Collateralized reinsurance news

Credit Suisse Insurance Linked Strategies Ltd., the insurance and reinsurance investments focused unit of bank and asset management giant Credit Suisse, has hired a new Head of Distribution & Strategy in Eric Blattmann, an experienced investment distribution professional.

The insurance and reinsurance industry bill after the severe hailstorms that hit the southeastern region of Australia in January have now risen by almost 50%, with the latest industry loss estimate now at A$1.2 billion (around US $700m).

The insurance and perhaps reinsurance industry loss from European windstorm Ciara, also known as Sabine and Elsa, has been estimated at almost EUR 1.6 billion (close to US $1.7bn) by PERILS AG.

The Government of Hong Kong has introduced a bill to amend its insurance regulation to allow for insurance-linked securities (ILS) such as catastrophe bonds to be issued and will seek to pass it rapidly given the uncertainty caused by the coronavirus outbreak.

Allianz Global Corporate & Specialty (AGCS) has hire Peter Kiernan, formerly the CUO and a President in Bermuda at AXIS Re, to the role of Head of Reinsurance North America for the Allianz Alternative Risk Transfer (ART) division.

Broker Willis Re has requested markets, both traditional and ILS providers of reinsurance and retrocession, consider offering automatic extensions of in-force contracts  by two months at the cedent’s discretion due to possible delays caused by the coronavirus to smooth the renewal process, but this is something that capital markets collateralised players would find particularly challenging […]

A new approximately $18.3 million Asagao II Japanese private catastrophe bond transaction has come to market using the Aon Insurance Managers operated segregated accounts company White Rock Insurance SAC.

Japanese domestic insurers have now paid out roughly US $9.2 billion in claims related to typhoon Faxai, typhoon Hagibis and the heavy rainfall event that closely followed these storms, which is an increase of 35% on figures released in December by the General Insurance Association of Japan (GIAJ).

At this time of global uncertainty due to the Covid-19 coronavirus outbreak the insurance-linked securities (ILS) fund market is facing a rising demand for investor relations support, as the institutions backing the market, plus those looking at it for potential deployment, ramp up their queries and requests for information.

A magnitude 5.7 earthquake has struck the Salt Lake City area of Utah, U.S., the largest quake to hit the area in 28 years and big enough to cause some damage to buildings in Magna, West Valley City and Salt Lake City itself.