Archive for March, 2022

Occam Underwriting, the specialist lines focussed Managing General Agency (MGA), that counts reinsurance and insurance-linked securities (ILS) investor Hudson Structured Capital Management (HSCM) as its majority owner, has now completed its acquisition of terrorism risk focused MGA Beech Underwriting Agencies Ltd.

Re2 Capital has been launched by three well-known former employees of ILS manager Nephila Capital, with a mission to structure innovative climate risk transfer and financing solutions that can connect private investment capital and risk capacity to climate-linked opportunities.

Lexington Insurance Company, the U.S. based surplus lines insurer arm of global player AIG, has reportedly announced a pull-back from Florida’s high-value homeowners insurance market, with plans to stop offering personal lines property coverage from August.

Direct-to-consumer and fast-growing insurtech Kin Insurance is aiming to upsize its first catastrophe bond issuance, with its target for the Hestia Re Ltd. (Series 2022-1) issuance now set between $150 million and as much as $200 million of Florida hurricane reinsurance protection.

Aon’s Bermuda domiciled Class 3 and Class C insurer and segregated accounts company White Rock Insurance (SAC) Ltd. has issued a fifth transaction in the Japanese Asagao private catastrophe bond series, with a $16.2 million Asagao V completed.

The Lloyd’s insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC.

Australia is flooding again, with weather forecasters talking about a “rain bomb” for the Sydney and surrounding region of New South Wales and flood waters rising in some areas already impacted by the recent severe weather and floods that struck in late February.

The closing date for the buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds was yesterday March 28th and as a result distributions of the remaining value in the ILS fund strategies to investors have begun.

Weather forecasters are warning of another dangerous severe storm and convective weather outbreak this week for southern states of the US, with torrential rain, large hail, damaging winds and some tornadoes possible.

The latest catastrophe bond issuance for Japanese insurance carriers owned by MS&AD Insurance Group Holdings has now been priced, with the Tomoni Re Pte Ltd. Series 2022-1 transaction securing the company $220 million of per-occurrence reinsurance protection at the top-end of price indications.