Archive for March, 2024

According to global reinsurance firm Swiss Re, the occurrence of medium-severity insured loss events has risen by 7.5% since 1994, at almost double the 3.9% increase in catastrophes generally, and the company warns that insured losses could double within the next ten years.

Capital continued to rotate from one insurance-linked securities (ILS) instrument to another in 2023, but AM Best analysis suggests some sectors may becoming better primed for growth through 2024.

Brookfield Corporation, the alternative investment manager and multinational from Canada, has now finalised its debut $100 million Aragonite Re Ltd. (Series 2024-1) catastrophe bond, securing the capital markets backed property insurance coverage priced below the initial guidance.

MS&AD Insurance Group Holdings has now secured the upsized $200 million in multi-year and multi-peril Japanese catastrophe reinsurance protection from its new Tomoni Re Pte Ltd. (Series 2024-1) catastrophe bond issuance, with the notes priced at the mid-points of the initial guidance, Artemis has learned.

International specialty insurance and reinsurance group Chaucer has announced its entry into the parametric weather risk transfer space, with the launch of a cover for weather-driven non-damage business interruption.

Berenberg, the private banking, investment banking, asset and wealth management specialist, will offer catastrophe bond trading over-the-counter (OTC) within its fixed income division, responding to what it sees as growing client demand for access to cat bond investments.

Global reinsurance broker Guy Carpenter has announced the hiring of well-known Bermuda market senior underwriting leader Ben Savill as its new CEO of Pacific.

After a hearing held on Friday in the Supreme Court of Bermuda, an order has been filed that sanctions the settlement agreements that had been proposed under the Vesttoo Chapter 11 bankruptcy and approval was given for the joint provisional liquidators (JPL’s) to Aon’s White Rock to remove their objections to the plan.

The pricing for Canadian alternative investment manager and multinational Brookfield Corporation’s first catastrophe bond has been updated and lowered again, with the company now aiming to secure the $100 million Aragonite Re Ltd. (Series 2024-1) deal priced below the initial guidance.

MS&AD Insurance Group Holdings has lifted the target size for its latest catastrophe bond slightly, with now up to $200 million of multi-year and multi-peril Japanese catastrophe reinsurance protection sought for its two main Japanese insurance carriers, through this Tomoni Re Pte Ltd. (Series 2024-1) issuance.