Insurance linked securities news, ILS news

Cayman Islands domiciled reinsurance firm Oxbridge Re Ltd. has said that its fully collateralized reinsurance sidecar vehicle Oxbridge Re NS Ltd. is likely to take a portion of the firms losses from recent hurricane Michael, which could amount to a roughly 55% loss of principal.

The current California wildfire outbreak is expected to drive losses of between $3 billion to $6 billion to the insurance and reinsurance industry, while there will also be an element of BI and demand surge to deal with as well, according to Moody’s Investors Service.

The ongoing outbreak of wildfires in California, which have reached record levels in terms of property destruction and deaths, are likely to mean that insurance and reinsurance industry losses from the wildfire peril will also reach a record level in 2018, according to A.M. Best.

The valuations or prices of investments in the Stone Ridge Asset Management reinsurance mutual funds and the Markel CATCo listed retrocession fund were dented by the California wildfire threat in recent days.

We’re pleased to reveal three additions from Fermat Capital Management, AmWINS Group and Swiss Re to the roster of confirmed speakers for our February 1st 2019 insurance-linked securities (ILS) conference in New York, Artemis ILS NYC 2019.

Seeman Holtz Property & Casualty, LLC has acquired Boston-based online home and auto insurance technology platform Goji, a transaction that insurance-linked securities (ILS), reinsurance and transportation investment manager Hudson Structured Capital Management Ltd. was involved in as an investor in both firms.

The ongoing outbreak of wildfire activity in California has continued to destroy property over the last 24 hours, with the number of destroyed structures now standing at 7,150 across the three wildfire outbreaks and uncertainty still remaining over whether utility PG&E will be found liable for the most severe of the blazes.

Arcus Syndicate 1856 at Lloyd’s of London, which is backed by funds under the management of the Credit Suisse insurance and reinsurance linked investment strategies team, has had its business plan for 2019 approved by Lloyd’s of London.

Catastrophe bonds that are exposed to the California wildfire peril are expected to face increased levels of volatility and also discounts in their pricing on the secondary market due to the ongoing wildfire events in the state, according to investor Plenum.

New Paradigm Group, LLC, the Florida-based specialist managing general agency that sells parametric insurance and reinsurance products, has received an investment to help it grow its proprietary parametric platform from global reinsurance firm TransRe.