Archive for October, 2017

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USAA’s ResRe cat bonds face payout as California wildfire losses bite

According to sources, U.S. primary military mutual insurer USAA is anticipating losses of between $387 million and $581 million from recent wildfires in northern California, a financial impact which raises the likelihood that some of the riskiest layers of the insurers aggregate Residential Re catastrophe bonds will now be triggered.Artemis read the full article →

Tangency Capital founded by Morgenstern, Hagedorn & Jedraszak

Tangency Capital Ltd. is a new insurance-linked securities (ILS) start-up venture that has been founded by three experienced ILS and reinsurance convergence focused executives and will focus on helping its investors to access opportunities in insurance and reinsurance, from offices in Bermuda and London.The three founding members of Tangency Capital read the full article →

Assets decline at reinsurer owned ILS units AlphaCat & Mt. Logan Re

Following the losses from third-quarter natural catastrophes, including hurricanes Harvey, Irma and Maria, two of the reinsurance firm owned ILS and collateralized reinsurance investment managers have reported declines in assets under management after paying for losses.First, AlphaCat Managers, the ILS and collateralized reinsurance investment operations of Validus Holdings, which reported read the full article →

Blue Capital Re takes 28.6% hit from Q3 cats, looks for higher rates

New York stock exchange listed fully collateralized reinsurer Blue Capital Reinsurance Holdings Ltd. has reported a 28.6% hit to its fully converted book value per common share after third-quarter 2017 catastrophes and hurricanes, but the manager is now hoping to position the vehicle to take advantage of higher renewal rates.Hit read the full article →

January reinsurance renewals set to be extremely competitive

Reinsurance firms and ILS funds looking to make the most of any increase in rates at the forthcoming January renewal season are likely to make this one of the most competitive in years, which could ultimately mean that price rises are even more short-lived than currently expected.Following the roughly $100 read the full article →

CCRIF parametric rainfall policy pays out $7m to Trinidad & Tobago

The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), the parametric disaster insurance facility serving the Caribbean and Central America, has made another payout following torrential October rainfall that affected Trinidad & Tobago.CCRIF said that Trinidad & Tobago will receive $7,007,886 (approximately TT$47.4 million) after its parametric Excess Rainfall read the full article →

Storm Herwart estimated to cost German insurers EUR 250m

Storm Herwart impacted Germany on Sunday, particularly the Hamburg area, with hurricane speed wind gusts, a storm surge and torrential rainfall all impacting the region, with the impacts estimated to have caused around EUR 250 million of losses to insurance interests."According to our calculations, Sturm Herwart brings insured property damage read the full article →

$9 billion of collateralised retro estimated blown or trapped

Of the $29 billion of total retrocessional reinsurance capacity tracked by broker Aon, an estimated $9 billion, or 31% is collateralised and either completely blown or trapped as a result of recent catastrophe events, according to Robert Bisset, Chief Executive Officer (CEO) of Global Re Specialty, Aon Benfield.Following the devastating read the full article →

Aspen eyes further growth of Silverton Re sidecar in 2018

Insurer and reinsurer Aspen Insurance Holdings plans to grow the size of its Bermuda-based collateralized reinsurance sidecar, Silverton Re, so long as pricing in the global P&C industry reacts to recent catastrophe losses as the firm anticipates.Since its launch in December 2013, Aspen has been slowly increasing the size of read the full article →

Hiscox Re ILS hires Garcia as portfolio manager

Hiscox Re ILS, the reinsurance and insurance-linked securities (ILS) arm of global re/insurer Hiscox Group, has added a new portfolio manager to its ILS investment team recently, hiring Aaron Garcia from London re/insurer Novae Group.Garcia officially joined the Hiscox Re and ILS investment team as a portfolio manager in September read the full article →