The damaging magnitude 7.5 earthquake that struck Japan’s Ishikawa prefecture on the west coast of the main island of Honshu on New Year’s Day could affect the April reinsurance renewal outcome for Japanese insurers, if the excess layers of reinsurance programs are impacted, rating agency AM Best has said.
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The government of the Philippines has launched a pilot indemnity insurance arrangement to cover government assets totalling almost US $14.4 billion, but in another signal that the country may not return to the catastrophe bond market again anytime soon, it has used an excess payout from its matured cat bond to fund the new insurance […]
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FEMA has renewed the National Flood Insurance Program’s (NFIP) traditional reinsurance tower at a larger $619.5 million in size for 2024, a 23% increase on the prior year’s placement.
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Today, we can reveal the third wave of expert speakers confirmed for our next insurance-linked securities (ILS) conference. ILS NYC 2024 will be held in New York City on February 9th 2024, with hundreds of attendees from the ILS community set to come together for a day of thought-leadership, discussion and valuable networking.
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Demonstrating the strong performance of catastrophe bond investments in 2023, Tenax Capital, the London based hedge fund investment manager that operates a UCITS cat bond strategy, is reporting a 17.9% net return in EUR for its fund for 2023.
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Investment manager Amundi US added some more assets to its newer mutual insurance-linked securities (ILS) fund strategy, the Pioneer Cat Bond Fund, in the last quarter of record, while its more reinsurance focused Pioneer ILS Interval Fund’s AUM remained relatively stable in the period to October 31st 2023.
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With attachment points still higher across the global reinsurance and retrocession markets, the effect of retaining more risk on balance-sheet is anticipated to drive an upwelling of demand for lower-layer catastrophe covers, according to analysts at Goldman Sachs.
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Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, has experienced continued asset under management growth for its mutual insurance-linked securities (ILS) fund strategies, with total AUM rising another 10% in the last quarter to reach $3.9 billion at October 31st 2023.
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Twelve Capital, the Zurich-headquartered catastrophe bond and reinsurance investment manager, has promoted one of its long-standing portfolio focused investment professionals Etienne Schwartz to become its new Head of Investment Management.
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Once again, the availability of retrocessional reinsurance capital and capacity has been cited as a factor that helped to ease the January 2024 reinsurance renewals, with Aon saying it was a factor that drove a “relatively smoother” renewal outcome for cedents.
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Aetna, the health, medical and benefits insurance unit of CVS Health, has returned to the insurance-linked securities (ILS) market, to sponsor what will be its fifteenth Vitality Re health insurance catastrophe bond issuance, aiming for $200m of reinsurance from a Vitality Re XV Ltd (Series 2024) transaction.
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Australian primary insurance group IAG has renewed its main catastrophe reinsurance tower up to $10.5 billion for calendar year 2024, with the firm’s CFO citing the more stable reinsurance market as allowing the company to purchase more reinsurance than had been anticipated.
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Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, saw strong growth in the third-quarter of 2023 to end that period at a record high of $103 billion, while for the full-year ILS structures have delivered the best performance in their 20+ year history, broker Aon has said.
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Insurance and reinsurance broking giant Aon has been given an extended time-frame to respond to the complaint filed against it in the New York Supreme Court by fronting specialist Clear Blue Insurance, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.
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