Global insurance and reinsurance firms feel the industry is adequately or over-capitalised, exacerbated by a continued lack of large catastrophe losses as well as competition from new entrants, according to Goldman Sachs Asset Management (GSAM).
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State National Companies said that fee income earned from its fronting relationship with Nephila Capital totaled $1.9m in the first-quarter of 2015, a number expected to grow throughout the rest of the year as the program ramps up.
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The line between traditional and alternative sources of reinsurance capital has “been greying more and more” in recent months, with the trend predicted to accelerate over the next five years, according to Hilary Paul of LGT ILS Partners.
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Yesterday’s completion of the Texas Windstorm Insurance Association’s (TWIA) latest use of catastrophe bonds for reinsurance, the $700m Alamo Re Ltd. (Series 2015-1), has taken issuance of new cat bonds and insurance securitizations past the $4 billion mark for the first time in 2015.
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San Francisco based private equity investor Golden Gate Capital has seed funded a new reinsurance company, Nassau Reinsurance, with up to $750m of start-up funding, further demonstrating the attraction to reinsurance as investment opportunity.
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The growth of alternative, or third-party investor-sourced, reinsurance and insurance capital, is sparking consolidation and M&A in the market, and this trend is expected to continue as the influx of new capital continues, according to reinsurer Swiss Re.
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The recent comparisons that have been made between catastrophe bonds and sub-prime, or toxic, mortgage-backed securities, are unfair to the cat bond market, where to date the bundling of non-transparent risks is not an issue, according to John Seo.
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Global insurance firm American International Group (AIG) is back in the catastrophe bond market with a Compass Re II Ltd. (Series 2015-1) deal, seeking U.S. wind reinsurance protection on a parametric trigger basis over a six month term.
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PartnerRe’s shareholders now hold the keys to the reinsurance firms future, which will either be continuing as a standalone reinsurer owned by EXOR or merging with AXIS Capital, but key shareholders have reiterated that they prefer the all-cash offer from EXOR.
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“To stand still” in an insurance and reinsurance market that us undergoing fundamental structural change, “is to fall behind”, say analysts at Keefe, Bruyette & Woods, echoing a message Artemis has delivered many times in the last few years.
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Reinsurance broker Willis Re has this morning announced the launch of a new global syndicated reinsurance facility, aiming to provide cedents with broad protection against casualty catastrophe events related to liability portfolios.
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The Australian Bureau of Meteorology’s confirmed yesterday that El Niño threshold levels have been reached in the tropical Pacific ocean for the first time since March 2010 and that it foresees a “substantial” event, which will likely impact insurance and reinsurance players.
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On the 12th of May 1999, Artemis was launched in front of an audience of reinsurance and investment executives in Bermuda. The goal, to provide an online home for the emerging catastrophe bond, ILS and the capital market’s participation in reinsurance.
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EXOR, the Italian investment firm backed by the Agnelli family, has increased its offer to buy PartnerRe by 5.8%, raising it to $137.50 per share, valuing PartnerRe at $6.8 billion. EXOR has also become the largest shareholder in PartnerRe, buying 9.32% of the reinsurance firm’s shares.
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