Archive for December, 2018

The launch of Vermeer Reinsurance Ltd. by RenaissanceRe, with the sole backing of Dutch pension fund manager and significant ILS investor PGGM, will help the reinsurer to “address more of its cedents’ concerns” while bringing diversified capital to market, analysts say.

For all the talk of a capacity crunch in retrocessional reinsurance markets, resulting in a renewal that is seen to be in disarray and set to be very late, we’re told that some major UNL retrocession programs have hit the market offering relatively flat pricing and terms in recent days.

German reinsurance giant Munich Re has completed its first placement of collateralised reinsurance sidecar notes for 2019, with the sponsorship and placement of an almost $86.8 million tranche of Series 2019-1 participating notes from its Eden Re II Ltd. sidecar vehicle.

Global reinsurance firm Hannover Re has successfully assisted a client by facilitating the issuance of two new Seaside Re private catastrophe bonds through its Kaith Re Ltd. Bermuda domiciled segregated accounts vehicle, bringing $27 million of U.S. property catastrophe risks to ILS investors.

Bermuda headquartered insurance and reinsurance firm AXIS Capital has estimated that its losses from the recent California wildfires could be as much as $150 million net and the firm added that it has based its estimate on an industry loss of up to $20 billion.

Insurance-linked securities (ILS) investment fund manager Nephila Capital and Swedish state sector pension fund AP3 have both backed a near $390 million renewal for the Philippines regional parametric disaster insurance program.

Insurance technology (InsurTech) start-up Tremor Technologies, Inc. has successfully completed the first fully programmatic placement of a property catastrophe reinsurance program for a top-20 U.S. property and casualty insurer.

The 1/1 2019 January reinsurance renewal may come out relatively flat, according to analysts at Morgan Stanley following discussions in Bermuda, but the market there is expecting better conditions as the year progresses with 10%+ price increases expected for the mid-year renewals.

Heritage Insurance Holdings, Inc. is changing its capital structure, adding a new $125 million credit facility, the proceeds of which will be used to redeem previous financing including private debt that ILS specialists Fermat Capital Management and Hudson Structured had invested in.

Merion Square Capital LLC has been launched today as a new insurance-linked securities (ILS) fund manager with $150 million of initial capital commitments, by ILS and collateralized reinsurance specialists Rewire Holdings LLC alongside alternative investment manager Vida Capital Inc.