Archive for April, 2018

Build America Mutual Assurance Company, a financial guarantee specialist established by the National League of Cities with initial capital from White Mountains, has hailed its $100 million Fidus Re Ltd. (Series 2018-1) insurance-linked securities (ILS) transaction as the “first of its kind”.

Nationwide Mutual is back looking for another slice of multi-peril reinsurance protection with a new catastrophe bond issuance, a $300 million Caelus Re V Ltd. (Series 2018-1) transaction that marks the insurers return at a time when its in-force cat bond coverage is still facing losses.

A new firm named Envelop Risk has launched to focus on cyber risk underwriting and analytics provision with experienced reinsurance capital markets executive Jonathan Spry at the helm, suggesting that the company may well look to cyber insurance-linked securities (ILS) in future.

Bermudian insurance and reinsurance group Arch Capital has returned to the insurance-linked securities (ILS) market to source collateralized reinsurance for its mortgage insurance book, with its largest mortgage ILS transaction to-date, a $374.5 million Bellemeade Re 2018-1 Ltd. deal.

The first catastrophe bond in over a decade from Bermudian insurance and reinsurance group Aspen Insurance Holdings Limited looks set to increase in size by 50%, with the Kendall Re Ltd. (Series 2018-1) international multi-peril transaction now likely to secure the company $225 million of collateralized reinsurance protection.

AXIS Re, the global reinsurance business unit of AXIS Capital Holdings, has named Megan Thomas, previously of AIG, as its new Chief Underwriting Officer.

Two private catastrophe bond transactions that were issued through the Resilience Re Ltd. platform, which is owned by Willis Towers Watson Securities, have had their maturities extended further, likely to allow for loss development to continue.

According to the Florida Office of Insurance Regulation (FLOIR) the value of insurance claims from hurricane Irma in the state of Florida has risen to just over $8.6 billion, with still more than 100,000 claims remaining open.

Meteo Protect, a parametric and weather index insurance specialist, has launched a new product offering parametric flood coverage for river cruise operators and riverside businesses.

The target size for Bermudian reinsurance firm Everest Re’s latest catastrophe bond issuance has increased by 75%, with the reinsurer now seeking $525m of collateralized retrocessional reinsurance from the twin Kilimanjaro Re Ltd. (Series 2018-1) and Kilimanjaro Re Ltd. (Series 2018-2) transactions.