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Fidelis hires Symms to lead outwards reinsurance & quota shares

Fidelis Insurance, the specialty insurance and reinsurance firm launched by Richard Brindle, has announced a new senior hire as it continues to build its expertise in outwards reinsurance and especially quota shares.John Symms is joining Fidelis as its Head of Outwards Reinsurance, a role which will see him tasked with read the full article →

IAG’s main cat reinsurance program triggered by hailstorm losses

Australian primary insurance giant IAG is set to make a claim under its calendar year 2020 main catastrophe reinsurance program that provides it with per-occurrence protection for the recent hailstorm events, signalling that the gross loss impact to this one insurer will surpass A$250 million.As of the latest update, the read the full article →

Recent parametric cat bond a “really important” transaction, Swiss Re CEO explains

Commenting on the completion of a recent landmark parametric earthquake catastrophe bond, issued for the benefit of an asset manager focused on mortgage investing, Swiss Re CEO Christian Mumenthaler explained why he sees this kind of transaction as important.The recently completed Sierra Ltd. (Series 2019-1) catastrophe bond was the first read the full article →

Australia bushfires the costliest ever at A$1.65bn (US $1.13bn) insured loss

The ongoing outbreak of bushfires in Australia are now said to be the costliest example from an insurance and reinsurance market loss perspective, as the latest data shows losses reached A$1.65 billion (US $1.13bn).Estimated insurance claims from the bushfire disaster in Australia have kept rising, with claims lodged now reaching read the full article →

Bermuda SPI registrations fall in 2019, but ILS licensing activity still strong

The number of special purpose insurers (SPI's) registered in Bermuda fell in 2019, in-line with activity in the insurance-linked securities (ILS) sector. But overall new licenses for ILS related vehicles remained very strong.Despite the slight dip in SPI's, the registration of insurance-linked securities (ILS) and catastrophe bond related vehicles continues read the full article →

Japanese cat bonds trade up as Jebi & Hagibis loss outlooks improve

Three tranches of catastrophe bonds exposed to Japanese typhoon wind damage have traded up around 10% in recent weeks, as the market's view of how large the eventual industry losses from typhoon Jebi and Hagibis will be has moderated somewhat.Both tranches of the $320 million Akibare Re Ltd. (Series 2018-1) read the full article →

Australian hail industry losses jump another 26% to A$514m

Insurance and perhaps reinsurance industry losses from the recent severe hail storm outbreaks across southeastern Australia have risen again, jumping another 26% to hit A$514 million (around US $355m) in the last day.The Insurance Council of Australia (ICA) has warned to expect this total to continue to rise over the read the full article →

Reinsurance can mitigate negative effects of climate change: Swiss Re CEO

Reinsurance and its ability to transfer risk into a diversified pool of capital can play a vital role in helping the world to mitigate the negative effects of a changing climate and smooth volatility for carbon-free ventures, the CEO of Swiss Re has explained.Writing for the World Economic Forum (WEF) read the full article →

PCS used as trigger source for first New Zealand exposed ILW transaction

Property Claim Services (PCS) has expanded its activities around the world with the introduction of new regions where its industry loss data aggregation and index reporting services are available and the market is responding, with new transactions being placed using PCS data as a trigger source.The most recent success is read the full article →

Insured catastrophe losses reach $72bn in 2019: Aon

Natural catastrophe events cost the global economy an estimated $232 billion in 2019, while the insurance and reinsurance industry is estimated to have paid for roughly 31% of this at $72 billion, according to broker Aon.The insurance and reinsurance broking professional services firm has estimated 2019's insurance industry loss from read the full article →