Archive for February, 2020


Pandemic cat bond prices to drop again on coronavirus spread: Plenum

Secondary market pricing for the World Bank's pandemic catastrophe bond notes are set to decline, significantly for one tranche, after the coronavirus outbreaks spread resulted in a second triggering condition being met, Plenum Investments believes. While the pandemic cat bond issued by the World Bank has not yet been triggered and read the full article →

USAA adds $57.4m to Residential Re cat bond reinsurance recoveries

U.S. primary mutual insurer USAA has added another just more than $57.4 million to the reinsurance recoveries made under its Residential Re catastrophe bond program, as it continues to benefit from the catastrophe protection the program has provided it through recent heavy loss years. The last time we covered USAA and read the full article →

Marvin Pestcoe of Langhorne Re joins Hamilton board

Hamilton Insurance Group has added Marvin Pestcoe to its board, bringing it a significant source of expertise in life and health reinsurance business from the seasoned executive. Pestcoe is currently the Executive Chair and CEO Bermuda for Langhorne Re, the joint-venture, third-party capital backed life and annuity reinsurance firm launched by read the full article →

AIG hires Jon Hancock (ex-Lloyd’s) as CEO International General Insurance

American International Group (AIG) has hired former Lloyd's of London insurance and reinsurance market Director of Performance Management Jon Hancock to become its new Chief Executive Officer, International General Insurance. In the role, Hancock will lead the International operations of AIG’s General Insurance business. The appointment is seen by observers as a read the full article →

Allstate seeking $250m+ Sanders Re II 2020 cat bond backed reinsurance

Returning to the catastrophe bond market again for 2020, U.S. primary insurance giant Allstate is seeking a new $250 million or greater source of U.S. multi-peril property catastrophe reinsurance through sponsorship of a just launched Sanders Re II Ltd. (Series 2020-1) cat bond transaction. This second catastrophe bond transaction under Allstate's read the full article →

Munich Re’s P&C underwriting falls to technical loss on catastrophes

Property and casualty reinsurance underwriting fell to a technical loss for Munich Re, as the impacts of major catastrophe events drove the units combined ratios higher for the fourth-quarter and full-year of 2019. Munich Re reported its full-year 2019 results this morning, comfortably beating its forecast guidance by EUR 200 million read the full article →

Coronavirus outbreak meets another pandemic cat bond trigger condition

The spreading global outbreak of the novel coronavirus (2019-nCoV or Covid-19) has now met another of the conditions within the trigger mechanism of the World Bank’s pandemic catastrophe bond transaction, raising the chance that noteholders face losses in the coming weeks. As we have explained, the novel coronavirus (2019-nCoV or Covid-19) read the full article →

ILS to drive “increasing advantages & profitability” for Markel: Co-CEO’s

Insurance-linked securities (ILS) is seen as one of the cylinders of the insurance and reinsurance engine for Markel Corporation and the firm's CO-CEO's Thomas Gayner and Richard Whitt see ILS driving "increasing advantages and profitability" for the company with its leading position set to help it scale in the space. Having read the full article →

Dodeka XVIII private cat bond from Twelve Capital has maturity extended

Another of the Dodeka series of private catastrophe bonds, issued for ILS and reinsurance focused investment manager Twelve Capital, has had its maturity extended, likely to allow for a cedent's catastrophe loss development to continue. The $25.181 million Dodeka XVIII private cat bond was issued in January 2019 and saw ILS read the full article →

Mexico’s upper target for new World Bank cat bond lifted to $525m

The upper-end target for the government of Mexico's latest World Bank supported catastrophe bond issuance has been lifted, with the IBRD / FONDEN 2020 transaction now seeking up to $525 million of parametric earthquake and hurricane protection for the country. As well as up uplift in the upper-end of its targeted read the full article →