Covid-19 news

Vesttoo and Artemis have partnered to host a live webcast on May 25th 2021 where we will discuss and explain opportunities to hedge the next pandemic, using parametric risk transfer, facilitated through the use of data and technology, as well as capacity from the capital markets.

American International Group’s (AIG) insurance-linked securities and collateralized reinsurance activities under its dedicated ILS investment manager entity, AlphaCat Managers, were impacted by losses during the first-quarter of the year it appears, while assets under management shrank by almost 10%.

The Standards Board for Alternative Investments (SBAI) has published a new document that discusses the practice of side-pocketing within the insurance-linked securities (ILS) industry and explains the need for strong governance, transparency and robust disclosure when it comes to reserving for potential losses.

Having reported EUR 3.5 billion of losses related to the COVID-19 pandemic for 2020 and now revealing an expectation of another EUR 600 million to be booked in 2021, Munich Re’s CEO Joachim Wenning today urged industry and governments to make progress on a public-private model for pandemics and other systemic risks.

In reporting its first-quarter results this morning, France headquartered global reinsurance company SCOR revealed that its two biggest hits of the period were winter storm Uri in Texas and the United States, as well as mortality claims from COVID-19, which its CEO said fell “within our risk appetite.”

Our latest Artemis Live video interview features James Vickers, Chairman of Willis Re International, part of the global reinsurance broking unit of Willis Towers Watson, who joined us to discuss reinsurance market performance and capital trends.

Elementum Advisors, LLC, the insurance-linked securities (ILS) fund management and collateralised reinsurance underwriter, has announced the promotion of Lynette Pirilla Walter to Chief Legal Officer of the asset manager and the hiring of John Drnek of RenaissanceRe’s as General Counsel for its Bermuda operation.

The majority of insurance-linked securities (ILS) funds have reported a negative return for February 2021 after the impacts of the US winter storm and Texas freeze, according to the latest report from the Eurekahedge ILS Advisers Index.

Losses and IBNR reserves related to the COVID-19 coronavirus pandemic reported by major insurance and reinsurance companies have risen significantly during the first-quarter of 2021, with the total pandemic loss reported now nearing $38 billion, having risen by 21% during reporting for the final-quarter results of 2020.

The Lloyd’s of London insurance and reinsurance market reported a £0.9bn loss for 2020 after significant impacts from the COVID-19 pandemic dented performance, despite significant reinsurance recoveries.