Quota Share
Stone Ridge raises ~$1.5bn to deploy in quota shares including non-cat risks
Stone Ridge Asset Management has raised significant new funds and commitments for quota share reinsurance investing for 2020, with these new funds raised outside of the managers typical mutual ILS funds and CEO Ross Stevens saying this new strategy will support about $1.5 billion of assets and also invest in read the full article →
Big four reinsurers may exceed Q3 catastrophe budgets on Faxai
Typhoon Faxai's impacts on the global insurance and reinsurance industry is expected to push the big four reinsurers beyond their quarterly natural catastrophe budgets for the third-quarter, with Swiss Re anticipated to take the largest hit given its market share in Japan. Analysts at Deutsche Bank said that they expect all read the full article →
Sidecar issuance to remain active as Jan renewals approach: Aon
The collateralized insurance and reinsurance sidecar market is expected to remain active through the rest of 2019, as sponsors look for investors and capital to support their capacity needs going into the key January 1st 2020 renewals, according to Aon Securities. There are a number of reinsurance sidecars being marketed to read the full article →
Dorian & Faxai may partially erode some ILS deductibles: Twelve Capital
Reflecting on the potential impacts from recent catastrophe events to insurance-linked securities (ILS) and collateralised reinsurance investments, specialist ILS fund manager Twelve Capital warns that together hurricane Dorian and typhoon Faxai might erode some underlying protective layers. Hurricane Dorian and typhoon Faxai have the potential to be the largest two catastrophe read the full article →
ILS funds expect any hurricane Dorian losses to be largely attritional
In the main, funds investing in insurance-linked securities (ILS) and collateralised reinsurance are expecting any losses from hurricane Dorian that flow to the sector will be largely attritional in nature. Speaking with a number of ILS fund managers in Monaco in the last week, as well as communications had more widely read the full article →
One sidecar pulled on lack of investor appetite, others questioned on terms
One collateralised reinsurance sidecar transaction that had been lined up for the January 2019 renewals has been pulled due to a lack of appetite from investors, while at the same time other sidecar arrangements are now being questioned for changes being proposed to their terms, Artemis understands. It's shaping up to read the full article →
Stone Ridge reinsurance interval fund redemptions oversubscribed
For the first time in the mutual insurance-linked securities (ILS) funds history, the Stone Ridge Reinsurance Risk Premium Interval Fund has seen applications for its latest quarterly share repurchase program become oversubscribed, Artemis has learned. With the reinsurance fund being an interval and mutual fund structure, registered under the U.S. Investment read the full article →
Hannover Re cedes 40% or EUR 233m of major losses in 2018 to-date
German reinsurance giant Hannover Re benefited from its retrocessional protections in the third-quarter of 2018, ceding roughly 40% of its major loss impacts which amounted to just over EUR 233 million during the first nine-months of the year, over EUR 190 million of which was in Q3 alone. The third-quarter saw read the full article →
Sidecar activity demonstrated post-loss opportunity: Aon
Activity in the collateralized quota share reinsurance sidecar space lifted following the major losses of 2017 and with $2.9 billion of limit secured through sidecar deals in the year to June 30th 2018 Aon notes that this "demonstrates the opportunity that both sponsors and investors see following catastrophe events." Reinsurance sidecars read the full article →
IAG adds stop-loss protection as part of increased reinsurance spend
Australian primary player Insurance Australia Group (IAG) has spent significantly more on its reinsurance protection in the last six months and added stop-loss protection to cover it when catastrophe losses go above its natural perils budget and servicing a larger overall program. At the January reinsurance renewal earlier this year IAG read the full article →
