Insurance linked securities news, ILS news

Pacific Gas and Electricity (PG&E), the California electrical utility worse hit by wildfire losses and claims in recent years, has successfully renewed almost $758 million of insurance coverage against future potential liability claims for fires that its infrastructure was deemed to have started.

French insurance group Covéa and EXOR, the Agnelli family owned holding company investor, have struck an agreement to cooperate on reinsurance-linked investments going forward, finding a way to settle with each other over the failed PartnerRe sale.

Praveen Reddy has been promoted to Chief Operating Officer of Velocity Risk Underwriters LLC, the managing general agency (MGA) operation of reinsurance, catastrophe, climate and weather risk-linked investment manager Nephila Capital.

Rom Aviv, a former senior employee of insurance-linked securities (ILS ) fund manager Twelve Capital and Israeli investors IBI ILS Partners, is leading insurance for Agritask, an ag-tech and agronomics focused start-up, while Daniel Stander of RMS fame has joined the firm as a senior advisor.

During its earnings call this morning, senior executives from specialist insurance and reinsurance underwriter Hiscox Group warned that the eventual findings of the UK Financial Conduct Authority’s (FCA) business interruption test case could drive additional Covid-19 losses to its reinsurance book.

Hiscox Re & ILS, the reinsurance and insurance-linked securities (ILS) arm of the global specialty re/insurer, has announced the impending departure of its CEO Mike Krefta, who is leaving the firm to pursue opportunities outside the sector.

Hiscox Group, the specialist insurance or reinsurance underwriter and ILS capital manager, has reported a shrinkage in its deployable insurance-linked securities (ILS) capital and a reduction in its appetite for catastrophe risks, as it keeps its powder dry for future opportunities.

Here are the ten most popular news articles, week ending 2nd August 2020, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Global reinsurance firm Swiss Re expects that while it seems that some losses from the Covid-19 pandemic could fall to its quota share sidecar investors, the amount won’t be significant.

Specialty insurance and reinsurance player Brit Ltd. highlighted the important benefit of the capital partner relationships behind its Sussex Capital collateralised reinsurance structure this morning, while the firms third-party investors appear to have taken a small share of losses in the first-half.