Reinsurance News

Arch Capital Group Ltd., the Bermuda headquartered specialty insurance and reinsurance firm, has returned to the capital markets for a fourth Bellemeade Re mortgage insurance-linked securities (ILS) issuance of 2020.

The impending insurance-linked securities (ILS) structure that is being developed by the Lloyd’s of London insurance and reinsurance marketplace will be about capital provision through Lloyd’s members, so investors will benefit from a new web-based platform for managing their asset allocations to the marketplace.

The estimated insurance and reinsurance market loss from wildfires that have affected largely the western United States in 2020 is now estimated to be some two-thirds higher, as catastrophe risk modeller RMS has lifted its loss estimate range to $7 billion and $13 billion.

Combined with advanced technology and great talent, Vantage sees the range of insurance-linked securities (ILS) structures as a means to be innovative and expand the set of risks that are covered by the risk transfer space, according to co-founder and Chief Executive Officer (CEO), Greg Hendrick.

Insurance and reinsurance broker Aon has said that hurricane Eta has likely caused around $550 million of insurance market losses in the United States, but its economic toll in Central America was significantly higher.

The insurance and reinsurance market loss from the October 2020 south-east Queensland, Australia hailstorm event has been preliminarily estimated at A$1.231 billion by PERILS AG.

The shuttering of Guernsey based, Credit Suisse Insurance-Linked Strategies supported, reinsurance firms Kelvin Re and Humboldt Re is due to strategic decisions being taken by the ultimate institutional investors behind them, a Credit Suisse spokesperson told us.

The California Earthquake Authority’s (CEA) reinsurance program has shrunk slightly in the last few weeks, as $400 million of Ursa Re catastrophe bonds matured. But the Authority is aiming to keep its risk transfer target stable for 2021, suggesting more catastrophe bond issues are possible early in the new year.

Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, has taken its capital raising efforts in 2020 to more than $1.3 billion and that’s just its equity and debt raises.

AXIS Capital’s collateralised reinsurance sidecar vehicle Alturas Re Ltd. has completed another issuance of preferred shares, as the specialist global re/insurer continues to expand options for third-party investors to participate in its underwriting returns through quota shares.