Another year passes, another annual report from the Lloyd’s of London insurance and reinsurance market is released and we witness another increase in the positive tone in which the market describes the opportunity to embrace ILS and alternative capital.
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In order for the insurance-linked securities (ILS) product to have a meaningful influence on emerging markets Simon Young, of ARC Insurance Company, has stressed the need for greater education of the benefits the risk transfer and asset class can bring to underserved regions across the globe.
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Hail storms caused by severe thunderstorms in the Dallas and Fort Worth area of Texas on Thursday 17th March 2016 are now expected to result in over $600 million of insurance claims, according to the states Insurance Council.
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The Lloyd’s of London insurance and reinsurance market suffered a drop in profitability in 2015 as the impacts of lower pricing on re/insurance underwritten, higher competition and lower investment returns all combined to reduce profits.
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The California Earthquake Authority (CEA) is set to increase the size of its reinsurance program with an April placement set to take its total risk transfer to $4.5 billion, but ILS investors have not seen a new catastrophe bond as currently they are hard to justify due to the cost.
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The CHF630m operational risk insurance linked catastrophe bond or ILS structure Operational Re Ltd. is still being marketed by global investment banking group Credit Suisse, with April now being targeted for completion and the structure split into junior and senior tranches.
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Global reinsurance firm Swiss Re has continued its trend of redeeming its series of Vita Capital mortality linked catastrophe bonds, with its $275m 2012 transaction Vita Capital V Ltd. called a year early and investors to be paid a premium of 1%.
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According to reinsurance broker Guy Carpenter the twin effects of El Niño and the North Atlantic Oscillation were key drivers of climate in 2015, but even with these effects the insurance and reinsurance industry only suffered $30.5 billion of industry losses.
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Independent insurance and reinsurance manager Kane has confirmed that its insurance-linked securities (ILS) and insurance management and administration business is to be sold to broker Arthur J. Gallagher & Co.’s insurance management unit Artex Risk Solutions.
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Japanese insurance group Mitsui Sumitomo Insurance Co. Ltd., a subsidiary of MS&AD Insurance Group Holdings, has hailed the completion of the first annual aggregate Japan typhoon-only catastrophe bond, its recently sponsored Akibare Re Ltd. (Series 2016-1) deal.
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The latest catastrophe bond to be sponsored by Sompo Japan and Nipponkoa Insurance Company, the Aozora Re Ltd. (Series 2016-1) Japan typhoon cat bond, is set to upsize by 25% to $220 million, while at the same time demand from investors has seen the price guidance reduced.
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Reinsurance firms are operating very close to breakeven, on a normalised basis, reflecting the “wider deterioration in market conditions, driven by lower reinsurance prices feeding through to results,” according to Fitch Ratings.
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Collateralized reinsurance firm Oxbridge Re reported a decline in net income for the final quarter of 2015, owing to poor performance on the investment side of its portfolio, as financial market volatility continues to challenge the non-traditional investment strategy.
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The continued and growing appetite of third-party, capital markets investors to access insurance and reinsurance-linked exposures through the features of the insurance-linked securities (ILS) market suggests a flattening of the reinsurance market cycle, according to speakers at the 2016 SIFMA IRLS event.
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