Archive for November, 2022

Florida’s property insurer of last resort Citizens Property Insurance Corporation has significantly increased its loss estimate for hurricane Ian, raising it to $3.8 billion, a level at which some private market reinsurance capacity will likely come into play, but leading it to believe its catastrophe bonds won’t be triggered.

One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, has appointed former RMS employee Tim Kinsella as its Executive Director, Sales – P&C Insurance.

The secondary market for catastrophe bonds has again demonstrated that timing can be everything when it comes to trading in liquid markets, or conversely that some investors may get proven to have been prescient with their trade selections, when it comes to catastrophe bond market losses from hurricane Ian.

Kestrel Group, the program specialist launched earlier this year by the Ledbetter family, has hired Dan Dijak from Vesttoo to lead its business development and strategy efforts, as it seeks to position itself as a key conduit in the market chain to facilitate the expansion of insurance-linked securities (ILS) into new lines of business.

At the COP27 climate change conference in Egypt yesterday the Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) officially launched the Global Shield against Climate Risks, while the World Bank officially launched its Global Shield Financing Facility.

London headquartered specialty insurance and reinsurance firm Beazley has launched a new capital raising effort, aiming to raise £385 million from an Ordinary share issuance, with more set to be raised from an additional retail placing, which will help fund growth in the hardening market environment.

Hannover Re made an additional recovery from its pandemic retrocession arrangement in the third-quarter of 2022, as the long-standing capital markets backed mortality swap continued to demonstrate its value for the firm.

Catastrophe bond funds, as measured by the Plenum CAT Bond UCITS Fund Indices, have gained further ground in the last week of reported data, jumping more than one percent on average at the last available calculation point of November 4th.

Senior, long-standing Japan-based Aon Securities executive Shinji Yamamoto has departed the company to launch his own venture, in the form of KEYSTONE ILS Capital, a boutique consultancy focused on catalysing more active use of insurance-linked securities (ILS) in Japan.

The initial risk interest spread for Fidelis Insurance’s new Herbie Re Ltd. (Series 2022-1) North America earthquake focused catastrophe bond has been lifted roughly 30% during marketing, in another sign of cat bond investors’ demand for higher returns.