Archive for May, 2019

Bermuda headquartered, hedge fund backed reinsurance firm Third Point Re is pivoting further away from the longer-tailed underwriting, more active investment approach of its original strategy, as it embraces catastrophe risk once again.

American International Group, Inc. (AIG) has reported that the value of its investment stake in the insurance and reinsurance linked fund strategies managed by the AlphaCat Managers ILS unit recovered in the first-quarter of 2019, as too did the income it earned from ILS operations.

Mortgage insurance underwriter MGIC, which is among the largest writers of mortgage insurers in the United States, is returning for its second mortgage insurance-linked securities (ILS) and insurance-linked notes deal, bringing a $315.74 million Home Re 2019-1 Ltd. transaction to market.

The decision as to whether Peru’s earthquake exposed IBRD CAR 120 catastrophe bond will payout a portion of the investor principal is expected within 20 days of the magnitude 8.0 earthquake that struck Peru on Sunday 26th May, according to the country’s Finance Minister.

Tornadoes that struck the U.S. in recent days, as well as strong and damaging winds and large hail, are expected to drive billions of dollars more in economic costs, as 2019 now moves above the long-term average in terms of the number of tornadoes counted by NOAA.

Global asset management group Schroders has announced the hire of a new distribution lead for its private assets unit, with Peter Arnold set to head up the Alternative Sales Unit which includes the firms insurance-linked securities (ILS) strategies.

Parametric development insurance provider the African Risk Capacity (ARC) targets becoming an independent institution within the next five years, with its current cooperation agreement with the World Food Programme (WFP) extended until 2024.

The California legislation to enable the state to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) products to help pay costs resulting from natural disasters, has now passed the Senate in a unanimous vote.

A surprisingly high proportion of Florida reinsurance renewals remain incomplete, as reinsurance and ILS markets remain at odds with broker and cedent terms and pricing ambitions, while a contraction in retrocession capacity also exacerbates the situation.

The insurance and reinsurance industry wide loss from Japanese typhoon Jebi looks destined to rise even further, with analysts saying that industry participants they met with recently in Bermuda have suggested the loss may settle at between $15 billion to as much as $16 billion.