Archive for March, 2010

Insurance Australia Group (IAG) have reported that thanks to severe weather in the Victoria region of Australia between the 6th and 9th of March it has blown its budget for disaster costs for the second half of the year. They received over 24,000 claims for the event and exceeded their maximum event retention of $135m […]

Insurers have paid out over £650m in claims for damage related to the colder than average weather the UK has experienced this winter. The UK has experienced more snowfall than usual and much lower temperatures which have made this one of the coldest winters on record. Insurance claims have risen in line with the weather […]

Swiss Re is preparing to launch a new catastrophe bond issue under it’s Successor program. The Successor X Ltd. Series 2010-1 notes are designed to provide Swiss Re with protection against U.S. hurricane and European windstorm risks for a period of three years from March 2010 to March 2013.

Hedgeweek reports that Bermuda based insurance-linked securities investment manager Nephila Capital has attracted a large influx of new capital from UK institutions during the second half of 2009. Nephila Capital now manages total assets of $2.6b.

Standard & Poor’s has delivered its latest update on the Crystal Credit Ltd. transaction which transferred a portfolio of Swiss Re’s credit reinsurance treaty risk to the capital markets via an insurance linked securitization. Losses on those treaties have been high and the transaction has already had its ratings downgraded by S&P. They’ve been delivering […]

Tradition Re has announced the completion of the first Dutch auction for Florida hurricane windstorm risks. The deal allowed an unnamed reinsurer to hedge it’s hurricane exposure for the year and we believe this is the first time a Dutch auction has been used for this purpose within the reinsurance market.

While the recent earthquake in Chile is going to be hugely costly to the Chilean economy and very costly to insurers it won’t have any impact at all on catastrophe bonds as none that have been issued cover that region for quake risk.

The UK’s Financial Services Authority has voiced it’s concerns over the potential for mis-selling in the life settlements sector. Their concern lies mainly in the fact that these are complex products with many risk factors to be taken into consideration. The FSAS expects providers to be clear about their target investors so as not to […]

Windstorm Xynthia tracked across northern France and into Germany on Saturday 27th and Sunday 28th February. Wind speeds recorded reached as much as 30 meters per second and a tidal surge (which coincided with spring tides) impacted the French Atlantic coast causing major damage and flooding. 50 people have been confirmed killed due to the […]