Analysts from Peel Hunt warn that with reinsurance market appetite for certain property catastrophe risks uncertain, some re/insurers may find themselves retaining more secondary peril exposure and it’s “not obvious that third-party capital will rush in to fill the gap.”
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Both tranches of Safepoint Insurance Company’s most recent catastrophe bond, the $40 million Manatee Re III Pte. Ltd. (Series 2019-1) transaction, have now been marked down significantly in the secondary market on potential losses of principal driven by hurricane Ida’s impacts.
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Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million.
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Goldman Sachs has made a new hire within its investment banking Insurance Structured Finance team, adding Tony Nguyen, an experienced insurance-linked securities (ILS) structurer who most recently worked at Swiss Re.
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Farmers Insurance Group, the US insurer that also operates across a number of reciprocal insurer brands and has links to Zurich Insurance Group, is sponsoring its first catastrophe bond, seeking at least $100 million of multi-peril US catastrophe reinsurance protection from the capital markets, with a Topanga Re Ltd. (Series 2021-1) issuance.
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Google’s holding company parent Alphabet, Inc. has returned to the catastrophe bond market for the third time, as it seeks to add another $250 million or more of California earthquake risk protection to its insurance arrangements with the help of insurance-linked securities (ILS) investors in a Phoenician Re Ltd. (Series 2021-1) issuance.
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The industry-loss warranty (ILW) focused mutual fund strategy offered by investment adviser City National Rochdale (CNR) increased its net assets during the last quarter of record and the share price of the exchange traded fund (ETF) has been rising over recent weeks.
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At reinsurance renewals in 2022, there is expected to be a an overarching focus on achieving more sustainable pricing levels. But there will also be different challenges faced and outcomes achieved, depending on where in the reinsurance risk tower underwriters are focused, according to TigerRisk’s Head of North America, Wade Gulbransen.
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For the second quarter running, broker Marsh has said that secondary catastrophe perils have remained a focus, with commercial properties exposed to those risks seeing some steep rate increases.
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SCOR Investment Partners (SCOR IP), the asset management arm of the global reinsurance firm, has announced some key changes to its leadership team, including a new CEO in Fabrice Rossary.
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Markel Corporation has decided to wind down its retrocessional reinsurance focused insurance-linked securities (ILS) fund manager, Lodgepine Capital Management, citing retro market headwinds and a challenging fundraising environment.
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Another new mutual investment fund is launching with a focus on investing in opportunities and asset classes that support the United Nations (UN) Sustainable Development Goals (SDG’s), with catastrophe bonds singled out as one suitable category to allocate to.
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The role of the capital markets in the world’s transition to a low carbon economy as we look to tackle the threats of the changing climate, is “absolutely fundamental,” according to Rowan Douglas, Head of the Climate and Resilience Hub at Willis Towers Watson (WTW), and Chairman of Willis Research Network.
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Rising reinsurance pricing has boosted the earnings of the big four European reinsurers, despite them all being burdened in 2021 so far by natural catastrophe and COVID-19 related mortality losses.
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