Crosswinds Re, a total return strategy reinsurance vehicle established by Canadian asset manager Crosswinds Holdings Inc., is set to be dissolved along with the entire Crosswinds venture, as the reinsurer failed to find rates attractive enough at the renewals to underwrite any business.
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Another private catastrophe bond offering from the Eclipse Re platform, which is operated by the Horseshoe Group and Rewire Securities LLC, has come to market, in the form of a $97.6 million Eclipse Re Ltd. (Series 2018-02A) transaction, for which the sponsor is currently unknown.
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The impacts of two days of severe storms and large hail on the metro area of Denver, Colorado earlier this week will drive minimally hundreds of millions of dollars of insurance and reinsurance losses, as the number of claims reported is set to rise to at least 20,000, according to sources.
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RenaissanceRe’s collateralized reinsurance sidecar like vehicle Fibonacci Reinsurance Ltd. has completed a new $125 million issuance of notes, in a Series 2018-2 transaction that will have brought investors and funds a new slice of the Bermudian reinsurers risk, in a format similar to a catastrophe bond.
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Another Dodeka private catastrophe bond transaction has been completed by Twelve Capital Management, the Zurich headquartered insurance and reinsurance linked investment fund manager, with a $9.269 million Dodeka XV placed, becoming the seventeenth such ILS deal from the manager to-date.
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AXIS Capital returns for $150m+ Northshore Re II 2018 cat bond

June 21, 2018

Bermuda-based specialty insurance and reinsurance firm AXIS Capital Holdings Ltd. has returned to the capital markets with a new Northshore Re II Ltd. (Series 2018-1) catastrophe bond, with which the company is seeking a multi-year source of multi-peril reinsurance and retrocession.

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Munich Re refocusing on risk + tech + experience?

June 21, 2018

There are signs that the world’s largest reinsurance firm Munich Re is beginning to refocus and reposition itself, intending to concentrate on its core areas of expertise in risk management, risk transfer and risk bearing, alongside a newer developed focus on technology.

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Oxbridge Re gets its Oxbridge Re NS sidecar licensed, issues first notes

June 21, 2018

Collateralized reinsurance company Oxbridge Re Ltd. has now had its planned sidecar vehicle, Oxbridge Re NS Ltd., licensed for business in the Cayman Island’s and the sidecar has also issued its first tranche of notes.

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CATCo CEO Belisle acquires more shares

June 21, 2018

Tony Belisle, the Chief Executive Officer of Markel CATCo Investment Management Ltd., has taken the number of shares he has recently acquired in his firms stock exchange listed retrocessional reinsurance ILS fund strategy to 2.5 million shares across all classes, with another two purchases made.

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U.S. Coastal was sponsor of recent $53.3m Eclipse Re private cat bond

June 21, 2018

U.S. Coastal Insurance Company, a New York domiciled homeowners insurer that specialises in insuring coastal properties, was the sponsor of the recently completed $53.3 million Eclipse Re Ltd. (Series 2018-01A) private catastrophe bond, according to our sources.

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Just 1% of European pensions allocate to ILS: Mercer survey

June 21, 2018

While it sometimes feels as if insurance-linked securities (ILS) and reinsurance linked investments are almost mainstream, there is still a way to go before the asset class truly becomes a staple of the major institutional investors of this world, as evidenced in the results of a recent survey by Mercer.

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New 2018 reinsurance & cat bonds help TWIA support its policyholders

June 20, 2018

The Texas Windstorm Insurance Association (TWIA), the residual market property insurer for the Texas coast, completed a successful 2018 reinsurance placement recently with the combined coverage of catastrophe bonds and traditional coverage helping to ensure it is there to support its policyholders when disasters strike.

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Resilience Re issues new $37m private cat bond

June 20, 2018

Resilience Re Ltd., the private catastrophe bond issuance platform owned and operated by insurance and reinsurance broker Willis Towers Watson, has completed another new issuance, with the placement of a $37 million Resilience Re Ltd. (Series 1861A) transaction.

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Arch ILS assets up 20% to $600m, to expand ILS management activities

June 20, 2018

Bermuda headquartered insurance and reinsurance firm Arch Capital Group has increased the amount of third-party capital under its management in insurance-linked securities (ILS) related assets by 20% to $600 million in the last year.

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Prospects for busy 2018 hurricane season diminished by cooler Atlantic: Klotzbach

June 20, 2018

“Prospects for a second straight busy hurricane season have diminished markedly,” according to Phil Klotzbach of the Colorado State University tropical forecasting team, as cooler Atlantic sea surface temperatures point to “profound impacts” for the 2018 hurricane season.

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