Archive for May, 2021

Rating agency Standard & Poor’s has upgraded AIG’s reinsurance unit Validus Re to ‘A+’ from ‘A’, saying that the Validus operation is now considered “core” to AIG’s operations and adding that the access to third-party capital markets the parent gets through AlphaCat Managers is another benefit.

Vesttoo has launched a new Insurance-Linked Program (ILP) offering and announced a key hire from the capital markets, as it expands its business to assist investors to pledge high-quality assets as collateral and earn returns from reinsurance and risk transfer business.

As part of the latest Artemis Live webcast, industry experts argued that utilizing technology will be critical in enabling the reinsurance and alternative capital markets, or ILS sector, to help hedge pandemic risk using parametric solutions.

BGC Partners has announced that it has reached an agreement to sell its Corant Global insurance and reinsurance broking businesses, including brands Ed Broking Group Limited and Besso Insurance Group Limited, to The Ardonagh Group Limited for a $500 million cash consideration.

Aspen Insurance Holdings Limited, the Bermuda headquartered insurance and reinsurance group, has made a key appointment in hiring Bill Miller from KPMG to become its Group Chief Actuarial Officer.

Peak Reinsurance Company Limited (Peak Re), the Hong Kong headquartered, Fosun backed global reinsurer, has announced a senior appointment in Europe, naming former NewRe executive Matteo Cussigh as CEO of its Swiss subsidiary, with a lead role in European marketing for the firm.

Primary insurers in Florida and elsewhere that are renewing their reinsurance programs for June 1st 2021 are set to come out of the renewal season largely unscathed, as reinsurance pricing faltered and came in below expectations, analysts at JMP Securities have confirmed.

Another new sponsor has entered the catastrophe bond market, with Ariel Re’s Lloyd’s of London Syndicate 1910 set to benefit from a targeted $150 million of retro protection from a Titania Re Ltd. (Series 2021-1) cat bond issuance, according to sources.

Insurance giant Liberty Mutual has returned to the catastrophe bond market for the second time in just six months, quickly coming back with a $240 million Mystic Re IV Ltd. (Series 2021-2) transaction, which sees the carrier looking for indemnity reinsurance cover for hurricane and earthquake loss events.

The creation and utilisation of indexes can assist the insurance-linked securities (ILS) asset class as it looks to securitize risks around cyber, excess casualty and other long-tail exposures, according to Greg Hendrick, co-founder and Chief Executive Officer (CEO) of Vantage Risk.