Archive for March, 2022

Cyber risk is often touted as a potential area of participation for the insurance-linked securities (ILS) space, but owing to its nature, it might be wise to adopt a more bespoke approach to begin with, according to Brittany Baker, Director of Technical Sales at CyberCube.

Markel continues to drive increasing volumes of catastrophe exposed property business through the reinsurance vehicles owned by its insurance-linked securities (ILS) manager Nephila Capital, with the amount of premium ceded through such programs rising 67% year-on-year in 2021.

Impact Forecasting, the catastrophe risk modelling focused arm of insurance and reinsurance broker Aon, has put the economic impact from this weeks magnitude 7.3 Japanese earthquake into the billions, while likening the event to the 2021 quake that caused more than US $2 billion in insured losses.

The North Carolina Insurance Underwriting Association (NCIUA) just missed the revised upper-end target for its new Cape Lookout Re Ltd. (Series 2022-1) catastrophe bond issuance, with the deal eventually pricing to offer the insurance pool $330 million of reinsurance protection.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products on its own balance-sheet and also provides fronting for a growing range of risks, has renewed its $25 million aggregate excess-of-loss reinsurance treaty.

Heritage Insurance Holdings, Inc., the Florida headquartered but nationally expansive property and casualty insurer, has returned to the catastrophe bond market seeking $100 million or more of north-east US wind reinsurance with a Citrus Re Ltd. (Series 2022-1) transaction.

Insurance and reinsurance brokerage BMS has announced an expansion of its capital solutions capability, with two key hires announced as the company doubles-down on providing capital agnostic risk financing and transfer solutions.

Youi is the latest insurer in Australia to reveal that its aggregate reinsurance protection will cover its losses from the severe flooding that struck the country in recent weeks, while the latest industry loss estimate for the flood event has now reached AU $2.22 billion.

Yesterday’s significant earthquake in Japan is likely to increase an already relatively heavy first-quarter of catastrophe and other large losses for the global insurance and reinsurance industry, according to analysts at Bank of America, while Plenum Investments said no impact to the catastrophe bond market is expected.

The proposed buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds have now received formal support from the US bankruptcy courts and Markel said yesterday that two lawsuits filed against former Markel CATCo CEO Tony Belisle will now be dismissed with prejudice, as the buy-out offer moves towards its close.