Archive for October, 2014

XL Group’s insurance and reinsurance linked investment unit, New Ocean Capital Management Limited, has increased its contribution in terms of income to XL, hired a COO and signed a distribution agreement with a global financial institution to aid growth.

A new report from reinsurance broker Aon Benfield shows that the cheaper cost of reinsurance capital, both traditional and non-traditional, is improving the outlook for homeowners insurers across the United States.

Bermuda-based short-tail and specialty reinsurance firm Montpelier Re continues to benefit from and find synergies with its collateralized reinsurance operations, helping it to grow its net premiums written in Q3 2014 by 13% year-on-year.

Bermuda headquartered reinsurance company Everest Re is returning to the catastrophe bond market with its second issuance this year, with the launch to investors of Kilimanjaro Re Ltd. (Series 2014-2) a $350m U.S. and Canada earthquake cat bond.

The California Earthquake Authority (CEA), the publicly managed residential earthquake insurance provider, is proposing to reduce homeowners rates, as savings made due to catastrophe bonds and lower-cost reinsurance flow through to consumers.

The Caribbean Catastrophe Risk Insurance Facility’s (CCRIF) parametric excess rainfall insurance product has been triggered for the first time by hurricane Gonzalo’s rains, resulting in a $500,000 payout to the Government of Anguilla.

The Bank of England has written to “dozens” of insurance and reinsurance companies as it seeks to better understand the risk that climate change poses to their solvency and earnings, according to the FT.

Blue Capital Reinsurance Holdings Ltd. (BCRH), the NY stock exchange listed collateralized reinsurance subsidiary of Bermuda-based Montpelier Re, has reported a 6% gain in its book value per share for the first nine months of 2014.

Willis Capital Markets & Advisory (WCMA), the catastrophe bond, insurance-linked securities (ILS), M&A and investment banking unit of global insurance and reinsurance broker Willis, has launched a platform to simplify client access to catastrophe bond capacity.

A unit of Prudential Financial Inc., is providing UK based insurer Legal & General Group with a $2.2 billion (£1.35 billion) longevity reinsurance cover for a portion of its pension bulk annuity business.