Bermudian specialist insurance and reinsurance firm AXIS Capital ceded significantly more of its risk through to third-party capital partners during the third-quarter of the year, but the fees earned did not rise commensurately.
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Bermudian reinsurance firm RenaissanceRe reported an underwriting loss for the third-quarter of 2019 on the back of the impacts of hurricane Dorian and typhoon Jebi, but at the same time has returned significantly more capital to its third-party investors.
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For the first time (that we’ve seen) one of the Dodeka series of private catastrophe bonds issued on behalf of specialist insurance and reinsurance linked fund manager Twelve Capital has had its maturity date extended.
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The run-off process for Blue Capital Reinsurance Holdings Ltd., the stock exchange listed, collateralized reinsurer owned by Sompo International Holdings Ltd., is beginning to take shape with the regulator set to oversee the process.
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Bermuda headquartered insurance and reinsurance firm Everest Re saw its third-quarter 2019 results dented by the impacts of catastrophe losses, but it continued to grow its capital base and its fully collateralized reinsurance sidecar and segregated accounts vehicle Mt. Logan Re stabilised further in the quarter.
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Property Claim Services (PCS) is greatly expanding its range of industry loss data aggregation and index reporting services to include Australia, New Zealand and also the Southeast Asia region, as it looks to capitalise on growing demand for its products.
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A seventh transaction of the year has now been issued using the Horseshoe Group managed private catastrophe bond and insurance-linked securities (ILS) issuance vehicle Eclipse Re Ltd., which lifts the total risk capital issued using the transformer to almost $300 million in 2019 so far.
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The second catastrophe bond to be sponsored by French mutual insurance society Covéa Group looks set to increase in size, perhaps to as much as €130 million, but at the same time the price guidance has been slashed to the lowest end of the Hexagon II Reinsurance DAC (Series 2019-1) transactions marketed range.
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Our latest wildfire update can be found here. California continues to be beset by dangerous fire weather conditions, with some of the strongest winds yet possible from Tuesday into Thursday, while the current wildfires are estimated to have put some $25 billion of property at severe risk of damage already.
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A catastrophe bond (IBRD CAR 123-124) has been launched to the market seeking to secure risk transfer and disaster insurance protection for the Philippines, with the World Bank supporting the country in securing a capital markets backed source of capacity for catastrophe loss events.
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Cincinnati Financial Corporation’s aggregated catastrophe and severe weather losses continued to rise through the third-quarter of 2019, with the total after deductibles now reaching reach 79% of the way to the trigger attachment point of its $180 million Skyline Re Ltd. (Series 2017-1) catastrophe bond.
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Steadfast Re, the reinsurance broking joint-venture operation of the Steadfast Group, has hire well-known former JLT Re London broker Dan Bailey to a role focused on leading the production of traditional and collateralised business.
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As the market moves towards the January 1st renewals season and into 2020, the insurance-linked securities (ILS) space needs to learn and educate on the reserving process and go through a phase of rebuilding, according to industry experts.
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Private equity and alternative investment specialist Apollo Global Management has taken an enlarged stake in Athene Holding Ltd., the life and retirement reinsurance firm that it already majority-owned, while investment commitments for its Athene Co-Invest Reinsurance Affiliate (ACRA) sidecar vehicle have risen to $3 billion.
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