Archive for July, 2019

Mortgage insurance specialist underwriter NMI Holdings, Inc. has returned with its third insurance-linked securities (ILS) transaction and it is the largest to-date, a $327 million Oaktown Re III Ltd. transaction.

Lancashire Holdings is “encouraged” by the evidence of improvements in discipline and pricing across the insurance and reinsurance market, according to its CEO Alex Maloney.

SCOR is the first of the global reinsurance majors to report its results for the second-quarter and first-half of 2019 and CEO Dennis Kessler highlights the ongoing expansion of the SCOR franchise, while the data suggests rate increases accelerated for the firm in Q2.

Beazley continues to try and drive down the cost of re/insurance capital using its so-called ‘smart tracker’ special purpose arrangement (SPA) syndicate 5623, with digitalisation a goal to add further efficiency in the future.

The commercial insurance sector is experiencing a flight to quality according to Chubb CEO Evan Greenberg, while at the same time the re/insurer is experiencing continued tightening of pricing, which is spreading further into new lines of business and even other territories.

The recent earthquakes that struck a sparsely populated region of California near the town of Ridgecrest are expected to drive around $200 million of economic losses, but only up to $40 million is expected to be covered by insurance.

New York state has seen new legislation on climate change adaptation making rapid progress through lawmaking channels and the Climate Leadership and Community Protection Act includes signs that risk transfer is on the agenda.

U.S. primary insurer Travelers has experienced sufficient losses so far this year that on an aggregated basis have eaten around 60% of the way through the retention of its new $500 million aggregate reinsurance treaty.

RenaissanceRe said that it raised over $700 million of new third-party capital from investors for its joint-venture and insurance-linked securities (ILS) vehicles in the second-quarter of 2019.

Helping to boost reinsurance returns on equity (RoE), insured catastrophe losses have fallen to their lowest level seen since 2006 in the first-half of this year, according to broker Aon.