratings.

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NFIP reform bill passes House, still features flood ILS & cat bonds

November 17, 2017

Progress has been made in the mission to reauthorise and reform the National Flood Insurance Program (NFIP), with H.R. 2874, also known as the 21st Century Flood Reform Act having now passed the House of Representatives with full approval, including amendments by substitution ensuring measures on reinsurance, risk transfer and flood ILS or cat bonds […]

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Karson launches KT-Notes, an alternative reinsurance & ILS collateral

November 17, 2017

Karson, a global provider of liquidity, capital and collateral solutions to the insurance industry, is anticipating strong demand for its newly launched KT-Notes, which are designed to address the collateral needs and obligations of reinsurers and insurance-linked securities (ILS) investors.

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No meaningful change for market dynamics or pricing: A.M. Best

November 17, 2017

Recent catastrophe losses could be a “dreaded scenario” for reinsurers, as they are significant enough to create a drag on earnings, but the losses are not expected to be significant enough to “meaningfully change market dynamics and pricing for a sustained period of time,” A.M. Best says.

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