Insurance Linked Investments

Porch Group subsidiary Homeowners of America Insurance Company (HOA), a managing general agent (MGA) and insurance carrier hybrid, has now filed to appear as a creditor in the Chapter 11 bankruptcy case of beleaguered insurtech Vesttoo, as HOA looks to protect its rights and any possible recoveries that can be made.

Insurance and reinsurance market loss estimates from the deadly wildfires that struck the island of Maui, Hawaii earlier this month, are now being seen as potentially as high as $7 billion, given high property values, the cost of reconstruction, plus elements such as additional living expenses and business interruption that are expected to be elevated.

Two of the co-founders of under-fire insurtech Vesttoo have now been fired by the Board, with CEO Yaniv Bertele and Chief Financial Engineer Alon Lifshitz now officially removed from the company, and a new allegation has been reported, that a 2019 transaction facilitated by Vesttoo also had a fake letter of credit (LOC).

AIG will come out of the sale of its Validus reinsurance business and the AlphaCat Managers insurance-linked securities (ILS) platform to RenaissanceRe, with a significantly reduced amount of natural catastrophe volatility, case in point that the insurers 1-in-100 hurricane PML will drop by 70%.

The reinsurance sector is leading on innovation across the broader spectrum of the insurance space, according to rating agency AM Best, who note that the use of third-party capital is one of the highlights that has helped to deliver flexible, off-balance-sheet capital.

During its bankruptcy case, beleaguered insurtech Vesttoo has been approved by the court to continue paying its staff, including certain employee benefits and expenses, but at a hearing this week the US Trustee balked at the suggestion terminated staff and founders may receive payments.

This first video of the day at our Artemis ILS Asia 2023 conference, held in Singapore on July 13th 2023, featured the Monetary Authority of Singapore (MAS) giving a welcome keynote speech to our 200 plus attendees.

Bermuda-based specialist collateralized reinsurance and insurance-linked securities (ILS) investment manager, Pillar Capital Management Limited, has no intentions of changing its strategy as steady growth in assets under management (AuM) continues.

With pricing for retrocessional reinsurance having soared over the last couple of years and global reinsurance firms reducing their appetites for natural catastrophe risk, S&P Global Ratings believes this could drive a reduction in the use of retro protection.

Alternative capital, so that backing catastrophe bonds, insurance-linked securities (ILS) and other collateralized reinsurance structures, is set to make up a bigger proportion of dedicated reinsurance capital, according to Howden Tiger’s David Flandro.