Archive for December, 2020

Reinsurance broker Guy Carpenter has announced the hiring of Miles Shephard from Aon, who will join the company as Managing Director and Head of GC Access, International, its specialist program capacity focused unit.

Alphabet, Inc., the holding company for tech giant Google and its units, has returned to the catastrophe bond market in very quick succession to add a second $95 million Phoenician Re Ltd. (Series 2020-2) transaction, clearly pleased with the pricing and execution of its first.

ILS Capital Management Ltd. has now received approval from the Bermuda Monetary Authority (BMA) for an expansion of the operating model of its reinsurance company Prospero Re Ltd., which can now write both fully collateralized and traditional reinsurance with an element of leverage.

The average return of the insurance-linked securities (ILS) fund market was dented in October 2020 by some selling pressure on certain aggregate catastrophe bond positions and reserve setting for potential losses to catastrophe reinsurance programs due to the COVID-19 pandemic.

AXIS Re, the reinsurance division of global specialty re/insurer AXIS Capital, has announced the hiring of Emilie Hungenberg in Zurich, who’s most recent position had been as a Senior ILS Underwriter with investment manager Schroders.

Turker Re, a Lloyd’s broker with a significant insurance and reinsurance broking footprint in the Turkish marketplace and surrounding region, has launched a new product offering of a Turkey earthquake industry loss warranty (ILW) as the first under a new Capital Solutions unit.

Ardonagh Group, the largest independent insurance broking, underwriting, servicing and management company in the UK, has now added insurance-linked securities (ILS) servicing and management to its range of offerings, as its managing general agent Geo Underwriting has acquired insurance manager Robus Group.

Conduit Re, the pure reinsurance start-up targeting a $1.1 billion initial public offering (IPO) on the London Stock Exchange and set to begin operations in Bermuda, has now priced its IPO and looks forward to targeting what it calls “exceptional market conditions” for its launch.

Insurance giant Liberty Mutual has returned to the catastrophe bond market for the first time since 2012, as the company seeks a $200 million source of catastrophe reinsurance from the capital markets by sponsoring a Mystic Re IV Ltd. (Series 2021-1) transaction.

Hamilton, the Bermuda based insurance and reinsurance holding company, is entering the catastrophe bond market for its first full, syndicated Rule 144a transaction and Singapore is to be the domicile of choice, after the company registered Easton Re Pte. Ltd.  as an issuer.