Enstar Group is backing a new hedge fund reinsurance style start-up named Aligned Re Ltd., which the firm will act as reinsurance manager for while also contributing $100 million of funding. The Aligned Re investment strategy is to be managed by UBS O’Connor LLC.
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The outstanding catastrophe bond market has reached a new record size at $25.512 billion and 2015’s cat bond issuance to date has now hit $7.216 billion, thanks to the completion of Bermudian reinsurance firm Everest Re’s latest deal, the $625m Kilimanjaro Re 2015-1.
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The Bank of England’s Chris Moulder, director of general insurance at the Prudential Regulation Authority (PRA), has warned the market to maintain its discipline in the face of continued soft reinsurance market conditions.
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Lloyd’s of London has announced this morning that the Director of Performance Management at the insurance and reinsurance market, Tom Bolt, is to leave the Corporation in mid-2016 following nearly seven years of service.
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Seasonal factors and a likely loss for the catastrophe bond market from MultiCat dragged down the average ILS fund return in October, across a group of 32 ILS, reinsurance linked and catastrophe bond funds, to just 0.26%.
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XL Group has continued its downsizing of the life insurance aspects of its business, as it seeks to increase the focus on property casualty underwriting in the wake of its acquisition of Catlin, announcing a reinsurance deal with Reinsurance Group of America Inc.
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The African Risk Capacity (ARC) aims to double the coverage it provides to as much as $1.5 billion by 2020, by opening up its parametric insurance products to international organisations, such as United Nations agencies and non-governmental organisations (NGO’s).
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Catastrophe bonds are an innovative financial tool that can be leveraged in the goal to provide the world with access to the $200-$300 billion of capital required to help countries combat climate change shocks, according to the Rockefeller Foundation.
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The tenure of catastrophe bond transactions will continue to be pushed forward alongside the increased use of indemnity protection through UNL triggers and, further convergence represents an opportunity to grow the overall reinsurance pie, according to Paul Schultz of Aon Securities.
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Trident Risk Strategies has launched a new product called Longevity Shortfall, which provides a portfolio wrap and closeout insurance cover for newly originated and medically underwritten collateralized senior life settlement portfolios.
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The investment returns generated by the two highest profile hedge fund manager backed reinsurance firms have returned to negative again in November, with Greenlight Re suffering another steep decline in the last month.
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President Barack Obama of the United States has pledged $30 million of U.S. funding to support the expansion of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the Pacific Catastrophic Risk Assessment and Financing Initiative (PCRAFI) and the African Risk Capacity (ARC).
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Investment management group Schroders plc has increased a stake it holds within various funds and mandates in the reinsurance and insurance linked securities (ILS) investment fund, the Blue Capital Global Reinsurance Fund, to over 10%.
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The UK’s Bank of England has been asked to review the potential for risks to arise from insurance-linked securities (ILS), catastrophe bonds and alternative reinsurance capital, as these practices can “create connections between insurance risks and other financial intermediaries.”
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