Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, said today that its mortgage insurer arm, Arch Mortgage Insurance Company (Arch MI), has secured $616 million of reinsurance across its latest $523 million Bellemeade Re 2021-2 Ltd. mortgage ILS deal and a direct placement of another $93 million of cover.
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May hail drives Allstate’s pre-tax Q2 catastrophe losses to $757m
US primary insurance carrier Allstate has reported $213 million of estimated pre-tax catastrophe losses for the month of May 2021, which takes the insurers second-quarter total to $757 million before tax.
Divestitures more likely than Aon abandoning Willis deal: Analysts
After the US Department of Justice (DOJ) decided to sue in an attempt to block Aon’s acquisition of broking rival Willis Towers Watson (WTW), analysts at KBW said that rather than abandoning the merger, Aon is more likely to offer additional divestitures.
Vermont Mutual’s $150m Baldwin Re cat bond set for 25% price drop
Vermont Mutual Insurance Company is targeting an increased size for its first Baldwin Re Ltd. (Series 2021-1) catastrophe bond, with the issuance now set to provide it with $150 million of reinsurance cover against losses from multi-peril events in certain north east US states.
Generali targets lower price for first green cat bond, Lion III Re
Italian and global insurance giant Assicurazioni Generali S.p.A. is aiming to secure its first green catastrophe bond deal, the EUR 200 million Lion III Re DAC cat bond, at tighter spreads, as price guidance has fallen for the issuance.
Lloyd’s Central Fund cover has no direct ILS participation
There isn’t any direct participation from insurance-linked securities (ILS) funds or investors in the £650 million reinsurance or retrocession protection Lloyd’s has purchased to cover its Central Fund, despite nearly 70% of it being collateralised.
Tokio Marine targets lower pricing for $200m Umigame Re cat bond
Japanese primary insurance group Tokio Marine & Nichido Fire Insurance Co. Ltd. is on track to secure its latest catastrophe bond at reduced pricing, as the marketed spreads on the $200 million Umigame Re Pte. Ltd. (Series 2021-1) issuance have all fallen.
US DOJ sues, says Aon Willis would be “broking behemoth”, parties disagree
Reports that the US Department of Justice (DOJ) might not challenge Aon’s acquisition of rival Willis Towers Watson (WTW) have turned out to be completely false, as the DOJ has now sued to block the merger, saying it would create a “broking behemoth” and stifle competition.
Lloyd’s secures £650m Central Fund cover, £450m of it collateralised
Lloyd’s, the London insurance and reinsurance marketplace, has secured a £650 million cover for its Central Fund, with £450 million of it provided by an investment bank and fully collateralised, according to a report.
Wrigley Re cat bond price guidance falls for Blackstone’s captive
Price guidance has fallen for the Wrigley Re Ltd. (Series 2021-1) catastrophe bond transaction, that is being issued to provide parametric earthquake insurance protection to Gryphon Mutual Insurance Company, a real estate captive insurer owned by investment giant Blackstone.
Aon launches Florida hurricane catastrophe risk model
Insurance and reinsurance broker Aon has announced the launch of a new Florida hurricane catastrophe risk model developed by its specialist Impact Forecasting unit, as it seeks to provide an alternative view of the risk to market participants.
“Measured growth” expected for Elementum in 2021: White Mountains CEO
White Mountains is anticipating “measured growth” in 2021 from the insurance-linked securities (ILS) fund manager Elementum Advisors in which it holds a significant interest, according to its CEO Manning Rountree.
