capital markets

The appetite of investors to fund reinsurance strategies, be they traditional equity-backed reinsurers, or insurance-linked securities (ILS) structures, is a key determinant to how long the current hard market will last, AM Best has said.

It’s increasingly clear that the ongoing difference of opinion over ownership or control of property rights to segregated cells and accounts linked to them, that were used for reinsurance deals facilitated by Vesttoo where letters of credit (LOC) were found to be fraudulent or forged, will need a definitive court ruling to be decided.

The latest vintage of the life and annuity focused reinsurance sidecar structure launched by Athene Holding Ltd., the life and retirement reinsurance company majority owned by investor and private equity specialist Apollo Global, has received its ratings and we understand the investor commitments to it are expected to roughly double.

In a response to objections made to the bankruptcy court by Vesttoo and the unsecured creditor committee, the joint provisional liquidators (JPL’s) to the affected cells of the Aon White Rock SAC vehicle have said arguments made objecting to their application for Chapter 15 relief are “meritless”.

This video features the fifth session of the day at our recent Artemis ILS Asia 2023 conference, held in Singapore on July 13th 2023, a fireside chat discussion with William Ho, the CEO of MS Amlin Asia Pacific, and Head of Reinsurance (Asia) for MS Amlin.

Porch Group, a software driven financial services group with a homeowners insurance arm, continues to proactively strengthen its business to recover from exposure to the Vesttoo-linked letter of credit (LOC) collateral fraud that affected certain reinsurance deals its Homeowners of America Insurance Company (HOA) subsidiary had entered into.

Speaking with Artemis in a recent interview, Christian Mumenthaler, the CEO of global reinsurer Swiss Re explained that he believes in the insurance-linked securities (ILS) system and sees this alternative form of reinsurance capital as occupying a critical position in the marketplace.

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.