Archive for August, 2019

In the month of July U.S. primary insurance giant Allstate was again hit by fresh losses from convective storm activity and in particular hail damage, while loss creep from the same type of events that struck in previous months was also accounted for.

Global reinsurance firm Swiss Re has estimated that first-half 2019 natural catastrophes and severe weather events around the globe cost the insurance industry $19 billion, covering just 42% of the $40 billion economic impact.

Climate risk data should be linked to the insurance, reinsurance and risk transfer process through the use of technology and risk models, placing it and financial products at the heart of climate adaptation and resilience efforts.

The passage of California legislation calling for approval for the state to purchase insurance, reinsurance, insurance-linked securities (ILS), or other alternative risk transfer (ART) structures as financial protection against disasters has stalled.

Arch Insurance North America, a division of insurance and reinsurance specialist Arch Capital Group, has announced that it will acquire the technology and third-party capital focused managing general underwriter Ventus Risk Management.

Typhoon Lekima’s insurance and reinsurance industry impact in China is expected to exceed US $855 million (CNY 6 billion), according to catastrophe risk modeller AIR Worldwide.

Leadenhall Capital Partners LLP, the London headquartered insurance and reinsurance linked investment manager, said that its Managing Partner and Non-Life Portfolio Manager Ben Adolph is to move to the firm’s Bermuda office.

The property & casualty run-off focused insurance-linked investment fund linked to Credit Suisse and sub-advisor ILS Investment Management (ILSIM), completed a number of new transactions at the beginning of this year.

Axis Re, the reinsurance arm of global re/insurer AXIS Capital Holdings Limited, has announced the hiring of Gino Smith from XL Re, as the firms new Head of Property EMEA LatAm.

U.S. primary insurance group FedNat Holding Company has boosted its 2019-20 reinsurance program with a new treaty layer that reduces the firms second and third event retention of catastrophe losses.