Archive for April, 2017

PERILS AG, the Zurich-headquartered provider of catastrophe insurance loss data and indices, has announced the appointment of former Swiss Re executive Darryl Pidcock as Head of PERILS Asia-Pacific to lead an expansion in the region.

A new catastrophe bond has launched for the California Earthquake Authority (CEA) and it’s one of the largest deals at launch from this regular sponsor of insurance-linked securities (ILS), a $500 million Ursa Re Ltd. (Series 2017-1) transaction.

The NMI Holdings sponsored new mortgage insurance-linked securities (ILS) transaction we wrote about this week has now been named as Oaktown Re Ltd. and the three tranches of mortgage insurance linked notes issued have all been priced.

California-based Palomar Specialty Insurance Company is set to complete its first catastrophe bond, the Torrey Pines Re Ltd. (Series 2017-1) deal, at an upsized $166 million and with pricing looking likely to settle around the mid to bottom of guidance.

Michael J. McGuire has been appointed Chief Executive Officer of insurance-linked securities (ILS) and third-party reinsurance capital manager Blue Capital Management Ltd. after Adam Szakmary resigned from all his executive positions and directorships with the company.

During reinsurer Munich Re’s recent earnings call Chief Executive Officer (CEO) of Reinsurance, Torsten Jeworrek, questioned the increasing use of leverage in the insurance-linked securities (ILS), or alternative capital business model and subsequent potential credit risk for reinsurers.

The insurance-linked securities (ILS) market continues to impress and broaden in terms of products and perils despite spread levels and margins continuing to decline, which is driving a need for further market innovation, according to Willis Towers Watson Securities (WTW Securities).

Insurance and reinsurance firm W.R. Berkley Corporation is paying “close attention” to the alternative capital trend, as it sees pools of capital with lower hurdle rates that might sit well alongside its balance-sheet and is “developing strategies” to take advantage of this evolution, according to CEO and President Robert Berkley.

After primary insurer The Cincinnati Insurance Companies (Cincinnati) reported Q1 2017 catastrophe losses of around $106 million (pre-tax), which will have eroded some of the buffering layers and retention beneath its $180 million Skyline Re Ltd. (Series 2017-1) catastrophe bond, broker pricing sheets are now reflecting an increased risk of loss for the bond.

Data and analysis from reinsurance broker Aon Benfield reveals that Hurricane Matthew is estimated to have resulted in an insurance and reinsurance industry loss of roughly $4.5 billion, and an economic loss of almost $15 billion, highlighting a tropical cyclone protection gap in both developed and emerging regions.