Extra-tropical cyclone (or European windstorm) Thomas (also known as Doris in the UK) is estimated to have caused an industry loss impact to insurance and reinsurance markets of around EUR 213 million, according to PERILS AG.
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Insurtech start-up Ledger Investing, which counts ex-AIG capital markets head Samir Shah as its CEO, is in the process of completing a $5 million round of seed funding to help it build out its insurance risk securitization platform and expand its team.
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A “structural revolution” is forecast for the Lloyd’s of London insurance and reinsurance market, as increasing quantities of alternative and ILS backed capital become the pre-dominant underwriters of the more standardised and commoditised risks in the marketplace.
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Property Claim Services (PCS), a Verisk Analytics business, has launched a new service offering non-elemental historical industry loss estimates for the global marine and energy insurance and reinsurance sector, as well as a risk-transfer index to facilitate transactions.
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The catastrophe bond market has already seen records set in 2017, as we explained in our latest market report here, and now second-quarter issuance could get a significant boost as reinsurance firm Everest Re’s latest Kilimanjaro issuance more than doubles its target to $1.25 billion.
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Eclipse Re Ltd., the private syndicated collateralized reinsurance note platform from Horseshoe Group and Rewire Securities LLC, has issued its first tranche of private ILS or catastrophe bond notes, with a $20 million Eclipse Re Ltd. (Series 2017-01A) transaction.
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Claims estimates from tropical cyclone Debbie continue to rise today, with the latest estimate of claims now at AU$386 million, while insurer IAG has become the first to explain the impact to it and said that its 2017 catastrophe reinsurance and its aggregate reinsurance layer would both pay some of the claims.
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A new catastrophe bond sponsor is coming to market with its first transaction, as a Torrey Pines Re Ltd. (Series 2017-1) deal targets $143 million of collateralized reinsurance protection for California-based Palomar Specialty Insurance Company.
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Stone Ridge Asset Management, the beta and alternative risk premia focused mutual fund manager, has reached $5.5 billion of insurance-linked securities (ILS) and reinsurance linked assets under management, with its Reinsurance Risk Premium Interval Fund leading the way with 23% growth in the last quarter.
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U.S. mutual fund manager Pioneer Investments has seen a significant increase in assets under management of its Pioneer ILS Interval Fund insurance-linked securities and reinsurance linked investment strategy, with the fund’s AuM jumping 52% to $245 million by the end of January 2017.
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U.S. primary military mutual insurer USAA is back once again in the catastrophe bond market, with what will be the company’s 29th securitization of insurance risk, seeking a $300 million source of multi-peril collateralized reinsurance coverage through a Residential Reinsurance 2017 Ltd. (Series 2017-1) issuance.
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Insurers have already reported AU$306 million (US$235m) of claims due to damage from tropical cyclone Debbie, with 28,000 individual cases reported across northern and south-easter Queensland and New South Wales.
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Bermuda-headquartered ILS management, servicing, transformation and fronting specialist Horseshoe Group has joined the Bermuda Stock Exchange (BSX) as a listing sponsor, through its Horseshoe Corporate Services Ltd. unit.
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RMS, the catastrophe risk modelling and analytics firm, has hired Colin Kerley as senior vice president, platform solutions. Kerley will bring experience from prior reinsurance industry roles, including on the insurance-linked securities (ILS) side, to his work with RMS market and product development teams.
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