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PartnerRe hires Hughes from Hiscox ILS as its CEO for Third Party Capital

PartnerRe, the Bermuda headquartered and EXOR owned reinsurance company, is set to make third-party capital an even more central component of its business model, with the hiring of Andrew Hughes from Hiscox ILS, who will take on the role of CEO Third Party Capital. Hughes worked as General Counsel and Chief read the full article →

American Family returns for $150m Four Lakes Re 2020-1 cat bond

American Family Mutual Insurance Company has returned to the 144A catastrophe bond market for the first time since its two fated late 2010 Mariah Re deals, as the carrier seeks a $150 million or greater source of collateralized multi-peril reinsurance from a Four Lakes Re Ltd. (Series 2020-1) issuance. Back in read the full article →

Fidelis gets $275m of reinsurance from second Herbie Re cat bond

Fidelis is now set to secure $275 million of fully collateralised property catastrophe reinsurance from its second visit to the catastrophe bond market, as the Herbie Re Ltd. (Series 2020-2) issuance was priced at attractive levels and the sponsor seemed to value price over size in the end. Specialty insurance and read the full article →

Argo says catastrophes and COVID-19 losses to dent Q3 results

Bermuda headquartered international specialty insurance and reinsurance firm Argo Group expects third-quarter catastrophe events and additional contingency losses related to the COVID-19 pandemic will dent its upcoming results. Argo has pre-announced an estimated $54 million of natural catastrophe losses from the third quarter, which it says are primarily related to Hurricanes read the full article →

Alissa Fredricks plans ILS manager launch, focused on next-generation retro

Alissa Fredricks, the former CEO of Markel CATCo’s Bermuda operation, is planning to launch a new insurance-linked securities (ILS) fund manager, which to begin will have a focus on developing next-generation retrocessional reinsurance products. Fredricks has been working on the initiative for some months now and is approaching the key stage read the full article →

Mexico’s cat bond program set for shake-up or cancellation, as FONDEN to close

Mexico's Fund for Natural Disasters (El Fondo de Desastres Naturales), more commonly known as FONDEN, is set to be dismantled along with more than 100 other government funded public trusts, as lawmakers in the senate voted to reform this area of public funding. Lawmakers have railed against wasted public spending across read the full article →

Pandemic risk bigger than reinsurance & ILS markets alone: Schultz, Aon

Pandemic risk insurance and reinsurance needs a new paradigm of how we access capital markets for risk bearing capacity, as it is bigger than just the reinsurance and insurance-linked securities (ILS) markets we know of today. The capital markets will need to play a role and that's much broader than just read the full article →

Cyber ILS need to be repeatable, scalable & sensible: Johansmeyer, PCS

The increasingly sophisticated participants within the insurance-linked securities (ILS) market aren’t going to lap up just any cyber exposure that comes their way, the deals have to make sense, according to Tom Johansmeyer, Head of PCS. Cyber risk is a rapidly growing exposure which can accumulate in ways that suggests the read the full article →

Above average 2020 catastrophe losses driven by frequency: Jefferies

Insured catastrophe losses around the globe continue to run ahead of average for 2020 after September, analyst firm Jefferies said, explaining that because frequency appears to be the main driver of losses this year it is likely primary carriers will retain a significant proportion of the costs so far. However the read the full article →

Root, the auto insurtech targeting a $1bn+ IPO, uses ILS for aggregate reinsurance

Root Insurance, the auto insurtech company, has said in its initial public offering (IPO) documentation that it uses insurance-linked securities (ILS) backed reinsurance capacity to help it manage volatility in its business. Root Insurance is looking to raise just over $1 billion, including concurrent private placements related to the IPO, which read the full article →