Following the increased severity and frequency of wildfires, droughts and floods in recent times, the undeniable impact of climate change on water-related catastrophes is starting to get priced in and risk premiums are adjusting, according to Niklaus Hilti, Head of Credit Suisse’s Insurance-Linked Strategies division.
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U.S. primary insurance giant Allstate has recorded a significant $450 million PG&E related subrogation on claims related to the California wildfires, which is the figure reported by the carrier net of reinsurance adjustments.
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Specialty insurance and reinsurance group Lancashire Holdings is looking to expand its book in the current hard market conditions, with more property catastrophe risk expected to be underwritten and the firms first foray into underwriting casualty lines in 2021.
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Universal Insurance Holdings, the Florida headquartered and expansive primary insurance player, has promoted its Vice President of Underwriting Michael J. Poloskey to the vacant role of Chief Operating Officer (COO).
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Reinsurance broker Guy Carpenter has created a new senior executive Global Head of Sales role, to bring its sales activities under one leadership, and hired Jeffrey Livingston from Willis Re to fill it.
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The California wildfire season threat has ramped up considerably in the last few days, as severe thunderstorms and lightning ignited numerous new wildfires following a spell of hot and dry weather, that now sees tens of thousands of structures and property including high-value homes at-risk.
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Aeolus Capital Management Ltd., the Bermuda based reinsurance and insurance-linked securities (ILS) focused investment fund manager, has announced another new hire, with Nicholas Jagoda from Elementum Advisors set to join the firm.
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After a number of years of shrinking its reinsurance underwriting book, global re/insurer Chubb is ready to expand its activities in the reinsurance space now the pricing is adequate, according to CEO Evan Greenberg.
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Bermuda based insurance and reinsurance focused software house Treefrog Consulting Ltd. has announced an expansion to its ILS and reinsurance deal pricing and roll-up platform Foundation, adding a Portfolio Module, as well as other ILS specific features.
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Hurricane Genevieve remains a strong category 3 hurricane as it barrels towards the Baja Peninsula of Mexico in the Pacific, with sustained winds of 115 mph and higher gusts, but with the central pressure of the storm now rising it suggests there is no threat to the World Bank issued parametric Mexico catastrophe bonds.
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Analysts at KBW highlight that because the latest mortgage insurance-linked securities (ILS) deal sponsored by Bermudian insurance and reinsurance firm Arch Capital attaches so high up, the deal will not deliver the Private Mortgage Insurer Eligibility Requirements (PMIERs) capital credit its previous mortgage ILS have.
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Insurance and reinsurance broking group Aon has announced the launch of a Capital Partners team, that will work to expand access to third-party reinsurance capacity to its clients.
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ILS Capital Management Ltd., a Bermuda headquartered ILS fund and reinsurance investment manager, has successfully completed a landmark securitisation that reduces the level of trapped capital affecting its ILS funds and returns capital to investors, seeing it as the first ever securitisation of trapped ILS capital.
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A repeat of 2005’s hurricane Katrina hitting in an identical manner with exposure values as we see them now but with greater influence from climate change factors, could drive an economic loss of as high as $200 billion, according to analysis from Swiss Re.
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