Archive for April, 2017

North American catastrophe bond issuance increased in the first-quarter of 2017 by roughly 19% to $1.9 billion, according to analysis from Property Claim Services (PCS), a Verisk Analytics business.

Property Claim Services (PCS) has issued its first industry loss estimate for catastrophe events under its PCS Turkey catastrophe loss aggregation and industry loss estimation service. The combined loss estimate across two terrorism insurance related incidents is TRY 510 million (approx. $140 million).

Collateralized reinsurance start-up underwriter and investments firm Sequant Re has received another $200k investment from holding company Premier Diversified Holdings Inc. (PDH), which should provide Sequant with further runway as it continues to prepare to enter the market.

The insurance and reinsurance industry loss caused by European windstorm (or extratropical cyclone) Egon, which struck France and Germany on the 12th and 13th January 2017, has been raised 10% to EUR 234 million, in the second estimate from PERILS AG.

Property & casualty reinsurance firms are deriving “significant benefits from their ability to leverage alternative capital” according to broker Aon Benfield, helping them to lower the cost of their underwriting capital and raising efficiency.

David Govrin, previously of Berkshire Hathaway and formerly a founder of a capital markets focused intermediary, has joined Third Point Reinsurance (USA) Ltd. as its executive vice president in charge of underwriting.

Insurance and reinsurance losses due to the estimated claims totals reported for tropical cyclone Debbie have risen much further across Queensland and New South Wales, Australia, hitting A$660 million from 41,105 claims as of this morning.

Nephila Capital, the largest manager of catastrophe and weather insurance or reinsurance linked assets, has added a significant amount of capacity to its Syndicate 2357 vehicle at Lloyd’s of London, while the business mix written by the syndicate has changed as it supports the ILS manager’s growing U.S. MGA activities.

Florida’s Security First Insurance Company has settled for $175 million of collateralized reinsurance coverage from its First Coast Re Ltd. (Series 2017-1) catastrophe bond transaction, with final pricing terms achieved at the bottom of a reduced range.

While the primary insurance market can sometimes be considered to be removed from the competitive pressures of reinsurance, there are continuing signs that larger commercial lines and property risks are affected by excess traditional capital and the expansion of ILS markets.