Reinsurance News

Arch Capital, the Bermuda headquartered specialty insurance and reinsurance group, has announced the promotion of Nicolas Papadopoulo to President and Chief Underwriting Officer (CUO) of the Group.

City National Rochdale’s largely industry loss warranty (ILW) focused mutual insurance-linked securities (ILS) investment fund increased its total net assets under management to $147.8 million by the end of October 2020, an increase of 13% in the quarter.

Nephila Capital, the largest dedicated manager of insurance and reinsurance linked securities, has been given an allocation for its sub-advisory role on one of giant asset manager Blackstone Group’s multi-strategy investment funds.

Insurance holding company W. R. Berkley Corporation has launched its first foray into third-party reinsurance capital management with the set-up of a Bermuda based special purpose insurer (ILS) named Lifson Re Ltd. that will act as a kind of P&C reinsurance sidecar structure for the company.

Florida’s homeowner’s insurance carriers are struggling with their performance in 2020 and reporting significantly elevated combined ratios despite the fact this year’s hurricane activity largely avoided the State.

New Incorporated Segregated Accounts Companies (ISAC) available under Bermuda law and regulation, will enable insurance-linked securities (ILS) managers, or investors, to operate both underwriting and investment fund activities within a single company structure.

Global reinsurance firm Hannover Re had its ratings affirmed by AM Best yesterday and the agency cited the companies retrocession program as “pivotal” to its success.

Global reinsurance giant Munich Re has now completed the issuance of a first set of notes from its fully collateralized reinsurance sidecar vehicle Eden Re II Ltd. for this January renewal season, with a $55.1 million tranche of Series 2021-1 notes sold to investors.

According to rating agency Kroll Bond Rating Agency (KBRA), the now approved updated business plan for ILS Capital Management’s reinsurance company Prospero Re Ltd., which allows it to write both fully collateralized and traditional reinsurance with an element of leverage, does not warrant any change to the vehicles rating.

The third insurance, reinsurance and insurtech focused Special Purpose Acquisition Company, or SPAC, from fixed income financial services focused investment firm Cohen & Company, LLC has now successfully completed an upsized $250 million initial public offering (IPO).