Archive for October, 2017

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.