RenaissanceRe, the global reinsurance firm and third-party capital manager,raised an additional almost $403 million of capital from third-party investors in time for the January 2023 renewal season, with the vehicles benefiting being its DaVinci Re sidecar and its catastrophe bond fund Medici.
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As we move into 2023, the cyber insurance linked securities (ILS) market is expected to see real traction, as demand for capacity continues to outstrip supply, while data and models are improving, according to Brittany Baker, Vice President of Solution Consulting, CyberCube.
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Catastrophe bond issuance volume is expected to come out higher in 2023, than it did last year, with market conditions likely to stimulate demand on both sides of the trade, according to Bill Dubinsky, CEO of Gallagher Securities.
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Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has reported a more than doubling of its gross premiums underwritten for 2022, with the total rising to $170 million for the year.
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Some of the side-pockets established by insurance-linked securities (ILS) funds in the wake of hurricane Ian are now being reduced in size, as estimates from the storm continue to trend lower than originally expected, according to Artemis’ sources in the ILS investment community.
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Given spread widening has been seen to be more considerable with index-linked, or industry loss triggered, catastrophe bonds, compared to indemnity deals, investment manager Twelve Capital says there is significant relative value in them and as a result it advises being overweight to the index trigger cat bond category.
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Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance and insurance-linked securities (ILS), has launched Proof Insurance Solutions, a managing general agent (MGA) with a focus on underwriting risks from the blockchain and digital asset sectors.
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Global reinsurance firm Ariel Re has returned to the catastrophe bond market for its third Titania Re deal, seeking $115 million of multi-peril industry-loss triggered retrocession, via a Titania Re Ltd. (Series 2023-1) deal.
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Catastrophe bonds look set to be the winners of the current market dynamics in insurance-linked securities (ILS), with strong demand expected for their protection and as investment assets, but Tanja Wrosch of Credit Suisse Insurance Linked Strategies cautions that issuance must be “on investors’ terms.”
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The Louisiana state legislature is holding its property insurance focused Special Session this week, but the proposal is seen as a stopgap rather than a long-term fix, with reinsurance issues likely to persist in the current hard market.
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Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has added another experienced business development hire, with former Akinova and Inari employee Alexander Pike joining the company.
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Reinsurance broker Gallagher Re has published its view of 2022’s global natural catastrophe activity and it estimates insured losses from these events aggregate to a cost of US $140 billion for the industry.
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Twelve Capital, the Zurich headquartered investment manager with a focus on insurance-linked securities (ILS), insurance and reinsurance linked investments, is set to develop a life ILS investment offering, announcing a strategic tie-up with specialist life ILS boutique Farsight Partners.
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Australian insurance giants Suncorp and IAG have both warned of impending losses from the severe flooding that has affected the Auckland area of New Zealand in recent days, with the pair highlighting their reinsurance arrangements and the potential for claims from the event to be significant.
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