Archive for July, 2018

Bermudian headquartered global reinsurance firm Everest Re is one of the first traditional players to announce the need to strengthen its reserves for the 2017 major hurricane and catastrophe loss events, saying it expects to experience reserve charges of $250 million from prior year events and another $25 million from current year events.

Severe hail storm events in Texas and Colorado drove June catastrophe losses higher for primary insurance carrier Allstate, as it reported $417 million of June losses largely due to three severe hail events, meanwhile Travelers reported an uptick in its second-quarter cat loss experience on tornado and hail activity.

Specialty insurance and reinsurance player Brit Ltd. has set out its stall with respect to its ambitions in the collateralised reinsurance and insurance-linked securities (ILS) space, saying that it aims to turn its Sussex Capital unit into a “leading ILS manager.”

There’s potential for the expanding insurance-linked securities (ILS) market to play a meaningful role outside of the natural catastrophe space, however, on long-term business, someone must take the tail risk, says Ulrich Wallin, Chief Executive Officer (CEO) of reinsurance giant Hannover Re.

After some European investment portfolios were impacted by the severity and subsequent damages caused by 2017 catastrophe events, owing to their insurance-linked securities (ILS) investments, funds are reportedly looking to diversify their allocations within the space.

Mortgage insurance specialist NMI Holdings, Inc. is returning to the insurance-linked securities (ILS) markets for a second slice of collateralized mortgage reinsurance cover with its second mortgage ILS deal, a $264.55 million Oaktown Re II Ltd. transaction.

Markel CATCo Investment Management Ltd., the retrocession and reinsurance linked investment manager, has raised an additional $700 million of capital from its existing investor base to meet an increased demand for its products at the mid-year renewals this year, Artemis has learned.

Pillar Capital, a Bermuda based specialist collateralized reinsurance and insurance-linked securities (ILS) investment manager, has promoted Jeff Franklin, who has been with the firm since 2013 and was previously CUO to Flagstone Re, to the role of Chief Underwriting Officer (CUO).

American International Group, Inc. (AIG), one of the world’s largest insurers, will now also benefit from a specialist reinsurance arm and its own insurance-linked securities (ILS) fund manager, as it closes on the Validus acquisition so adds the AlphaCat Managers ILS unit to its operations.

The California Earthquake Authority (CEA) projects that it could need as much as a stunning $48 billion of claims paying capacity in a decades time, a considerable increase on the amount it has in force today, suggesting the CEA will increasingly call on the reinsurance and catastrophe bond market for growing support.