Archive for July, 2020

The Bermuda insurance and reinsurance market’s share of global alternative capital capacity accelerated in 2018 to reach an impressive $71 billion, or roughly 73%, as capital raising flowed to Bermuda-based ILS structures and funds.

TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has added another hire, taking Juan England from Willis Re for a role focused on European and international reinsurance clients.

The Pioneer ILS Interval Fund, a dedicated insurance-linked securities (ILS) focused mutual investment fund strategy operated by Amundi Pioneer Investment Management, saw its assets under management shrink by around 2.4% in the last quarter of record, but in the six months at April 30th delivered benchmark beating returns.

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has appointed its CFO Brad Martz as President of the insurer and Chris Dittman takes on the role of Chief Risk Officer, keeping his reinsurance buying responsibilities as well.

The transaction is the first personal auto reinsurance transaction backed by alternative capital that AXA XL has completed in Bermuda, helping long-time MGA partner Bluefire to reduce its exposure in a capital efficient manner.

U.S. and global primary insurance carrier and reinsurance company Chubb, has pre-announced a massive just over $1.8 billion hit from global catastrophes and the Covid-19 pandemic for the second-quarter of the year, setting the stage for other large loss hits from major players.

The reinsurance marketplace remains fragile after a number of years of subpar returns and more recent stresses, which is expected to help price increases continue into 2021, albeit at decelerating positive rate levels, according to equity analysts at Credit Suisse.

Stone Ridge Asset Management’s mutual insurance-linked securities (ILS) fund assets shrank by a further 18% in the last quarter of record, as high levels of redemptions continued and over a billion dollars exited its interval ILS fund strategy.

Media reports state that the World Bank has shelved plans for any future issuance of pandemic catastrophe bonds and for a version two of its Pandemic Emergency Financing Facility (PEF).

Loss creep from 2017’s hurricane Irma may accelerate over the next few months as the statute of limitations for filing claims approaches in September, rating agency A.M. Best warned today.