Back in July we wrote about the downgrade of two outstanding catastrophe bonds due to a number of qualifying catastrophe events resulting in ultimate net losses for the sponsor USAA. Residential Reinsurance 2011 Ltd. (Series 2011-1) and the more recent Residential Reinsurance 2012 Ltd. (Series 2012-1), both suffered losses due to severe thunderstorms and tornadoes […]
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Our latest update on hurricane Sandy can be found here. Tropical storm Sandy is the 18th named storm of the 2012 Atlantic tropical storm and hurricane season, a season which has now surpassed any of the forecasts for the number of storms which would form in the year. Despite this activity in storm formation, damages […]
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There were some more interesting comments made at the Baden Baden kick-off event held by Guy Carpenter on Sunday. The event featured a number of key industry figures discussing volatility as a concept affecting reinsurers and whether volatility should be looked on as a threat or an opportunity. One of the participants was Carlos Montalvo, […]
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Once again the goal posts move in Solvency II world. Just over a week ago we wrote that it was unlikely we’d see implentation of Solvency II before 2015. Now, comments from Carlos Montalvo, Executive Director of the European Insurance and Occupational Pensions Authority (EIOPA) at an event held during the Baden Baden reinsurance meetings […]
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One of the key events in the reinsurance cycle is currently underway in Germany. The Baden-Baden Reinsurance Symposium is another event which presents an opportunity for reinsurers, brokers and cedants to meet and discuss pricing, rates and availability of coverage for the forthcoming January renewals. One of the issues raised which is worthy of some […]
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The increasing adoption of weather index insurance or parametric insurance in the developing world continues as another pilot scheme gets approval in the Indian state of Maharashtra. Insurer HDFC ERGO General Insurance has received approval from the Maharashtra government to implement a pilot microinsurance project aimed at both farmers who have taken loans from a […]
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One of the issues we discuss regularly on Artemis is the fluctuation in secondary market outstanding catastrophe bond pricing over the course of the year and how seasonal weather patterns, such as the U.S. hurricane season, impact pricing. As with any secondary market, there are effects that change pricing across wide swathes of the marketplace, […]
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International law firm Stephenson Harwood have appointed a new partner to their structured finance practice. Based in their Singapore office, Saugata Mukherjee will work across their structured finance disciplines as well as aviation financing. He has proven experience in much of the structured finance world, from aircraft financing structures to securitization, with one of his […]
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After saying in last Monday’s update that the market was full of rumours that a new catastrophe bond deal would launch, by the end of last week we had three new transactions to report on. Find details on them all in our Deal Directory. As always, you can read every market news story and article […]
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There’s a new insurance-linked securities (ILS) fund emerging on the scene thanks to a seed investment from German reinsurer Hannover Re. Hannover Re has had an internal ILS fund, which they have been successfully running since 2008, targeting a diversified portfolio of low-risk catastrophe bonds for their own benefits. Now they are turning what was […]
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It’s always interesting to hear from the sponsors of catastrophe bonds after the deal closes to better understand the motivations and benefits they feel the transaction brings to their risk management and transfer program. This is even more interesting when it’s a government who are the ultimate beneficiary of a cat bond deal, such as […]
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Thailand’s Kasikornbank, one of the largest commercial banks in the country, is introducing a range of parametric and weather index based insurance products for their mortgage customers. After the catastrophic flooding in Thailand last year there has been a renewed focus on providing affordable, simple insurance products to home and business owners, in order to […]
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Once again the average return made by insurance-linked securities (ILS) funds, as measured by the Eurekahedge ILS Advisers Index, hit record levels for the year in September. In fact, last month was the best single monthly return that the index had achieved in three years, since September 2009, according to insight from ILS Advisers, an investment […]
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Nephila Capital, one of the leading investment managers in the insurance-linked securities and reinsurance linked asset space, has joined a hedge fund standards setting body as a signatory member. The Hedge Funds Standards Board (HFSB) brings together managers, investors, regulators and consultants from across the hedge fund industry to help determine the best operating model […]
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