Archive for June, 2023

The approval of two carriers to takeout policies from Florida’s property insurer of last resort, Citizens Property Insurance Corporation, right in the middle of the hurricane season, shows there are risks that are viewed as attractive within the Citizens portfolio, while these semi-seasoned risks can even be an easier win than finding and writing new […]

The Global Shield Solutions Platform (GSSP), a new multi-donor grant facility and one of the core financing vehicles of the Global Shield, has officially been launched to help vulnerable countries effectively address loss and damage exacerbated by climate change.

The fact capacity and capital was tight in the catastrophe bond market at the time of the issuance of the $350 million of IBRD – Chile 2023 cat bond notes drove the World Bank team to look to traditional re/insurers and the issuance of simultaneous catastrophe swaps, resulting in much stronger execution for Chile.

Australian insurance giant IAG is expecting to go over its natural perils budget again this financial year, despite having revised it higher after weather losses already suffered, while higher reinsurance costs are cited as a significant driver of its desire to continue making inward rate.

There is now only one month to go until our ILS Asia 2023 conference, held on July 13th in Singapore. Today we have published a draft agenda for the day, over on the conference website. Please register soon to ensure attendance.

Aspen Insurance Holdings Limited, the Bermuda headquartered insurance and reinsurance company, has appointed former AXA XL senior reinsurance executive John Welch as the firm’s new Chief Underwriting Officer, Reinsurance.

Vantage Risk, the Bermuda headquartered insurance and reinsurance company, has made two leadership adjustments of relevance to the firm’s insurance-linked securities (ILS) strategy under its AdVantage collateralized insurer.

The fourth session of the day at our Artemis ILS NYC 2023 conference, held in New York on February 10th, saw industry leaders discussing the expansion of the insurance-linked securities (ILS) asset class and what new or emerging opportunities are now available to investors.

News emerged yesterday confirming rumours we’d heard that Nationwide is the latest major US insurance carrier to take actions in the face of challenging market conditions and escalating loss severity or frequency trends. But we’ve now learned more, including that the carrier will re-underwrite some of its personal lines book to further improve the portfolio […]

Another first for the catastrophe bond market in 2023, as Korean Re, the global reinsurance company headquartered in the country of its name, is set to become the beneficiary of the retrocessional coverage provided by a now-priced $75 million Solomon Re Ltd. (Series 2023-1) cat bond.