Broking powerhouse Aon has warned that the industry faces a multi-billion loss from the US tornadoes that struck at the weekend, but notes that at this stage it only anticipates a “limited portion” of the losses being ceded to reinsurance.
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Lloyd’s of London syndicate manager and private capital specialist Argenta Group suggests that the weekend tornado damage in the southeastern United States could result in an industry loss that it likens to the 2020 Derecho event, that resulted in an estimated $7 billion of costs for insurance and reinsurance markets.
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As the proposal of a process to buyout investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds has been drawn out by legal appearances and is now waiting for a court decision to proceed, the investment manager has extended the expiry date of the support undertakings it received from investors.
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At this still early stage following the tornadoes and severe storms that struck the United States this weekend, it’s not yet possible to rule out any loss impacts to ILS investors, according to Twelve Capital.
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Global reinsurance giant Munich Re has said that reinsurance alone cannot absorb the systemic risk that climate change brings, citing the need for public private partnerships and government intervention.
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The first catastrophe bond from logistics, warehousing and supply-chain focused real estate owner and investor Prologis, Inc. has now been priced at the top-end of initial guidance, while the issuance size remained at $95 million for the Logistics Re Ltd. (Series 2021-1) cat bond issuance.
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The weekend’s significant tornado activity in the United States could affect some aggregate catastrophe bonds, according to insurance-linked securities (ILS) asset manager Plenum Investments.
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Farmers Insurance Group has now secured the slightly upsized $160 million of collateralized reinsurance protection from its first catastrophe bond, with the Topanga Re Ltd. (Series 2021-1) issuance set to provide the Zurich-linked insurer with multi-year aggregate cover across peak perils.
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This weekend’s tragic tornado impacts across southeastern US states is expected to drive an insurance and reinsurance market loss into the billions of dollars, with sources stating it could be the largest tornado-driven industry loss in a decade, perhaps more.
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Here are the ten most popular news articles, week ending December 12th 2021, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.
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A significant outbreak of tornadoes and severe convective weather struck a number of southern U.S. states last night and into this morning, with widespread damage experienced and deaths expected to run to between 50 and 100.
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After the publication of the latest Intergovernmental Panel on Climate Change (IPCC) report earlier this year in August, the Credit Suisse Insurance Linked Strategies team has analysed its findings on climate trends related to severe weather catastrophes and tried to quantify their impacts on the global insurance, reinsurance and insurance-linked securities (ILS).
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Validus, the Bermuda headquartered reinsurance underwriting arm of AIG, has returned to renew its Tailwind catastrophe bond protection, with a $275 million or larger Tailwind Re Ltd. (Series 2022-1) transaction in the market, through which it is seeking a source of aggregate retrocession.
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The first catastrophe bond from logistics, warehousing and supply-chain focused real estate owner and investor Prologis, Inc. has seen its pricing guidance tighten towards the upper-end, while the issuance size remains at $95 million for the Logistics Re Ltd. (Series 2021-1) cat bond issuance.
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