Hudson Structured Capital Management, the insurance, reinsurance and transportation linked investment firm set up by ex-Goldman Sachs structured products leader Michael Millette, has closed on and secured its $250m anchor investment from Blackstone, Artemis has learned.
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With adequate profits on investment and underwriting sides of the balance sheet increasingly hard to come by for insurers and reinsurers, reserve releases have helped to bolster returns. However, casualty reserves in the Lloyd’s and London market are vulnerable to adverse run-offs in the future, according to PwC.
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The Association of British Insurers (ABI) is sticking with its estimate that the final insurance bill for last winter’s UK flooding will cost around £1.3 billion (approximately $1.9 billion), so impact to reinsurance and ILS markets should not creep too much higher.
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Insurance payouts from both Japanese domestic and foreign non-life companies for damage to dwellings after the Kumamoto region of Kyushu, Japan earthquakes in April have risen by 46% in a week to $1.65 billion.
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Chairman and CEO of Chubb Limited, Evan Greenberg, has said that in the current softening re/insurance market cycle companies are “better off” underwriting in the off months of a quarter, as market pressures continue to drive fluctuations in underwriting discipline.
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Florida Citizens board approves 2016 reinsurance program

May 24, 2016

The Board of Florida’s Citizens Property Insurance Corporation has approved the 2016 risk transfer and reinsurance program, including the shift of certain traditional layers to a per-occurrence, single-year structure and the acquisition of an additional contract for commercial reinsurance.

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Queen Street XII shows Munich Re’s desire to cultivate ILS relationships

May 24, 2016

The successful and efficient execution of the $190m Queen Street XII Re dac 2016 catastrophe bond transaction showed global reinsurance firm Munich Re’s desire to build stronger relationships with the ILS investor community, according to broker Guy Carpenter.

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Distribution shift puts MGAs at forefront of risk value chain: Braga, BMS

May 24, 2016

Excess reinsurance capacity from both traditional and third-party sources has enabled MGA’s to drive a shift in the distribution channel. With firms increasingly realising the benefits of getting closer to the primary source of risk, according to Romulo Braga, CEO of BMS Capital Advisory.

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Florida Citizens shifts reinsurance focus to per-occurrence in 2016

May 24, 2016

Florida’s Citizens Property Insurance Corporation’s risk transfer and reinsurance buying strategy continues to evolve, with the insurer electing to renegotiate multi-year aggregate reinsurance and shift the protection to per-occurrence coverage for the 2016 hurricane season.

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First Coast Re cat bond target reduced to $75m for Security First

May 24, 2016

The first catastrophe bond to benefit Security First Insurance Company now looks set to complete at a pared back $75m, but price guidance for the First Coast Re Ltd. (Series 2016-1) cat bond issue has dropped to below the initial range.

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Bermudian reinsurer ROE’s down nearly a third, pressures remain: S&P

May 24, 2016

Bermuda domiciled reinsurance companies saw average annualised return on equity (ROE) drop almost a third in the first-quarter of 2016 to 8.7%, underlining continued market headwinds despite an increase in gross written premiums (GWP), according to S&P.

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Physical damage element of cyber re/insurance needs clarity

May 23, 2016

The growing threat of cyber terror events across the world has seen a concerted effort from governments and risk transfer counterparties to provide solutions. Among the challenges is the added complexity of physical damage from cyber terror events, according to industry experts.

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Lloyd’s, Guy Carpenter, Met Office to establish weather index for Asia

May 23, 2016

Lloyd’s of London, the UK Met Office, and reinsurance broker Guy Carpenter are working together to establish the concept of an agriculture weather index that can be used for insurance in Southeast Asia, with a report on the initiative set to be launched in London later this year.

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Aon Hewitt hires longevity risk expert Fletcher from Hymans Robertson

May 23, 2016

Aon Hewitt, the talent, retirement and health unit of insurance and reinsurance broker Aon, has hired experienced longevity risk expert Matthew Fletcher to its Risk Settlement Group from Hymans Robertson.

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Artemis SIFMA IRLS Executive Roundtable 2016

May 23, 2016

Welcome to our Artemis SIFMA IRLS Executive Roundtable 2016, in which our participants explore the potential for ILS features, structures and capacity to play a greater role in the evolving risk landscape and increase market efficiency.

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