Reinsurance News

A record 12 mortgage insurance-linked securities (ILS) transactions have completed so far in 2021, taking annual issuance to more than $5 billion for the very first time, as shown by the Artemis Deal Directory.

Risk transfer and insurance focused public-private partnerships as well as the use of parametric triggers can assist in building global resilience to climate risk, reinsurance giant Munich Re said at the COP26 UN climate conference in Glasgow today.

In the latest new product roll-out to its specialty insurance and reinsurance lines loss reporting services, Property Claim Services (PCS) will now provide data on worldwide aviation loss events.

The Texas Windstorm Insurance Association (TWIA’s) Actuarial & Underwriting Committee met yesterday to review proposals for reinsurance broking services and has voted to recommend the TWIA Board approve a change to Willis Re, which also has ramifications for the issuance of its catastrophe bonds.

Conduit Re, a Class of 2021 reinsurance start-up that raised close to $1.1 billion of capital in an initial public offering (IPO) and listing before it began underwriting, highlighted the importance of its retrocession in buffering its results against the impacts of hurricane Ida.

In the last quarter of record, revenues earned from its flagship insurance-linked securities (ILS) operation Nephila Capital rose for parent Markel Corporation, but assets under management at Nephila Capital declined heavily in Q3, dropping by $500 million to $9.3 billion by the end of September.

A new report calls for an expanding use of risk sharing to help the world tackle the climate emergency and highlights the role of the capital markets, as well as instruments such as ILS and catastrophe bonds, in helping to protect lives and livelihoods against loss and damage during a resilient transition to net zero.

The Start Network, an international network of non-governmental humanitarian organisations, is partnering with the Insurance Development Forum (IDF) on the creation of a new financial service for the humanitarian sector, with parametric triggers and risk pooling at its heart.

Insurance and reinsurance broking group Aon has said today that the “fingerprints of climate change” are evident in some of the largest catastrophe loss events this year, namely major hurricane Ida, flooding in Europe and Asia, as well as wildfires in the United States.

Private insurance-linked securities (ILS) funds, that invest in collateralised reinsurance and retrocession, were the main destination for loss creep from hurricane Ida in September, as a number had to add to their reserves for the loss event.