Archive for June, 2024

AXA XL ILS Capital Management, the alternative reinsurance capital division of the commercial insurance and reinsurance unit of the AXA Group, is set to use Clearwater Analytics as a provider of investment accounting services.

RenaissanceRe has increased the target size of its new industry-loss trigger Mona Lisa Re Ltd. (Series 2024-1) catastrophe bond for a second time, with $150 million of retrocessional protection now sought, while the price guidance has been fixed below the initially marketed range.

Colorado State University’s tropical meteorology team has maintained its forecast for an extremely active  2024 Atlantic hurricane season, still calling for 23 named storms, 11 hurricanes and 5 major hurricanes, while citing an expectation of elevated landfall risk, that La Niña conditions will emerge and also highlighting record warm sea surface temperatures (SST’s).

The combined assets under management of the main catastrophe bond funds in the UCITS format have now surpassed $12 billion for the first time ever, nearing $12.2 billion by the end of May 2024 and now having risen by over 11% so far this year.

Analysis from Bloomberg Intelligence suggests participants in the insurance and reinsurance industry should be seriously considering how they protect themselves against the risks of losses from major solar storms, with the peril having the potential to be as costly as major hurricanes.

Kin Insurance has increased the amount of catastrophe reinsurance limit it will have in-force for the hurricane season by 16% for Florida risk alone, growing its reinsurance tower for that state to $1 billion.

Cayman headquartered reinsurance company Oxbridge Re has reported that the firm’s first series of tokenized reinsurance sidecar securities have now realised a 49% return for the investors backing them, surpassing both initial and updated expectations.

Artex, the captive, alternative risk transfer, insurance-linked securities (ILS) facilitation and capital solutions subsidiary of Gallagher, has announced that its CEO Peter Mullen is to vacate that position, to become Chairman, and that Gallagher EVP Zeb Holt will transition into the CEO position from July.

In another signal that catastrophe bond market conditions have once again become more balanced, RenaissanceRe has raised the target size for its new industry-loss trigger Mona Lisa Re Ltd. (Series 2024-1) cat bond to $125 million, while at the same time the price guidance has fallen.

Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has now secured an insurance management license in the Cayman Islands and hired Sergio Micucci to run that operation for the firm.