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JBA & FloodFlash launch sensor-based parametric flood cover first

Catastrophe risk modellers JBA Risk Management and insurtech start-up FloodFlash have teamed up to launch what they claim to be the first property level parametric flood insurance product.The product utilises sensors developed by FloodFlash, which are installed in homes and businesses to provide a measurement source for data that can read the full article →

New Paradigm to educate on parametric risk transfer at new conference

There has been an exponential increase in awareness and understanding of parametric insurance, reinsurance and risk transfer solutions in recent years, but still education is lacking among protection buyers which has led specialist New Paradigm Underwriters to launch its own conference on the subject.Artemis and sister publication Reinsurance News are read the full article →

RenRe’s remaining Fibonacci Re 2017 notes extended into 2019

The final $3.3 million chunk of notes from Bermudian reinsurance firm RenaissanceRe’s $140 million Series 2017-1 issuance of notes from its Fibonacci Reinsurance Ltd. sidecar-like vehicle have now had their maturity extended into 2019, as loss development continues.Fibonacci Reinsurance Ltd. is RenaissanceRe’s sidecar-like special purpose reinsurance vehicle, that provides ILS read the full article →

RenRe’s Fibonacci Re 2017 notes have maturity extended again

The remaining slice of in-force notes from Bermudian reinsurance firm RenaissanceRe’s $140 million Series 2017-1 issuance of notes from its Fibonacci Reinsurance Ltd. sidecar-like vehicle have had their maturity extended for another three months.Fibonacci Reinsurance Ltd. is RenaissanceRe’s sidecar-like special purpose reinsurance vehicle, that provides investors and fund’s under RenRe’s read the full article →

RenRe’s remaining Fibonacci Re 2017 ILS notes extended again

The remaining in-force notes of Bermudian reinsurance firm RenaissanceRe's $140 million of Series 2017-1 notes issued by Fibonacci Reinsurance Ltd. have been extended again, presumably as loss development continues.Fibonacci Reinsurance Ltd. is RenaissanceRe’s sidecar-like special purpose reinsurance vehicle, that provides investors and fund’s under RenRe’s management with catastrophe bond-like investments read the full article →

Hurricane Irma slams into Florida, surge floods both coasts

Hurricane Irma slammed into Florida on Sunday as a Category 4 storm with 130 mph winds, hitting the Florida Keys first before making a second landfall on the southwest coast of the Peninsula. Coastal flooding from storm surge has been reported on both coastlines, including areas such as the Miami read the full article →

Hurricane Irma to stress-test third-party capital staying power: S&P

The potential impact of major hurricane Irma, which now has Category 3 status and 130 mph+ winds as it tracks towards Florida, could be a test of the permanence of third-party capital in the global reinsurance sector, according to Standard & Poor’s (S&P).In a new report, international financial services ratings read the full article →

As Irma tracks west, impact to ILS market lessens: Brookes, RMS

As major hurricane Irma continues to track west and the forecast path for the storm predicts the expected turn to the north towards Florida will be later, resulting in the landfall position shifting west, the potential impact to the ILS and catastrophe bond market lessens, according to Ben Brookes RMS read the full article →

Increased use of retro to limit reinsurers’ Irma exposure: A.M. Best

International ratings agency, A.M. Best, has highlighted the increased use of retrocessional reinsurance protection amongst global reinsurers, including from the capital markets, which could limit some exposure to hurricane Irma as it maintains its track towards Florida, U.S.In an industry note on the potential impact of major hurricane Harvey, which read the full article →

Cat bonds drop 16% on hurricane Irma, prices discounted heavily

Hurricane Irma's threat to Florida saw the catastrophe bond market drop 16% yesterday, their biggest single days decline on record, as the ILS market and its investors recognised the severe threat the major hurricane poses to their investments.According to Bloomberg data the Swiss Re Cat Bond Price Return index dropped read the full article →