Archive for July, 2018

Underwriting agency Pioneer Underwriting has hired James Sharpington, formerly of broker BMS, as an Underwriter for its Pioneer CAT property catastrophe team, effective July 2018.

The value of flood insurance claims paid by the National Flood Insurance Program (NFIP) from damage caused by last year’s hurricane Irma have now hit $1.1 billion, which remains well below where the first NFIP flood catastrophe bond will attach once its issuance is completed.

Insurance and reinsurance broker Aon’s protected cell facilities under the White Rock Group brand continue to experience growth in terms of clients and cells established, with insurance-linked securities (ILS) and collateralised reinsurance a key driver.

The spread of excess returns possible between expected loss and catastrophe bond yields at issuance narrowed slightly during the second-quarter of 2018, as the weight of capital pressured rates causing multiples also to dip slightly, data from Artemis shows.

Analysts at Deutsche Bank have conclude in a new report that the reinsurance renewals so far this year show that reinsurer pricing power is gone and that price increases seen are insufficient to reimburse reinsurers losses, suggesting a negative outlook for the next major contract signings in January 2019.

Here are the ten most popular news articles, week ending 22nd July 2018, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

The Jamaican government continues to work with the World Bank to identify and develop a long-term disaster risk financing strategy and a report from this work found that Jamaica faces an average of US $121 million of hurricane and flood damages every year.

U.S. property & casualty insurance giant Travelers took advantage of keen pricing conditions in the ILS and capital markets this year, as the firm upsized its catastrophe bond renewal Long Point Re III  2018-1 to $500 million, while at the same time shrinking one of its traditional reinsurance treaties.

The new insurance-linked securities (ILS) transaction sponsored by mortgage insurance specialist NMI Holdings, Inc., which is the firms second mortgage ILS deal, a $264.55 million Oaktown Re II Ltd. transaction that we first reported on yesterday, has now been priced.

Beazley said this morning that it saw the rate increases achieved so far this year as in line with expectations, despite the market being “awash with capital” and while also noting that “non-traditional capital providers… maintained their commitment to the market.”