Alternative reinsurance capital

The judge in Vesttoo’s Chapter 11 bankruptcy case has called for all sides to “stop litigating and start cooperating” to find a common ground on key issues that have been holding back progress at a hearing yesterday.

The latest filings in the Vesttoo bankruptcy case show that the battle over control of and access to segregated cells used for Vesttoo linked reinsurance contracts continues, while the counsel for the unsecured creditor committee has raised a concern that cash may have been withdrawn from some of them.

Howden Tiger Capital Markets & Advisory, the insurance-linked securities and capital markets unit of the reinsurance broker, has announced the hire of Cate Kenworthy, previously Head Of Business Development, UK and Ireland at ILS fund manager Securis Investment Partners LLP.

Because some of the capital in the reinsurance industry that had been nervous about potential losses from last year’s hurricane Ian has now calmed down somewhat, Russell Merrett, Chief Underwriting Officer of Inigo, the Lloyd’s syndicate owner and specialty underwriter, believes there will be more certainty on capital availability at this year’s renewals.

Two tranches of preferred shares issued in 2020 by the AXIS Capital sponsored collateralized reinsurance sidecar vehicle Alturas Re Ltd. have had their maturity dates extended, presumably to allow for ongoing development of loss activity they may be exposed to.

Thus far, there are no signs or signals that a significant influx of alternative capacity will come in to disrupt the hard reinsurance market, particularly in the collateralised reinsurance space, according to analysts at J.P. Morgan.

The Vesttoo bankruptcy case continues and the date for a hearing in the Bermuda Supreme Court over the liquidation of cells linked to Aon intellectual property reinsurance transactions also nears, and now the joint provisional liquidators and Aon’s White Rock Insurance (SAC) Ltd. are seeking clarity over whether they can attend the hearing, without violating […]

Here are the ten most popular news articles, week ending September 24th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

The retrocessional reinsurance market is one area where capital is in more demand, which means pricing may stay attractive there and Hiscox Re & ILS expects to be able to continue supporting that market at the renewals, CEO Kathleen Reardon said yesterday.

Insurance-linked securities (ILS) capital overall is only growing back slowly, with some fresh capital raising largely just replacing that which had been lost due to catastrophe events or investor redemptions and exits, rating agency AM Best explained in a new report.