Archive for June, 2023

Howden, the international insurance group, has hired original Artemis co-founder and former WTW executive Rowan Douglas as its new CEO, Climate Risk & Resilience.

Insurance-linked securities (ILS) investors appear ready and willing to take on more peak peril severity catastrophe risk, if the price is right, leading analysts at Peel Hunt to suggest the ILS market is primed for growth.

Speaking to a local Italian daily newspaper, Massimo Figna, founder and CEO of hedge fund manager Tenax Capital, explained that with insurance penetration extremely low, Italy would benefit from the use of catastrophe bonds, which he believes investors would “snap up.”

Victor Insurance Managers LLC (Victor), a global managing general underwriter, has launched a third-party capital backed reciprocal insurance exchange to provide additional US property catastrophe capacity for policyholders of its subsidiary, International Catastrophe Insurance Managers LLC (ICAT).

Having only a few weeks ago estimated that as much as $8 billion of alternative reinsurance and insurance-linked securities (ILS) capital had been raised year-to-date, analysts from investment bank Berenberg have now upped that amount to ~$11 billion.

Reflecting the severity of recent severe thunderstorms and convective weather events in the United States, modeller CoreLogic has estimated that the stretch of activity between just June 11th and 15th could result in insurance market losses of up to $10 billion.

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) MGA, has partnered with Reask, provider of catastrophe modelling, climate analytics and data using machine learning techniques and artificial intelligence, to help it expand its offering to include US parametric hurricane reinsurance.

The Massachusetts Property Insurance Underwriting Association (MPIUA) has now secured the top-end target for its new Mayflower Re Ltd. (Series 2023-1) catastrophe bond, to provide it $250 million in collateralized reinsurance, we understand.

Global insurance and reinsurance group AXA has now finalised its new Eiffel Re Ltd. (Series 2023-1) catastrophe bond issuance to provide the upsized target of €150 million of European windstorm reinsurance protection, while the notes were priced at the low-end of initial spread guidance, we’ve learned.

The notes from the Acorn Re Ltd. (Series 2023-1) parametric earthquake catastrophe bond transaction have now been priced and in the end will only provide its sponsor $150 million in protection, so falling short of its upper-target, with pricing seeming to be prioritised.