Insurance linked securities news, ILS news

Wind and hail losses in the state of Texas drove around 70% of Allstate’s catastrophe event losses for the month of April, as the insurer revealed an estimated $290 million impact from fresh cat events and prior event reserve strengthening.

The impact of recent hurricane losses and their outsized loss creep, as well as market dynamics of supply and demand, have all served to shift the balance of power from reinsurance buyers to reinsurance sellers at this June renewal in Florida, Kevin O’Donnell CEO of RenaissanceRe explained recently.

ChainThat, an insurance technology (insurtech) provider of distributed ledger (often called blockchain) solutions for the insurance and reinsurance industry, has appointed Kathleen Faries as a Bermuda Advisor.

The California Department of Forestry and Fire Protection (Cal Fire) has deemed the cause of the devastating Camp wildfire to be electrical transmission lines owned and operated by Pacific Gas and Electricity (PG&E).

The Bermuda Monetary Authority (BMA) is seeking feedback on a newly proposed class of insurer for use in collateralised reinsurance underwriting, as it seeks to create a new, regulated home for the multi-use and more innovative applications of collateralised and capital markets backed protection.

Numerous changes at the executive level have been announced by Aspen Insurance Holdings Limited, including a new CEO for its Bermuda underwriting platform and handing responsibility for outwards reinsurance and retrocessions to the CRO.

The insurance-linked securities (ILS) sector can play a greater and more meaningful role in Asia, but to drive success, the market needs to develop solutions for Asia that are less U.S. shaped, according to Chris Kershaw, Managing Director of Global Markets, at reinsurer Peak Re.

It appears that Florida and southern U.S. primary insurer Safepoint is going to expand its use of efficient and collateralized reinsurance capital, with Pompano Re Ltd., a new special purpose insurer (SPI), having been registered by the firm.

TigerRisk Partners, LLC, the reinsurance brokerage, risk and capital advisory, has announced that Rob Bredahl has joined the company as President, Chief Operating Officer and a member of its board.

The Bermuda Monetary Authority (BMA) has authorised the first licence for its insurance regulatory sandbox, giving it to Akinova, the start-up aiming to launch a marketplace for the transfer and trading of insurance or reinsurance risks.