Insurance linked securities news, ILS news

Loss creep primarily from typhoon Jebi has dragged the average performance of catastrophe bond, insurance-linked securities (ILS) and reinsurance linked investment funds down to a disappointing -0.70% for the month of April 2019.

Reported claims figures for the typhoons and extreme rainfall event that struck Japan last year have risen significantly, with the latest figures from the General Insurance Association of Japan (GIAJ) totalling over US $14.5 billion.

Access to insurance-linked securities (ILS) capacity (the capital markets) is a requirement for insurance and reinsurance firms to remain competitive, with the range of strategies for how to bring more efficient capital within an underwriting business expanding fast.

SS&C GlobeOp, a leading provider of investment fund administrations services including to the insurance-linked securities (ILS) and reinsurance market, has hired a new Head of Fund Administration for its Bermuda operation.

Neuberger Berman’s Insurance-Linked Strategies team raised a total of $19.23 million from the recent listed share issuance from its NB Reinsurance Ltd. Bermuda domiciled Class 3 reinsurance vehicle.

U.S. primary mutual insurer USAA has made a number of reinsurance recoveries under its catastrophe bond programs it appears, reducing the principal outstanding on a number of tranches of both in-force and maturity extended cat bonds in the Residential Reinsurance series and its Espada Reinsurance deals.

The NB Reinsurance Ltd., the Class 3 reinsurer of global asset manager Neuberger Berman’s insurance-linked securities (ILS) operations, has completed a new issuance of shares which are likely to support new capital raising activities.

The New Zealand Earthquake Commission (EQC), the state-owned residential property disaster insurance entity, has purchased its largest ever reinsurance program, with coverage running up to $6.2 billion.

Zurich headquartered insurance-linked securities (ILS) and reinsurance linked investment manager Twelve Capital has now completed its 25th private catastrophe bond deal, bringing a $9.33 million Dodeka XXIII to market.

White Mountains Insurance Group, Ltd. has finally confirmed that it has acquired a minority stake in Elementum Advisors, LLC, an insurance and reinsurance linked asset manager with over $4 billion of assets under management.