The Insurance Council of Australia (ICA) has now declared a ‘significant event’ for the developing severe flooding in Sydney and the surrounding region of the country, as now more than 50,000 people are under evacuation orders.
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The global market for catastrophe bonds expanded by almost 2% during the second-quarter of 2022, as demand from sponsors drove strong issuance and helped to grow the outstanding cat bond market to $38.2 billion at June 30th 2022.
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RenaissanceRe believes the work it has put into building out its casualty and specialty reinsurance lines, as well as its third-party reinsurance capital management expertise, mean it would be hard for competitors to replicate its new joint-venture vehicle Fontana, with CEO Kevin O’Donnell saying the company has built a “sustainable moat” around the strategy.
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After experiencing some “difficulties” throughout the earlier parts of the year, the ILS and alternative capital market largely “recovered its poise” at the July renewal period, says James Vickers, Chairman International, Reinsurance, at Gallagher Re.
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Isosceles Insurance Ltd., the Bermuda-domiciled private insurance-linked securities (ILS) and catastrophe bond platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has completed the issuance of three new series of cat bond notes, totalling $90.5 million of capital markets backed capacity secured for clients.
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The UBS (UK) Pension and Life Assurance Scheme has added another £500 million to an in-force longevity swap arrangement, expanding it to provide £1.9 billion of protection.
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Australian primary insurance giant Suncorp said this morning that it has made adjustments to its reinsurance tower at the July renewals, as the company dealt with the “material hardening” of rates.
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Howden, the international insurance and reinsurance broker, has announced the launch of a new capital advisory business named HowdenCAP, as well as the hire of KPMG’s Acting CEO Mary O’Connor to run the new unit.
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The catastrophe industry loss from the three major European windstorms that struck close together during the month of February 2022 is the largest international cat loss event of the year so far, according to Cresta.
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Parts of eastern Australia are flooding again after an East coast low brought torrential rains and strong winds, with parts of Sydney particularly affected, with households evacuated and flood warnings in place.
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Demand for reinsurance and retrocessional protection from cedants, as well as a slew of new first time market entrant sponsors, have helped the global catastrophe bond market execute on $5.1 billion of new issuance in the second-quarter of 2022, according to Artemis’ latest quarterly report.
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The second named storm of the 2022 Atlantic hurricane season has just been named, with tropical storm Bonnie now heading for Central America and expected to impact Costa Rica and Nicaragua tonight.
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Artemis has learned that a group of Switzerland-based insurance-linked securities (ILS) investment fund managers have been collaborating to develop a data transparency proposal to help enhance environmental, social and governance (ESG) in the ILS market.
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Rating agency Demotech is still in the process of assessing the Financial Stability Ratings (FSR’s) of Florida focused primary insurance carriers, a task it has normally finished by this stage of the year.
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