Archive for June, 2020

Insurance and reinsurance broker Aon has elected to end the staff salary reductions it had introduced back in April, saying that “the overall macroeconomic uncertainty and downside are somewhat less significant than anticipated.”

Some insurance carriers in Florida have struggled to secure sufficient Reinstatement Premium Protection (RPP) coverage for the reinsurance towers they have renewed, due to a lack of capacity for this specific offering and reduced appetite, all of which could present an opportunity for ILS funds.

Global reinsurance giant Munich Re has completed a £1 billion longevity swap arrangement for the Willis Pension Scheme, in a longevity hedging deal that covers some 3,500 pension scheme members.

Convex Group, the specialty insurance and reinsurance company founded by Stephen Catlin, is sponsoring its first catastrophe bond transaction, bringing a $150 million Hypatia Ltd. (Series 2020-1) multi-peril retro transaction to market.

A forum co-chaired by UK regulator the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) calls for the development of a market for climate-related insurance-linked securities (ILS) in London.

U.S. specialty insurance group Assurant has shrunk down the top of its reinsurance tower at its July 2020 renewal, securing less coverage than a year ago to reflect changes to its exposure and reduced writings.

Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, has struck a deal with insurance giant AIG that will see Heritage taking on some of its Private Client Group policy renewals.

The non-life insurance and reinsurance industry is deemed most likely to face between $80 billion and $100 billion of underwriting losses due to the Covid-19 coronavirus pandemic, according to the respondents to our latest market survey.

Florida’s Citizens Property Insurance Corporation is likely to see an increasing need for more risk transfer and reinsurance over the coming year, as it forecasts that its assumption of risk and policies will accelerate, with the state of the Florida insurance market set to drive its portfolio up by 17% over the course of this […]

The uncertainty that the Covid-19 pandemic has created for the insurance and reinsurance industry serves to further highlight the need for risk transfer data transparency, all the way down the market chain, according to Nephila Capital Co-CEO Frank Majors