Archive for July, 2017

The coupon price guidance for the $100 million Fortius Re II Ltd. (Series 2017-1) catastrophe bond transaction, that seeks reinsurance protection against both property and workers compensation losses for subsidiaries of financial services group AmTrust, has dropped to below the initial launch range.

Greenlight Capital Re Ltd. (Greenlight Re), the David Einhorn hedge fund backed reinsurance firm from the Cayman Islands, has struck a $1.1 billion quota share renewal with Windhaven, that will see the reinsurer assume auto business line risks.

Specialist Lloyd’s insurance and reinsurance firm Neon has hired Mark Gibson, previously of Argo Group, to lead the development of its outwards reinsurance and alternative or third-party capital strategy.

Canadian asset manager Crosswinds Holdings Inc. continues to demonstrate its the appeal that reinsurance linked returns have for investors of all kinds, signing an agreement between its Crosswinds Re reinsurer and established market player TransRe.

The insurance-linked securities (ILS) market will be a source of innovation and drive future efficiency for the risk transfer market, to the benefit of protection buyers, according to Managing Partner of ILS investment manager Twelve Capital, Christoph Buerer.

Parametric risk transfer products from New Paradigm Underwriters will now be listed on the electronic reinsurance trading platform X-gRm with TigerRisk Partners acting as intermediary, and up to $100 million of capacity set to be made available.

There has still not been a final maturity of the stricken catastrophe bond Gator Re Ltd., as the remaining outstanding notes are extended once again, but maturity does seem to be nearing as the amount of principal outstanding has been reduced to just under $5 million.

Italian headquartered global insurer Assicurazioni Generali S.p.A. has hailed the completion of its latest and third catastrophe bond, the recently completed Lion II Re DAC transaction, as an “innovative and flexible” example of how the insurer intends to manage its capital going forwards.

The month of June 2017 has resulted in another $2 billion of insurance and reinsurance losses due to severe weather, convective storms and flooding in the United States, while globally convective weather and flooding have caused over $5 billion of economic losses, according to Aon.

UK Prime Minister Theresa May has announced a new London Centre for Global Disaster Protection, that will be established to harness expertise in the insurance and reinsurance market with the goal of helping to increase the use of rapid paying risk transfer protection and insurance against perils such as drought in Africa.