The ongoing situation surrounding Florida primary insurer American Strategic Insurance’s Gator Re Ltd. catastrophe bond has deteriorated further, as mounting catastrophe losses have risen further towards the cat bond’s attachment point.
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Pressure on the reinsurance market and its incumbent traditional players comes from all angles, with analysts from Bernstein Research citing top and bottom line margin pressure, along with both secular and cyclical pressures on the market and business models.
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Global insurance and reinsurance firm XL Group has approached competitor Catlin Group with an offer that looks part acquisition, part merger, which if successful would see a new top 10 player appear in the global re/insurance market.
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The month of November saw strong trading activity in the secondary market for insurance-linked securities (ILS) and catastrophe bonds as investors looked to capitalise on yields from short-dated cat bond notes which are soon to mature.
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Global insured losses from natural catastrophes and man-made disaster events are estimated to reach $34 billion in 2014 by Swiss Re’s sigma research unit, below recent annual averages, while economic losses reached $113 billion.
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U.S. life reinsurer, Reinsurance Group of America Inc. (RGA), has successfully completed its life reinsurance embedded value securitisation transaction, raising $300m from the sale of the notes through issuer Chesterfield Financial Holdings LLC.
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Reinsurance company stocks traded well below the overall market during the third-quarter of 2014, as excess capital, the consistent flow of alternative capital and reduced reinsurance demand heaped pressure onto reinsurers, according to A.M. Best.
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United Nations member countries recalled wording related to the initiative to develop a financial mechanism to protect against loss and damage caused by climate and weather related impacts at last weeks meeting in Lima, Peru.
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Switzerland-based Pensionskassen, or pension funds, are increasingly looking to alternative and risk-based investment strategies and as a result the insurance-linked securities (ILS) asset class is gaining popularity, according to reports.
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German reinsurance firm Hannover Re has successfully completed a retrocessional transfer of extreme mortality risks to the capital markets, through the placement of an index-linked mortality swap with largely institutional investors.
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The European Insurance and Occupational Pensions Authority (EIOPA) cites the increasing attraction that insurance-linked securities (ILS) have as a reinsurance and risk transfer tool for sponsors in its latest financial stability report, but warns again that discipline is required.
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A newly launched Bermuda-based insurance-linked securities (ILS) and collateralized reinsurance company aims to lower barriers to entry for investors, as Sequant Re Holdings Limited announces the completion of its financing and the launch of Sequant Re.
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This year has seen records fall across the catastrophe bond and insurance-linked securities (ILS) sector, with the highest ILS issuance seen as well as a record amount of collateralized reinsurance capacity put to work, making 2014 a banner year for the sector.
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Pension Insurance Corporation (PIC), one of the specialist providers of insurance and risk transfer solutions for defined benefit pension funds, has utilised over £2 billion worth of longevity reinsurance capacity from global reinsurers in 2014.
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