Archive for October, 2020

Global reinsurance company Swiss Re is providing the underwriting capacity for a new parametric earthquake insurance product for businesses in California, partnering with insurtech Cover Genius, underwriting firm Palomar and tech giant Intuit on the launch.

Global insurance and reinsurance group Everest Re has pre-announced that it expects to report around $300 million of pre-tax and net catastrophe losses for the third-quarter of 2020.

Cat bonds are set to buck the trend elsewhere in the ILS market, with a strong issuance pipeline for Q4 2020 and Q1 2021. This is according to Des Potter, managing director ILS origination and structuring at GC Securities, part of Guy Carpenter, in an interview with Artemis.

PartnerRe, the Bermuda headquartered and EXOR owned reinsurance company, is set to make third-party capital an even more central component of its business model, with the hiring of Andrew Hughes from Hiscox ILS, who will take on the role of CEO Third Party Capital.

American Family Mutual Insurance Company has returned to the 144A catastrophe bond market for the first time since its two fated late 2010 Mariah Re deals, as the carrier seeks a $150 million or greater source of collateralized multi-peril reinsurance from a Four Lakes Re Ltd. (Series 2020-1) issuance.

Fidelis is now set to secure $275 million of fully collateralised property catastrophe reinsurance from its second visit to the catastrophe bond market, as the Herbie Re Ltd. (Series 2020-2) issuance was priced at attractive levels and the sponsor seemed to value price over size in the end.

Bermuda headquartered international specialty insurance and reinsurance firm Argo Group expects third-quarter catastrophe events and additional contingency losses related to the COVID-19 pandemic will dent its upcoming results.

Alissa Fredricks, the former CEO of Markel CATCo’s Bermuda operation, is planning to launch a new insurance-linked securities (ILS) fund manager, which to begin will have a focus on developing next-generation retrocessional reinsurance products.

Mexico’s Fund for Natural Disasters (El Fondo de Desastres Naturales), more commonly known as FONDEN, is set to be dismantled along with more than 100 other government funded public trusts, as lawmakers in the senate voted to reform this area of public funding.

Pandemic risk insurance and reinsurance needs a new paradigm of how we access capital markets for risk bearing capacity, as it is bigger than just the reinsurance and insurance-linked securities (ILS) markets we know of today.