Archive for August, 2018

Prudential Retirement, part of Prudential Financial, Inc. has entered into an agreement to reinsure roughly $1.4 billion (UK £1bn) of pension liability related longevity risk for Aviva Life and Pensions U.K. Ltd., the first such transaction between the two life, pension and annuity giants.

Reinsurance giant Munich Re continues to plough ahead with its growth strategy in the slightly better pricing environment, reporting today that it underwrote 42% more premiums at the July renewal at pricing that was less than 1% better across the portfolio.

California focused electrical utility PG&E Corporation (the Pacific Gas and Electric Company) now benefits from $200 million of insurance protection against losses related to wildfires, through the completion of Cal Phoenix Re Ltd. (Series 2018-1), the first catastrophe bond to benefit a corporate sponsor using an indemnity trigger.

The Ontario Teachers’ Pension Plan (OTPP) has appointed a new Investment Associate for insurance-linked securities (ILS) within its Capital Markets group, hiring from within to name Agnes Chang to the role.

Florida headquartered, nationally expanding U.S. property casualty insurer Heritage Insurance Holdings, Inc.has estimated that its gross losses from last year’s hurricane Irma now stand at up to $800 million, suggesting greater impacts to the firms Citrus Re catastrophe bonds.

The 2018 California wildfire season continues to astonish as wildfire acres burned in the so-called Mendocino Complex fires accelerated rapidly over the last 48 hours, making the burn into the largest single wildfire in California state records.

Nephila Capital, the largest manager of catastrophe and weather insurance and reinsurance linked investment funds, has had its application to transition to operating its own managing agency at Lloyd’s approved by the market Board and has announced a number of hires.

Tropical Storm Risk (TSR), an insurance and reinsurance industry supported tropical weather research and forecasting team, has raised its prediction for the 2018 Atlantic hurricane season, but still forecasts a below normal level of activity across the season.

Insurer American International Group (AIG) is likely to continue to acquire increasing amounts of reinsurance protection, as it utilises reinsurance capital as a lever for performance improvements across its book and is already approaching reinsurer markets about new opportunities in the second-half of this year.

One of the ways the insurance-linked securities (ILS) and investments market has expanded in recent months is through backing quota share-type arrangements for a range of ceding companies, with this activity now outpacing collateralized reinsurance sidecars and helping to provide capacity to support ILS asset growth.