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ILS fund managers negotiate improved terms, buffer loss clauses at renewals

The ongoing renegotiation and fine tuning of terms and conditions related to insurance-linked securities (ILS) capital deployment continued at the key January reinsurance renewals, with ILS fund managers gaining some more ground. Terms and conditions had weakened across the reinsurance and ILS market during the prolonged period of softening of market read the full article →

SiriusPoint planning a “sidecar-like” retrocession program

SiriusPoint, the new international insurance and reinsurance firm that will be launched out of the coming together of Third Point Re and Sirius Group, is planning for its retrocession program to be "sidecar-like", the company said. SiriusPoint came about after Bermuda headquartered, once total return focused reinsurer Third Point Re and read the full article →

Quota share shift matters more than excess-of-loss rates in 2021: Barclays

A shift towards underwriting more reinsurance business on a quota share basis could matter more for the forward-profits of many large reinsurers in 2021, than the lower-than hoped for rate increases in excess-of-loss treaty pricing, analysts at Barclays said in a report yesterday. The reason for this, according to Barclays equity read the full article →

Stone Ridge interval ILS fund shrinks further, but cat bond holdings rise

Stone Ridge Asset Management’s mutual insurance-linked securities (ILS) fund assets fell again in the last quarter of record, sliding just under 6% to end October 2020 with $3.82 billion of ILS assets across the two fund strategies. That's down around 30% on a year earlier, as Stone Ridge's ILS mutual funds read the full article →

MS Amlin behind Phoenix 1 Re, the first Asian cat risk focused sidecar

It turns out that MS Amlin was the sponsor behind the recently completed Phoenix 1 Re Pte. Ltd. (Series 2021-1) collateralised reinsurance sidecar transaction, which appears to have been the first sidecar to be solely focused on Asian property catastrophe risks. MS Amlin said today that its Singapore based subsidiary MS read the full article →

Stone Ridge added non-cat reinsurance investments in 2020: CEO Stevens

Stone Ridge Asset Management, the New York based asset manager with a focus on alternative risk premia strategies including reinsurance and insurance-linked securities (ILS), successfully expanded the remit of its reinsurance and ILS investments to include non-catastrophe risks this year. Almost a year ago we revealed that Stone Ridge Asset Management read the full article →

Phoenix 1 Re, a Singapore SPRV, in $42.14m private ILS issuance

A new Singapore domiciled insurance-linked securities (ILS) transaction has come to light, after a recently registered Special Purpose Reinsurance Vehicle named Phoenix 1 Re Pte. Ltd. issued and listed almost $42.14 million of private ILS notes. At this stage we're not sure if the Phoenix 1 Re Pte. Ltd. issuance represents read the full article →

Quota share & ILW use rises in Bermuda, ILS use flat

The latest catastrophe risk stress testing analysis by the Bermuda Monetary Authority (BMA), of its property and casualty insurance and reinsurance market, shows up some interesting trends in the use of specific types of hedging, reinsurance and retrocession arrangements. Having surveyed its marketplace based on 2019 data, the results show that read the full article →

Rate rises + tighter terms + dislocation + quality cedes = higher ILS return potential

Insurance-linked securities (ILS) market return potential is on the rise and in some cases the portfolios constructed, or added to, at the January 1st 2021 reinsurance renewals, are going to offer significantly higher return potential to investors. The reasons for this are varied and the causes of the situation numerous. But read the full article →

United (UPC) adds reinsurance with higher quota share cession rates

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance), has increased added to its reinsurance program protection by raising the quota share cession rates it has with its reinsurance partners. By raising the quota share reinsurance cession rates, United (UPC Insurance) will effectively be ceding an increased read the full article →