Archive for February, 2017

Reinsurance firm Swiss Re underwrote 18% less renewal business at the 1st January 2017, renewing $8.5 billion of a possible $10.3 billion, as it continues to navigate softening reinsurance markets and looks to protect its profitability.

The carrying value of insurance, reinsurance and financial services group Alleghany Corporation and its reinsurer TransRe’s ownership stake and investments in specialist ILS manager Pillar Capital and its ILS funds increased in the last quarter of the year.

European windstorm Egon, which struck France and Germany on the 12th and 13th January 2017 as a severe extra-tropical cyclone, is estimated to have caused an insurance and reinsurance industry loss of EUR 212 million, according to PERILS AG.

Global reinsurance firm Swiss Re reported its fourth-quarter and full-year 2016 results this morning and impacts from large catastrophe losses, man-made losses and the continued pressure from soft market pricing, all impacted the figures.

Aon Insurance Managers, part of global insurance and reinsurance brokerage Aon plc, and SS&C Technologies, the world’s largest fund administrator, have announced the launch of a one-stop platform for the insurance-linked securities (ILS) market.

The 21 member economies of the Asia-Pacific Economic Cooperation (APEC) are once again meeting this week and disaster risk financing, insurance and reinsurance are hot on the agenda, as leaders in the region recognise the importance of increasing protection.

The largest insurance-linked securities (ILS) investment fund manager Nephila Capital participated in a new 20% quota-share reinsurance arrangement for Florida-focused United Insurance Holdings, as the company seeks to reduce its exposure to catastrophe loss events.

Losses suffered by Australian insurance group IAG from the recent Sydney area hailstorm event are assumed to be within its catastrophe budget and reinsurance coverage, according to the firm, but already it is running over-budget and has claimed AU$106 million from its aggregate coverage

A new catastrophe bond has been launched for a Lloyd’s of London syndicate, with a $125 million Buffalo Re Ltd. (Series 2017-1) deal being marketed on behalf of sponsor ICAT Syndicate 4242, as it seeks to tap the capital markets for reinsurance capacity.

Heritage Property & Casualty Insurance Company is returning to the capital markets for its fifth Citrus Re named catastrophe bond issuance as it seeks to expand its collateralised reinsurance protection, with a $125 million sized Citrus Re Ltd. (Series 2017-1).