Alternative reinsurance capital

The January reinsurance renewals fell well short of hard market price increases, with part of the reason being new capacity from both incumbents and new entrants, according to AXIS Capital CEO Albert Benchimol.

A new start-up aims to enhance the economic resilience of the world’s businesses, by filling business interruption coverage gaps using advanced technology such as machine learning and by leveraging insurance-linked securities (ILS) structures to connect this emerging risk class with capital market investors.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, held true to its forecast and returned some capital from its Upsilon collateralized reinsurance and retrocession vehicle to investors around the renewals, underwriting a slightly smaller portfolio for the vehicle as a result.

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has reported a net loss for the fourth-quarter and full-year 2020, as improved underlying accident year combined ratios couldn’t offset significant catastrophe and COVID-19 losses.

The Gildenbrook Group has been founded by experienced ILS industry executive Daniel Brookman and has today launched Gildenbrook Capital Management Ltd., an independent alternative investment fund manager focused on the insurance-linked securities (ILS) asset class.

In launching its first collateralized reinsurance sidecar vehicle and engaging with third-party investors on the recently announced Lifson Re Ltd. launch transaction, Rob Berkley – President and CEO of W. R. Berkley noted the importance of a “shared sense of obligation and duty to capital.”

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, has revealed that it raised an additional over $730 million of capital for third-party managed joint ventures and insurance-linked securities (ILS) vehicles at January 1st 2020.

It’s down to insurance-linked securities (ILS) cedents and sponsors to work to restore trust in the ILS investor community, by increasing transparency, reducing uncertainty and building long term partnerships, according to Mathieu Halm, Head of Retrocession and Strategy at CCR Re.

As the world continues to deal with the effects of the COVID-19 pandemic, we remain locked-down at home and unable to hold in-person events, so sadly our fifth ILS NYC conference has to be virtually held.

Global insurance and reinsurance group Everest Re has pre-announced a range of charges being applied to its fourth-quarter and 2020 results, due to catastrophe losses, continued impacts from the COVID-19 pandemic and a $400 million reserve charge driven by social inflation trends in casualty lines.