Aspen Insurance Holding Limited, the specialty insurance and reinsurance underwriter, is aligning its outwards reinsurance operations with its third-party capital unit Aspen Capital Markets, in a renamed unit Aspen Capital Partners, and has hired Laurie Shane as Group Head of Outwards Reinsurance.
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Catastrophe risk modelling specialist RMS has said that average annual insurance industry losses from North Atlantic hurricanes could increase by 24% by 2050, while European floods could drive 59% more in insured losses by the same year.
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A new insurance technology start-up named Stere has been launched to provide a digital ecosystem for insurance programs, targeting capacity provision and digital enablement for MGA’s, insurtech’s and programs, with a desire to help them access ILS fund capacity as well as traditional.
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Catastrophe bonds are experiencing a “wave of demand” according to Aon Securities, which has now resulted in spreads dropping by as much as 20%, down to levels last seen in early 2019.
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Florida headquartered insurer United Insurance Holdings (UPC Insurance) has said that it anticipates the Florida personal lines property insurance market remaining “very firm for the foreseeable future”.
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Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, sought to add to its reinsurance arrangements in Q1 2021 with a new $25 million aggregate layer of cover.
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US primary insurance giant Allstate has reported that its losses from the first-quarter winter storms and freezing weather have now enabled it to recover $195 million from the reinsurance provided by its Sanders Re II 2019-1 cat bond.
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Global reinsurance giant Munich Re has reported a solid quarter of earnings for Q1 2021, as it delivered EUR 589 million of profit, despite the impact of major losses and catastrophes, the largest of which was the US winter storms and freezing weather.
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Catastrophe risk modelling specialist RMS has announced the launch of what it calls “significant updates” to its North Atlantic Hurricane (NAHU) Models, incorporating data from recent active years, including from 2017’s Harvey and Irma.
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Great American Insurance Group has returned to insurance-linked securities (ILS) for what will be its third and likely largest catastrophe bond issuance, with a $200 million Riverfront Re Ltd. (Series 2021-1) transaction now being offered to the ILS market’s investor-base.
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Catastrophe bond and related insurance-linked securities (ILS) issuance provided investors with both peril and regional diversification in the first-quarter of 2021, as shown by the Artemis Deal Directory.
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With the entry of multiple new domiciles to the insurance-linked securities (ILS) arena in recent years, the most important feature of this is the plurality of choice it makes available to sponsors, rather than the chance of subsidies being made available, Mathieu Halm, Head of Retrocession and Strategy at CCR Re explained.
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Corant Global, the rebranded BGC Insurance arm that encompasses the Ed brand and reinsurance broking, has announced the hiring of Paul Scope from Willis in Bermuda, who will become Corant’s Chairman, Bermuda.
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Thanks to improved conditions in the global reinsurance and retrocession market, Hiscox Group reported this morning that its Hiscox Re & ILS unit has underwritten some 35.6% more in net premiums during the first-quarter of the year.
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