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Hiscox Re ILS funds participate in Philippines sovereign parametric renewal

Hiscox Re ILS deployed capacity into the recent renewal of the Philippines sovereign parametric disaster insurance facility, adding to the amount of third-party capital now backing this risk transfer program.The Philippines parametric natural disaster insurance cover provides 25 provinces in the country with disaster insurance cover against major typhoon and read the full article →

Indonesia’s cat bond discussions ongoing

Indonesia's government continues to have discussions regarding the use of catastrophe bonds as a disaster risk financing tool to better protect the country against the impacts of earthquakes and tsunamis.Last October it was reported that the Indonesian Finance Ministry had engaged with global agencies that could assist the country in read the full article →

Parametric Philippine City Disaster Insurance Pool in the works

The Philippines, the Asian Development Bank and private market entities are working to develop a parametric disaster insurance pooling facility for Philippine cities to buy protection from, backed by reinsurance and capital markets funding.The Philippine City Disaster Insurance Pool (PCDIP) is being designed by a collaboration between the Philippine Department read the full article →

Philippines parametric insurance doubles, cat bond on the way: World Bank

The recently renewed Philippines parametric natural disaster insurance cover was completed at $390 million in size, around double the prior year, and the World Bank has confirmed that work is underway to issue a catastrophe bond to extend disaster protection for the country.We covered this renewal back in December, when read the full article →

Nephila, AP3 & reinsurers back upsized Philippines parametric renewal

Insurance-linked securities (ILS) investment fund manager Nephila Capital and Swedish state sector pension fund AP3 have both backed a near $390 million renewal for the Philippines regional parametric disaster insurance program.The so-called Parametric Insurance Policy provides insurance protection for disasters across 25 provinces on the Philippine eastern seaboard, with a read the full article →

New Paradigm gets investment from TransRe to grow parametric platform

New Paradigm Group, LLC, the Florida-based specialist managing general agency that sells parametric insurance and reinsurance products, has received an investment to help it grow its proprietary parametric platform from global reinsurance firm TransRe.The investment is a clear vote of confidence both in New Paradigm itself, as well as in read the full article →

New Paradigm adds broking veteran Evan D. Bull as EVP

New Paradigm Underwriters, the Florida based parametric specialist managing general agency that sells parametric insurance and reinsurance products, which are at times backed by ILS capital, has announced a new hire, as Evan D. Bull joins the firm as Executive Vice President.New Paradigm Underwriters created the parametric re/insurance products Hurricane read the full article →

Parametrics to grow in 2018 as re/insurers look to resilience: Clyde & Co

International law firm, Clyde & Co., expects global insurers and reinsurers to focus on the potential opportunities and challenges represented by the protection gap as resilience takes centre stage in 2018, highlighting the benefits and expansion of parametric solutions.Clyde & Co. has released a number of insurance industry prediction pieces read the full article →

Parametrics enable protection of the intangible & uninsurable: Swiss Re

Global reinsurer Swiss Re’s latest Sigma study underlines the benefits and value of parametric insurance solutions for the corporate sector, products the firm says supports the narrowing of protection gaps, as well as providing protection for the increasing scope of intangible assets held by companies.The consistently evolving economic environment continues read the full article →

New Paradigm parametric policies settle within days of hurricane Irma’s landfall

Parametric risk transfer contracts sold by specialist managing general agent New Paradigm Underwriters settled within nine days of Hurricane Irma’s landfall in Florida.Demonstrating the speed with which event reports can be obtained for contracts with parametric triggers, New Paradigm’s product has already been through the calculation process, dealt with by read the full article →