Bermuda-based re/insurer Arch Capital Group Ltd. is back in the capital markets with the largest mortgage insurance-linked securities (ILS) transaction seen to-date, a $701 million Bellemeade Re 2019-3 Ltd. that also features the first-ever triple-A rated tranche of mortgage insurance-linked notes.
Primary players Heritage Insurance Holdings, Inc. and United Insurance Holdings (UPC Insurance) have reported their Q2 2019 catastrophe losses, with Heritage experiencing higher impacts than the prior year, while United (UPC) has reported in-line current year impacts but further loss creep from 2018.
Hurricane Barry estimates are coming in fact now, with the latest from Corelogic suggesting that the insured wind and flood loss will be from $300 million to as much as $600 million, excluding any claims for the NFIP.
Estera, a global provider of funds, corporate and trust services and an active service provider to the insurance-linked securities (ILS) and reinsurance markets, has been acquired and will combine with corporate administration and fiduciary service provider Ocorian.
Demonstrating the recovery that is underway in insurance-linked securities (ILS) market returns, as the loss creep from prior year events begins to tail off, the listed Blue Capital Alternative Income Fund has delivered a 3.6% year-to-date return, 2.9% just in Q2.
Munich Re has bucked the expected trend for quarterly reporting from the major global insurance and reinsurance firms, pre-announcing an expectation of around €1 billion of profit for the second-quarter, which is far above analysts estimates.
Insurance industry loss estimates from recent hurricane Barry are not expected to exceed $500 million, both to private and public markets, with the NFIP set to take roughly half the total and a likelihood that primary insurers will bear the brunt, with little falling to reinsurance carriers.
Hiscox Re Insurance Linked Strategies Ltd. said today that Chief Operating Officer and Managing Principal Richard Lowther is moving on from the firm.
Global asset management group Schroders has taken its ownership stake in Swiss ILS & reinsurance investments specialist Secquaero Advisors AG to 100%.
U.S. primary insurer Allstate has again reported monthly catastrophe losses that were higher than analyst expectations, reporting $311 million of impacts during the month which took its second-quarter cat losses to $1.07 billion before tax.
Bermudian reinsurance firm and third-party capital manager RenaissanceRe has opted for another extension of maturity for the remaining insurance-linked securities (ILS) notes from its Fibonacci Re Ltd. vehicle’s 2017 and 2018 issuances.
Artex Risk Solutions, one of the largest insurance management firms and a key facilitator in the insurance-linked securities (ILS) and collateralised reinsurance space, has announced two senior promotions, naming a new Chief Operating Officer and Chief Financial Officer.