Archive for June, 2017

The estimate of insurance and reinsurance market losses caused by European windstorm (extratropical cyclone) Zeus, which struck France in March, has been increased by 40% to EUR 269 million (US$303 million) by PERILS AG, the catastrophe loss data provider.

Insurance and reinsurance specialist investment manager Hudson Structured Capital Management is allocating to a novel third-party liability, or casualty risk, transaction that has been arranged by MultiStrat Advisors Ltd., enabling it to access the returns of workers’ compensation insurance risks.

The first catastrophe bonds that will support the World Bank designed Pandemic Emergency Financing Facility (PEF) have been launched to the investment community, with two series of capital at risk notes that are being issued by the International Bank for Reconstruction and Development, a $100 million transaction we’re naming IBRD CAR 111-112.

Hamilton Re, the Bermuda-based reinsurance unit of Hamilton Insurance Group, has set up its first collateralized reinsurance sidecar vehicle, capitalising the special purpose insurance vehicle Turing Re Ltd. with $65 million of capital.

Heritage Insurance Holdings has revealed an 8% saving at its June 1st 2017 reinsurance renewal, while at the same time the insurer achieved enhanced terms and reduced its retentions, all with the help of the capital markets as catastrophe bonds and collateralized reinsurance play a role.

Nephila Capital, the ILS, catastrophe reinsurance and weather risk-linked investment fund manager, is targeting the takeout of another clutch of property insurance policies from Florida Citizens, working alongside its MGA, Velocity Risk Underwriters LLC and fronting insurer State National.

Today we’re delighted to announce four keynote speakers for our upcoming ILS Asia 2017 conference, which is being held at the Marina Bay Sands complex in Singapore on the 13th July. Tickets remain available so please register to attend today.

Some insurance-linked securities (ILS) market participants have expressed uncertainty as to whether London’s ambitions of becoming a global ILS hub will be beneficial to investors and the asset class, noting Brexit as an additional challenge for ILS in London.

Global reinsurance firm Swiss Re helped the First Mutual Transportation Assurance Company (“FMTAC”), the New York State captive insurer of the Metropolitan Transportation Authority (“MTA”), to “transparent” protection through its $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond.

Greenlight Re, the hedge fund backed reinsurance firm that counts David Einhorn’s Greenlight Capital hedge fund as its investment manager, has hired Simon Burton as its new permanent Chief Executive Officer.