Archive for February, 2021

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has returned to the catastrophe bond market its second transaction, with a new $300 million Torrey Pines Re Pte. Ltd. (Series 2021-1) earthquake only deal that is being issued out of Singapore.

SiriusPoint Ltd. has launched as a new international specialty insurance and reinsurance company today, starting with over $3 billion of capital.

Insurance and reinsurance broker Aon has offered its view on the recent winter storm activity in the United States, saying that an expected “hurricane-level” of claims from the winter storm “will translate to payouts well into the billions of dollars.”

The U.S. Federal Emergency Management Agency (FEMA) continued to spread its risk with its latest visit to the catastrophe bond market, as the $575 million FloodSmart Re Ltd. (Series 2021-1)  cat bond has lifted its reinsurance program for the National Flood Insurance Program (NFIP) to a new high.

RSA Group, the UK based insurance group, has cut its main Group Volatility Cover, an aggregate reinsurance protection, as it balanced cost against the protection it offered at the January 2021 reinsurance renewals.

UK government backed mutual terrorism reinsurance firm Pool Re has secured another increase in size to its retrocession program, lifting it to almost US $3.5 billion at the latest renewal, but still insurance-linked securities (ILS) capacity remains limited to its previous catastrophe bond.

PartnerRe, the Bermuda headquartered and EXOR owned reinsurance company, has significantly grown its third-party capital assets under management, lifting them above $1 billion around the January 2021 renewals.

MetLife, Inc., one of the largest life and annuities insurance groups in the world, has announced that it completed two more UK based longevity reinsurance transactions with pensions insurance specialist Rothesay Life, covering $5 billion of risk.

Catastrophe risk modeller AIR Worldwide has warned that recent winter storm Uri and associated severe winter weather could result in an insurance and reinsurance industry loss that is “well in excess” of $10 billion.

Insurance and reinsurance broking group BMS has announced the hire of David Cameron, a former advisor to RenaissanceRe, as an Executive Vice President, continuing the build-out of its U.S. Property Treaty division.