The World Bank has called for the ongoing development of its Pandemic Emergency Financing Facility (PEF), to incentivise greater investment in preparedness, and take advantage of the opportunity to deliver business interruption (BI) cover for the private sector as it works towards PEF-2.
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A bipartisan draft proposing a raft of changes and amendments to legislation surrounding the National Flood Insurance Program (NFIP) calls on House members to enable the flood insurance pool to cede more of its risk to the capital markets, using a full-range of reinsurance risk transfer tools.
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The returns of insurance-linked securities (ILS), pure catastrophe bond and reinsurance-linked investment funds were knocked by severe thunderstorm activity across the United States in April, resulting in a below-average for the month 0.15% return.
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In another sign of the increasing importance of the insurance-linked securities (ILS) market and collateralized reinsurance protection, United Insurance Holdings (UPC Insurance) has revealed that 70% of the open market limit placed for its June 2017 reinsurance renewal was on a fully-collateralized basis.
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The U.S. National Oceanic & Atmospheric Administration (NOAA) has released its forecast for the 2017 Atlantic tropical storm and hurricane season, saying that factors lead it to predict an above average level of activity for the season.
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CATCo listed reinsurance fund passes $500m on $46m capital raise

May 25, 2017

The London and Bermuda listed CATCo Reinsurance Opportunities Fund Ltd., which is managed by reinsurance and retrocessional reinsurance linked investment management firm Markel CATCo Investment Management Ltd., has raised another $46 million for the mid-year renewals, taking the fund’s total assets past $500 million.

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Alternative capital competition to offset life reinsurance hardening: Deloitte

May 25, 2017

Alternative sources of reinsurance capital and their appetite to access diversified sources of insurance and reinsurance risk, including life risks, are expected to offset the price hardening effects of consolidation in the life reinsurance sector, according to Deloitte.

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Global Parametrics appoints Nina Shapiro as Chair

May 25, 2017

Global Parametrics, the parametric and index-based risk transfer start-up that is backed by the German Government, through its development finance bank KfW, the Climate Insurance Fund and the UK Government’s Department for International Development (DFID), has appointed a new Chairperson, Nina Shapiro.

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Casablanca Re cat bond shrinks to $87.7m before pricing

May 25, 2017

Floridian primary insurer Avatar Property and Casualty Insurance Company’s first catastrophe bond issuance has now shrunk slightly before final pricing, with the Casablanca Re Ltd. (Series 2017-1) transaction now set to secure $87.7 million of reinsurance coverage for the firm.

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Legal & General hires Pretty Sagoo to pension risk transfer team

May 25, 2017

UK headquartered life and annuities insurance and reinsurance company Legal & General has hired Pretty Sagoo from Deutsche Bank to the role of Head of the Strategic Business in its pension risk transfer team.

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TWIA’s Alamo Re cat bond hits $400m, with pricing below guidance

May 24, 2017

The Texas Windstorm Insurance Association’s (TWIA) latest Alamo Re Ltd. (Series 2017-1) catastrophe bond is now set to achieve its upsized target of $400 million, while at the same time the cost of the reinsurance coverage looks particularly efficient with pricing of the coupon now fixed at below guidance.

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Pricing drops on higher risk Casablanca Re cat bond notes for Avatar

May 24, 2017

Price guidance has been reduced on the two higher risk tranches of notes to be issued in Floridian primary insurer Avatar Property and Casualty Insurance Company’s first catastrophe bond issuance, the $100 million Casablanca Re Ltd. (Series 2017-1) transaction.

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2017 hurricane season forecast upped to above average by Weather Co.

May 24, 2017

The Weather Company has revised its forecast for the 2017 Atlantic tropical storm and hurricane season, saying that the latest indications and data now suggest a year with activity levels a little above average.

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Colorado hail storm loss estimated at $1.4bn, most costly ever for state

May 24, 2017

The Denver, Colorado hail storm that struck the Front Range are on May 8th 2017 is expected to be the most costly insured loss in the state’s history, with the insurance and reinsurance industry estimated to be on the hook for $1.4 billion of losses.

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Canterbury New Zealand earthquake loss continues to creep

May 24, 2017

The insurance and reinsurance market loss from the 2010/11 Canterbury, New Zealand earthquakes continues to increase, with insurer Tower Group again reporting further loss creep yesterday and the industry total now estimated at $21 billion by the Insurance Council.

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