The value of insurance-linked securities (ILS) held in the dedicated mutual ILS investment fund operated by Amundi US Investment Management, the Pioneer ILS Interval Fund, rose by 5% through the last quarter of record and the manager has highlighted an attractive market for deploying capital into.
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AXA XL Re, the global reinsurance arm of the AXA insurance group, has announced the hiring of Peter Kiernan from Allianz Risk Transfer (ART) who joins the company as its new Head of US Property, Bermuda Reinsurance.
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Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, has added three new hires to its capital markets team that bring a wealth of experience to the company.
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US specialty insurance group Assurant has extended the top of its catastrophe reinsurance tower again at the just completed July renewals, with its gross cover for a Florida loss now reaching $1.34 billion.
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As the retrocessional reinsurance marketplace remains capacity constricted, especially for lower down and catastrophe exposed attachments, the market has seen a resurgence in demand for weighted industry-loss warranty (ILW) products, according to Gallagher Re.
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Insurance claims filed from the recent July severe flooding in the New South Wales region of Australia have climbed more than 57% to 6,853 overnight, while the impacts of flooding are now being most felt further north of Sydney.
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Prospero Re Ltd., the rated reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners, (formerly ILS Capital Management), has made a senior appointment to its Board in securing the services of well known insurance and reinsurance industry leader Martin Reith.
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Florida-focused property insurance company FedNat Holding Company has announced the completion of the previously announced $15 million investment into its Monarch National Insurance Company subsidiary by investor Steve Hale’s Hale Partnership, as well as the securing of catastrophe reinsurance by Monarch
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Tropical Storm Risk, one of the insurance and reinsurance industry supported forecast teams, has raised its prediction for activity levels in the 2022 Atlantic hurricane season, while saying landfall chances are above normal as well.
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A new collaborative initiative between global reinsurance broker Gallagher Re and pan-African reinsurer Africa Re aims to strengthen countries against a broad range of climate, crisis and disaster risks and may utilise third-party reinsurance capital alongside traditional to augment capacity.
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Already some 4,360 insurance claims have been filed in relation to the latest outbreak of severe flooding in Australia, according to the Insurance Council.
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The California Earthquake Authority (CEA) has increased the number of reinsurance brokers it will use in future, adding TigerRisk Partners to a panel of three, one of which will be given ILS market placement responsibilities.
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Australian primary insurance giant Insurance Australia Group (IAG) has renewed its aggregate catastrophe reinsurance protection at a higher attachment point and extended the term of its quota share with Munich Re.
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There is some redemption activity going on in the insurance-linked securities (ILS) fund market, according to our sources, which is driving some selling pressure in the secondary catastrophe bond market as well and could prolong the spread widening recently seen.
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