The Insurance Council of Australia (ICA) has reported that insurers in the country have received 107,844 claims from the severe flooding in Southeast Queensland and New South Wales, lifting the insured loss estimate to $1.62 billion.
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Jim Fiore, previously QBE Insurance’s Chief Reinsurance Officer, has joined insurance and reinsurance broker Aon as Chief Strategy Officer, Capital Advisory.
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Core Specialty Insurance Holdings, Inc. has created a new Fronting Division, and hired Scott Snyder from Ambac Financial Group to lead the new specialty business unit as President of Fronted Programs.
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A new catastrophe bond issuance has been launched to benefit two Japanese insurance carriers owned by MS&AD Insurance Group Holdings, with the Tomoni Re Pte Ltd. (Series 2022-1 & 2022-2) transaction aiming to secure the sponsors a multi-year source of collateralized Japanese typhoon and flood reinsurance protection.
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Private insurance-linked securities (ILS) fund strategies outperformed in January 2022, as pure catastrophe bond funds absorbed the impact of a loss after the triggering of the Philippines World Bank issued catastrophe bond.
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2021 saw the catastrophe bond market soften, with a trend towards tightening across most of the year, but differentiation remained, driven by investor appetites, but according to Swiss Re Capital Markets the relative value of the insurance-linked securities (ILS) asset class persists.
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As many Lloyd’s and London market insurers retreat from the catastrophe space, amid elevated losses and the uncertain but increasing impacts of climate change, some underwriters could look to alternative reinsurance capital sources to help maintain their cat portfolios.
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The flooding in Southeast Queensland and New South Wales has now resulted in 96,844 claims, which based on previous flood events is an estimated insurance industry cost of $1.45 billion, according to the Insurance Council of Australia (ICA).
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HSCM Bermuda, the reinsurance and ILS related investment arm of investment manager Hudson Structured Capital Management Ltd., has announced that Horseshoe founder and former CEO Andre Perez has joined its Board of Advisors.
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According to recent data from the Bermuda Monetary Authority (BMA), use of insurance-linked securities (ILS) such as catastrophe bonds shrank among Bermuda-based insurance and reinsurance firms between 2019 and 2020, but other often collateralized structures such as ILW’s and quota shares increased in prevalence.
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As conversations around cybersecurity and risk management increasingly occur at the board level, insurance-linked securities (ILS) investors and reinsurers should be excited, but must tread quickly and wisely, according to Thomas Nuth, Vice President of Marketing at DeNexus.
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Investors in the Markel CATCo retrocessional reinsurance investment funds have voted overwhelmingly in favour of the proposed and updated buyout terms, putting the process on course for a resolution and completion by the end of the month.
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Bermuda-based Arch Capital Group, Ltd. has announced that its international insurance operation has promoted Krista Bonneau to Chief Reinsurance and Exposure Officer, based in London and reporting to Hugh Sturgess.
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Chubb, the global primary insurance carrier and reinsurance company, once again shows the growing importance of strategically important total-return and third-party capitalised reinsurance joint-venture ABR Re, as the amount of premiums it ceded to the vehicle rose, alongside the fee income it earned back and the valuation of its stake in the vehicle.
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