Archive for May, 2013

As we wrote yesterday, insurance-linked-securities and third-party capital will continue to pressure reinsurance pricing for the foreseeable future. For some, the decline in pricing seen in property catastrophe reinsurance lines of business caused by capital markets and alternative capacity sources can be offset by rate rises on U.S. property and casualty insurance rates.

Florida’s Citizens Property Insurance completed another takeout deal last week as part of its ongoing efforts to depopulate itself of certain policies to reduce its exposure to hurricanes and improve its financial state. The takeout deal approved on Wednesday will lower the insurer’s potential exposure by $16 billion and cut losses by $439 million in the […]

Risk Management Solutions (RMS) is the second catastrophe risk modelling firm to come forwards with an estimate of the insured losses from the recent Oklahoma tornado event. RMS has focused solely on the single tornado that struck the town of Moore and estimates the insured loss toll to be between $2 billion and $3.5 billion.

The latest re-survey of hurricane Sandy insurance industry loss estimates has now been completed and published by Property Claim Services (PCS). The loss estimate for Sandy has not changed after this re-survey, it remains at $18.75 billion, and PCS told us that it is going to perform another re-survey in 60 days time to ensure […]

Financial services and investment banking firm Credit Suisse has published a report on the reinsurance market which discusses the impact of insurance-linked securities. The report concludes there is; “No reason to believe the growth trajectory of insurance-linked-securities reinsurance structures and the subsequent pressure it puts on pricing will dissipate for the foreseeable future.”

Independent catastrophe risk management and modelling firm Karen Clark & Company (KCC) has launched a new tool which can be licensed as part of its RiskInsight® catastrophe risk management platform. WindfieldBuilder™ is an advanced scientific tool which allows users to create hurricane tracks, wind speeds and wind fields for analysis purposes.

Ratings agency Moody’s is the first to issue a credit rating update related to a catastrophe bond that is exposed to the recent tornadoes in Oklahoma, including the Moore tornado event. Moody’s said in the update that losses resulting from the catastrophic tornado that struck Moore, Oklahoma on the 20th May are credit negative for […]

Last weeks news was dominated by the Moore, Oklahoma tornado event which is set to become one of the largest catastrophe insured loss events of 2013 so far. As always, you can read every market news story and article here on the Artemis news blog, subscribe to our weekly email newsletter updates and for your […]

German insurance and reinsurance group Allianz said that attractive market conditions combined with demand from investors for catastrophe bonds helped it lock in a competitive price on the recently completed Blue Danube II Ltd. (Series 2013-1) cat bond. Interest in the transaction was strong as capital markets investors came out in force to support Allianz.

Inter-dealer brokerage Tullet Prebon has hired a weather derivatives broker to its wholly owned subsidiary Tullett Prebon Energy. Peter Rosen joins the firm from his last role as a weather broker at ICAP and will report to Christopher Grosso, Director of Energy Products. He will be based in the firm’s Jersey City office.