Archive for October, 2020

Property Claim Services (PCS) has designated recent hurricane Delta’s impacts on the Yucatan region as the first catastrophe event under its recently launched PCS Mexico industry loss data aggregation and index reporting services.

Placing ILS fund manager Nephila Capital as the single point of entry to the property catastrophe reinsurance market for Markel Corporation is seen as a “cleaner option” for the company and also a way of generating operational efficiencies, Markel senior executives said yesterday.

The impacts and eventual insurance market losses from hurricane Zeta’s landfall on the Louisiana Gulf Coast is not expected to result in any direct losses to catastrophe bonds, but may move the price on certain aggregate cat bonds, according to Plenum Investments.

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has reported a decline in the level of fee income earned through the use of third-party and insurance-linked securities (ILS) capital for the third-quarter, some of which is likely down to catastrophe losses experienced and shared with its investors.

Hurricane Zeta made landfall in Louisiana with 100 mph sustained winds yesterday evening, having intensified as it approached the Gulf Coast, against meteorologists earlier expectations.

Leaders in the insurance and reinsurance industry are acknowledging that the third-quarter of 2020 has seen a particularly high number of catastrophe and severe weather loss events, with some noting the influence of climate change.

Randall & Quilter (R&Q) Investment Holdings, the specialist non-life insurance and reinsurance legacy investor and program manager, has registered its wholly owned Bermuda reinsurance subsidiary R&Q Re (Bermuda) Ltd. under as a segregated accounts company (SAC), opening up potential new avenues to third-party capital.

Global insurance and reinsurance firm Chubb reported $925 million of pre-tax catastrophe losses for the third-quarter of 2020, which was net of reinsurance recoveries.

Hurricane Zeta is forecast to make landfall in Louisiana later today, Wednesday, and the hurricane is strengthening as it tracks towards the northern Gulf Coast, with sustained winds now reaching 100 mph and a chance of the storm sustaining Category 2 status through until it makes landfall.

Cerulean Re SAC Ltd., the private catastrophe bond and insurance-linked securities (ILS) issuance vehicle operated by reinsurance broker Guy Carpenter and Marsh Captive Solutions, has completed another issuance and listed three tranches of Cerulean Re SAC Ltd. (Series 2020-B) notes.