Hurricane Michael insured loss expected above $8bn: Aon

November 8, 2018

Hurricane Michael is expected to cost the United States economy more than $15 billion, while private and public insurance sources are expected to shoulder at least $8 billion of the costs of the storm, according to broker Aon.

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Canopius hires Marco Silva as property treaty reinsurance underwriter

November 8, 2018

Global specialty insurance and reinsurance group Canopius has announced the hiring of Marco Silva, who was previously at SCOR and has worked on ILS and collateralised retrocession transactions, as a property treaty reinsurance underwriter.

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Hannover Re cedes 40% or EUR 233m of major losses in 2018 to-date

November 8, 2018

German reinsurance giant Hannover Re benefited from its retrocessional protections in the third-quarter of 2018, ceding roughly 40% of its major loss impacts which amounted to just over EUR 233 million during the first nine-months of the year, over EUR 190 million of which was in Q3 alone.

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AIG reports $11m of AlphaCat ILS related income for Q3 2018

November 7, 2018

American International Group, Inc. (AIG) has reported its first quarter of earnings since the acquisition of Bermudian reinsurance and third-party capital management firm Validus and the insurer gives some visibility of what looks like an improved amount of income earned through the AlphaCat Managers ILS fund activities.

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Merck & silent cyber impacts drove Petya industry loss: PCS

November 7, 2018

It was the impacts to pharmaceutical giant Merck as well as silent cyber exposure that drove the insurance and reinsurance industry loss from the 2017 Petya / NotPetya cyber attack, according to PCS, providing a further warning of how cyber losses can hit multiple business lines.

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Insurance-linked securities – Relevant, reliable and growing: PwC

November 7, 2018

The insurance-linked securities (ILS) sector has proven itself to be a relevant and reliable source of reinsurance or retrocession capacity following the major losses of 2017, while at the same time the sector continues to grow and expand, promising to increase its relevance even further.

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Third Point Re targets property cat underwriting again

November 7, 2018

Bermuda headquartered, hedge fund backed reinsurance firm Third Point Re is set to return to underwriting property catastrophe reinsurance next year, but this time for its own balance-sheet and as a way to help reduce its combined ratio.

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Munich Re P&C reinsurance premium growth continues in Q3

November 7, 2018

Global reinsurance firm Munich Re has continued to expand its property and casualty reinsurance book significantly in the third-quarter of 2018, adding 22% in terms of premium volumes during the quarter as it continues to take advantage of better rates and new organic growth opportunities.

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Hurricane Michael claims paid rise 28% to $2.6bn: Florida regulator

November 6, 2018

The tally of insurance claims paid after recent hurricane Michael’s impacts on Florida has increased by almost 28% in a week to reach $2.6 billion, according to the latest data from the regulator for the state.

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Willis Towers Watson closes Securities M&A advisory unit

November 6, 2018

Insurance and reinsurance broking group and advisory Willis Towers Watson (WTW) is closing down its Securities mergers & acquisitions (M&A) advisory unit, as it’s understood that this business as a distinct unit does not fit the strategic direction of the company anymore.

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World Bank to expand parametric risk transfer for Pacific Islands

November 6, 2018

In supporting the Pacific Island nations on their road to resilience, the World Bank aims to expand the availability of parametric disaster insurance protection, partly through the use of private capital, while expanding the range of parametric insurance products available in the region as well.

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ILS vehicle listed for Tullet Prebon insurance-linked note platform

November 6, 2018

An insurance-linked securities (ILS) vehicle has been listed on the Bermuda Stock Exchange (BSX) that will ultimately house transactions entered into on the Tullett Prebon owned Insurance Linked Notes issuance and trading platform.

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ILS trigger indemnity shift continues, non-indemnity still important: Willis Re

November 6, 2018

The shift towards indemnity triggers in the insurance-linked securities (ILS) market has accelerated in 2018, but alternatives such as industry loss index triggers and parametric triggers remain important as well, with the potential to have meaningful impact, according to Willis Re’s ILS team.

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Argo shifts more reinsurance premium to third-party capital in Q3

November 6, 2018

International specialty insurance and reinsurance firm Argo Group has passed on more of its gross premiums written to third-party capital partners in the third-quarter of 2018, as the firms shift towards originating risk for third-party investors continues.

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Hurricane Florence may cost N.C. $17bn, but as little as 27% insured

November 5, 2018

According to the state’s Governor Roy Cooper, the economic impact of hurricane Florence on North Carolina could reach as high as $17 billion, which would put the percentage covered by private insurance as low as 27%.

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