Industry loss warranty news

Lockton Re, the reinsurance business of the privately held independent global broking firm, has hired Simon Moore, the former Chief Underwriting Officer of CATCo, as a Senior Broker within its Non-Marine Retrocession & Property Specialty team in London.

In light of current market conditions and a heightened awareness about the hidden costs of UNL or indemnity business, it makes sense to leverage the industry loss index product, according to Tom Johansmeyer, Head of PCS.

Lockton Re, the reinsurance business of the privately held independent global broking firm, has announced a key hire in Bermuda, taking Thomas Parcell from Aon as its new Chief Broking Officer on the island.

Stonybrook Capital, a specialist strategic advisory and investment banking firm focused exclusively on the insurance and reinsurance industry, has developed a service to make pricing of industry loss warranty (ILW) contracts more readily available and transparent.

It’s just a matter of time before the use of industry loss triggers for risk transfer transactions broadens and is more widely used, which in turn will unlock more diversifying risk into certain sub-sectors of the insurance-linked securities (ILS) space, according to Tom Johansmeyer, Head of PCS.

Some shareholders in the CATCo Reinsurance Opportunities Fund Ltd., Markel CATCo Investment Management’s listed retrocession focused investment fund, have benefited from a reduction in claims related to California’s 2017 wildfires, perhaps suggesting a subrogation recovery has made its way through to the portfolio.

Our readers forecast more than $12 billion of catastrophe bond issuance in 2021, which would see the market setting a new record. But in terms of which area of insurance-linked securities (ILS) is likely to grow fastest, the collateralized reinsurance market is forecast to outpace cat bond market growth this year.

Akinova, a company that has created a platform for the transfer and trading of insurance and reinsurance risks, has become the first to receive an Insurance Marketplace Provider licence in Bermuda.

We spoke with Tom Johansmeyer, Head of PCS, today, to discuss the rioting and civil disturbance seen at the US Capitol buildings on January 6th 2021.

City National Rochdale’s largely industry loss warranty (ILW) focused mutual insurance-linked securities (ILS) investment fund increased its total net assets under management to $147.8 million by the end of October 2020, an increase of 13% in the quarter.