PG&E’s wildfire subrogation settlement may benefit some ILS funds

The recent announcement from Pacific Gas and Electricity (PG&E) of an insurance subrogation settlement totalling $11 billion may eventually provide some benefit to ILS funds that were exposed to losses from certain 2017 and 2018 California wildfire events.PG&E's equipment and infrastructure has been deemed liable for a number of the read the full article →

Hagibis + Faxai industry loss may be close to Jebi + Trami: Credit Suisse

An early estimate suggests that Japanese typhoon Hagibis could eventually drive in excess of $10 billion of insurance and reinsurance industry losses, which when added to the other recent typhoon Faxai could see the 2019 typhoon season leaving a larger dent in the industry than 2018's Jebi and Trami combined.It read the full article →

FedNat says Q3 losses won’t trigger reinsurance program

U.S. primary insurance group FedNat Holding Company said that its third-quarter 2019 catastrophe losses are unlikely to trigger any reinsurance support for it. This despite the fact the company reduced its retentions for the current calendar year.FedNat said that its Q3 2019 catastrophe losses are expected to reduce its pre-tax read the full article →

RenRe sees $155m net Q3 cat losses, still expects modest income

RenaissanceRe (RenRe), the Bermudian insurance and reinsurance underwriter and joint-venture capital manager, estimates that its net losses from third-quarter 2019 catastrophes will reach $155 million, after taking into account risk shared with third-party investors and loss of any associated fee income.RenRe explained that it estimates the third quarter 2019 impact read the full article →

Everest Re puts Q3 cat losses at $280m, uses high industry loss picks

Global insurance and reinsurance firm Everest Re has pre-announced an estimate of its third-quarter 2019 catastrophe losses, saying it expects $280 million net impact, which analysts note is aligned on market-share estimates, but based on the highest estimates of industry loss.Everest Re has made its estimates based on industry insured read the full article →

Hurricane Michael loss creeps to $7.2bn, but 17,347 claims still open

The insurance and reinsurance industry loss from Hurricane Michael in Florida continued to slowly creep higher in the last two months, now having reached almost $7.2 billion according to the regulator in Florida.At the last count at the beginning of August, Florida’s Office of Insurance Regulation (FLOIR) assessed that claims read the full article →

Horseshoe + Artex to create “ILS center of excellence” – CEO Perez

The combining of Horseshoe Insurance Services Holdings Ltd. and Artex Risk Solutions operations positions them to create an "ILS center of excellence" according to Horseshoe CEO Andre Perez.As we recently reported, Artex Risk Solutions is set to acquire Horseshoe, the Bermuda-headquartered specialist ILS, insurance or reinsurance manager and fund administrator, read the full article →

UN, WWF & global re/insurers urge risk transfer innovation for World Heritage Sites

The United Nations, the World Wide Fund For Nature (WWF) and leading global insurance and reinsurance firms are calling for the use of innovative risk transfer solutions, including parametric protection and catastrophe bonds, to protect World Heritage Sites.The UN Environment’s Principles for Sustainable Insurance Initiative (PSI), a collaboration between the read the full article →

Hagibis loss complex to assess, ILS deductible erosion possible: Twelve

The assessment and quantification of insurance and reinsurance market losses after typhoon Hagibis is to be complex and likely prolonged as a result, but there is a chance of some performance impact to private collateralised reinsurance deals, according to ILS investment manager Twelve Capital.Specialist ILS and reinsurance fund manager Twelve read the full article →

Hagibis loss could match Faxai, may accelerate reinsurance rates: KBW

The eventual industry loss from typhoon Hagibis could reach the level seen with the other recent Japanese typhoon Faxai, while together the losses they bring to the industry may be enough to accelerate reinsurance rate rises in April 2020, according to KBW analysts.Typhoon Hagibis made landfall in Honshu, Japan on read the full article →