Coronavirus news

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, has made some changes at the top, promoting David Marra to Group Chief Underwriting Officer, while Ross Curtis moves into the new role of Chief Portfolio Officer.

Two of Australia’s largest insurers have both slashed their reserve provisions for business interruption claims from the COVID-19 pandemic after last week’s test case ruling.

The second test case in the High Court of Australia regarding the interpretation of policy wordings in business interruption policies after the COVID-19 pandemic, has been resolved in favour of insurers after appeals were denied, a move that has positive implications for the release of some trapped ILS capital, we’re told.

Insurance-linked securities (ILS) fund managers have been working to free trapped capital related to possible COVID pandemic related losses in European reinsurance contracts, with commutations being pursued, AM Best has reported.

France headquartered global reinsurance firm SCOR said this morning that its successfully issued $240 million Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond has environmental, social and governance (ESG) considerations integrated into it.

Global reinsurance company SCOR has now secured $240 million of retrocessional catastrophe protection from its new Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond, Artemis can reveal.

France headquartered global reinsurance company SCOR has raised the target size for its new Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond to as much as $250 million, while the price guidance has been raised almost 12%.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, saw its external capital under management rise to $6.8 billion by April, helped by the launch of its Fontana Holdings casualty / specialty lines joint venture and some other additional fund raising.

France headquartered global reinsurance company SCOR is back in the capital markets with a new Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond through which it is seeking at least $150 million of international multi-peril retrocessional protection.

Managers of insurance-linked securities (ILS) funds and other strategies are pushing back on what is seen as still excessive trapping of capital linked to COVID-19 related claims, as confidence rises that the eventual impacts of this will be relatively limited for the ILS market.