Archive for October, 2021

With the world attempting to speed a transition to lower carbon economies and the key Conference of Parties (COP 26) beginning at the end of this month, it was interesting to hear Maria Rapin, CEO of Nephila Climate explain that a key focus for the company is now on product development.

Reinsurance firms divergent attitudes towards underwriting catastrophe risk and retentions in the improving rate environment are once again bringing discipline into focus, a new report from S&P Global Ratings said, which is a timely thought given the results season may see some with outsized, or larger than anticipated market share of recent catastrophe loss events.

Appleby, the specialist offshore law firm and fiduciary services provider, has announced that Brad Adderley will take over from Tim Faries as Office Managing Partner in Bermuda, effective January 1st, 2022.

Parameter Climate, a parametric risk transfer and climate focused underwriter launched by well-known industry executive Marty Malinow, has received backing from specialty insurance and reinsurance player SiriusPoint, which has made an investment into the company.

Heritage Insurance Holdings, Inc., the Florida headquartered, nationally expansive U.S. property casualty insurer, has reported a preliminary estimate of third-quarter 2021 catastrophe and weather losses, saying the total is expected to be $51.4 million net.

The month of September 2021 saw another $165 million of pre-tax catastrophe losses added to Allstate’s bill for the third-quarter of the year, which has now risen to $1.3 billion thanks to the significant loss it had previously announced from hurricane Ida.

According to our sources, an early estimate of the National Flood Insurance Program’s (NFIP) losses from hurricane Ida suggests that its reinsurance program and catastrophe bonds are less likely to face any impact from the catastrophic event.

Investment consultants continue to demonstrate the influence they have over institutional allocations to insurance-linked securities (ILS), as Aon Hewitt has now advised the Arkansas Teacher Retirement System to wind-down an allocation to an Aeolus Capital Management fund.

During the third-quarter of 2021, global asset manager GAM Investments benefited from continued inflows to its flagship catastrophe bond fund strategy, which is managed by insurance-linked securities (ILS) specialist Fermat Capital Management.

As much as $1.5 trillion of pension fund and private capital could be unlocked to cover climate related risks and perils according to broking group Howden, which is calling on the risk transfer industry to  “change insurance for (social) good.”