Archive for June, 2018

New parametric and index-based weather risk transfer options tailored for the real estate and hospitality sectors have been launched by units of Sompo International Holdings Ltd., the Bermuda headquartered specialty insurance and reinsurance provider.

Bermuda based specialist collateralized reinsurance and insurance-linked securities (ILS) investment manager Pillar Capital has announced the hire of Jeffrey T. Daddario as Senior Analyst, joining the firm from his last role with JLT Capital Markets.

The first insurance industry exposure database for Canada has been launched by Catastrophe Indices & Quantification Inc. (CatIQ) in partnership with PERILS AG and the first industry-loss warranty (ILW) transaction has been completed on the back of this development.

Regular catastrophe bond sponsor Southern Oak Insurance Company has returned to the capital markets with a $45.26 million Oak Leaf Re Ltd. (Series 2018-1) transaction, the insurers eighth visit to the cat bond market with the assistance of the Jardine Lloyd Thompson Capital Markets (JLTCM) team.

The Microinsurance Catastrophe Risk Organisation (MiCRO), a reinsurance company established in Barbados and founded by Fonkoze and Mercy Corps with the support of Swiss Re, has launched a new parametric insurance product in El Salvador that is designed to provide business interruption coverage.

Total net assets appear to have risen at industry loss warranty (ILW) focused mutual insurance-linked securities (ILS) fund the City National Rochdale Select Strategies Fund (CNRLX) in the last quarterly report, but at the same time the value of investments in the portfolio was almost static.

Disasters, be they natural in nature and caused by weather or other catastrophes, man-made such as terrorism, cyber and industrial catastrophes, or others such as health-related, like pandemics, can all have the effect of denting economic, social and political resilience and as a result mobilising capital swiftly after the event is critical.

U.S. primary insurance giant Liberty Mutual has returned to the capital markets to boost its reinsurance at mid-year, with the issuance and sale to investors of a $278 million series of notes from its Bermuda segregated accounts reinsurance sidecar vehicle, Limestone Re Ltd.

Nephila Advisors’ Co-Founder Greg Hagood feels scale is becoming increasingly important for insurance-linked securities (ILS) fund managers, and believes the next evolution of the ILS market is to “rationalise a very inefficient distribution chain.”

A renewal catastrophe bond transaction has been launched for a novel parametric deal that ultimately provides workers compensation protection to an insured, with a $300 million Acorn Re Ltd. (Series 2018-1) transaction that seeks parametric earthquake cover that will benefit the Kaiser Permanente health group.