Archive for November, 2022

The catastrophe bond market is entering an exciting phase and likely to play an increasingly important role in natural catastrophe risks and reinsurance capital, but this will only be achievable if deals are placed on investors’ terms, the Credit Suisse Insurance Linked Strategies (ILS) team has explained.

Based on third-quarter data provided by syndicates operating there, Lloyd’s has estimated that hurricane Ian losses to the market will total between $2.3 billion and $3 billion, on a net basis.

Speaking about the emerging non-property, or non-catastrophe, insurance-linked securities (ILS) market and its prospects for growth, Andy Marcell, the CEO of Aon’s Reinsurance Solutions acknowledged growing activity there, but said it’s too early to expect it to affect the supply-demand equation.

Despite the fact the initial risk interest spread offered for Fidelis’ new Herbie Re Ltd. (Series 2022-1)  catastrophe bond had been raised roughly 30% above the initial mid-point of price guidance, the targeted size has been reduced somewhat in the final stage of marketing the deal, Artemis is told.

Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has made another key hire, bringing experienced London and European insurance and reinsurance market exec Anthony Southern onboard as its Director of Insurance Markets UK & Europe.

Inigo, the London headquartered specialty insurance and reinsurance underwriter with a Lloyd’s syndicate, has returned to the catastrophe bond market for its second issuance, seeking $100 million or more in aggregate retro reinsurance protection from this Montoya Re Ltd. (Series 2022-2) deal.

RenaissanceRe’s collateralized reinsurance and retrocession investment fund vehicle Upsilon has returned just over $254 million of trapped capital to its investors across the first nine months of this year.

Independent investment manager AUM Asset Management Ltd. has entered the insurance-linked securities (ILS) fund space, with its first offering being the ILS Ocean Fund, a strategy that invests into Barbados domiciled captive re/insurer, Ocean Re.

Global reinsurance firm Swiss Re is anticipating a return to growth for the global insurance and reinsurance industry in 2023, having seen inflation causing total global insurance premiums to contract by an estimated 0.2% in real terms in 2022.

Reinsurance giant Swiss Re has appointed long-standing insurance-linked securities (ILS) focused senior executive Jean-Louis Monnier as the CEO of its US broker-dealer arm, Swiss Re Capital Markets Corporation.