Archive for January, 2024

A record breaking year for the catastrophe bond and related insurance-linked securities (ILS) market and continued momentum in early 2024 is having a positive influence on the wider ILS market, according to Brad Adderley, Bermuda Managing Partner, Appleby.

Fitch Ratings has estimated that alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, will have reached $105 billion by the end of 2023, once the final figures are known.

Global catastrophe losses falling to sources of insurance and reinsurance capital reached $118 billion in 2023, according to the latest estimate to emerge from broker Aon.

US primary insurer Allstate has issued an update on qualifying catastrophe losses for its aggregate Sanders Re catastrophe bonds, with additional impacts through to the end of 2023 meaning one of the exposed tranches now sees its retention ~82% eroded, while others are eroded by between 53% and 56%, this publication has learned.

Insurtech Floodbase, which acts as a data provider and reporting agent for parametric risk transfer arrangements, is set to integrate 24/7, all-weather synthetic aperture radar (SAR) data into its flood solution, enhancing the coverage and granularity which can make parametric flood insurance and risk transfer triggers more accurate.

The insurance industry loss estimate from the severe storms that affected eastern Australia through the Christmas and New Year period, as well as from the remnants of tropical cyclone Jasper, has been initially estimated at $743 million, by the Insurance Council.

Aeolus Capital Management Ltd., the Bermuda based reinsurance and insurance-linked securities (ILS) investment fund manager, grew its assets under management considerably in time for the key January renewals, lifting the total by more than 40% to reach a new high of $5.5 billion.

Having recently filed to appear as a creditor in the Chapter 11 bankruptcy case of Vesttoo, international specialty insurance and reinsurance group Chaucer is now looking to protect the specific segregated cells that were used for its reinsurance transactions with the insurtech, against any leakage of value to claims made by other creditors to the […]

The reinsurance market is expected to remain firm, in terms of its pricing, at the next sets of major reinsurance renewals, at April 1st and July 1st 2024, despite some capital being expected to flow in, Moody’s Investors Service has said.

The Bermuda Monetary Authority (BMA) has laid out its plans for 2024, with Chief Executive Officer (CEO) Craig Swan highlighting specific opportunities in parametric risk transfer for climate insurance.