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2021 to be hardest P&C market for some time, start-ups likely: Analysts

Market forces suggest that 2021 could see the hardest property and casualty (P&C) insurance and reinsurance market conditions for a long time, according to equity analysts at Wells Fargo Securities.The stars are aligning in the P&C re/insurance space, with losses set to flow from the Covid-19 pandemic and the end-result read the full article →

Allstate reports $632m of catastrophe losses from April 2020

U.S. primary insurance giant Allstate has reported $632 million pre-tax of catastrophe losses from April 2020, largely driven by severe convective storms and severe weather events.It's a heavy start to the year for the annual aggregation of losses against Allstate's reinsurance provided by its Sanders Re catastrophe bonds.The annual risk read the full article →

Mortgage ILS Covid-19 dislocation to elevate reinsurance costs: A.M. Best

The current dislocation of the mortgage insurance-linked securities (ILS) market due to the Covid-19 pandemic is likely to cause mortgage reinsurance rates to rise, impacting the originate to distribute model of many mortgage insurers.Over the last few years, issuance of mortgage insurance-linked securities (ILS), or mortgage insurance linked notes (ILN), read the full article →

Association’s propose federal program for “uninsurable” pandemic risk

U.S. insurance and reinsurance industry associations have launched a proposal for a industry-backed pandemic risk backstop, called the Business Continuity Protection Program (BCPP) as an alternative to the legislative proposal for a Pandemic Risk Insurance Act (PRIA) reinsurance backstop.The National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty read the full article →

Hurricane season forecast for “above-normal” activity: NOAA

The 2020 Atlantic tropical storm and hurricane season is forecast to have a 60% chance of "above-normal" levels of activity by NOAA, with the agency calling for between 6 and 10 hurricanes to form over the coming months.The forecast from NOAA joins almost every other in calling for a season read the full article →

Artemis Live: Interview with Sean Bourgeois, Tremor Technologies

We have another new addition to our Artemis Live series of video interviews with leaders of the insurance-linked securities (ILS) and reinsurance markets this week, featuring Sean Bourgeois, Founder & CEO of technology-based programmatic insurance and reinsurance risk transfer marketplace provider Tremor Technologies Inc.All of our Artemis Live video interviews read the full article →

Reinsurers withhold renewal capacity, as Berkshire & D.E. Shaw quote more

Some reinsurance firms and also a number of insurance-linked securities (ILS) funds have been holding back capacity in the hopes of finding a less competitive and even more profitable market opportunity after the main mid-year renewals are over, as cedents are expected to need additional top-up and hedging capacity.But adding read the full article →

Avatar returns with $65m Casablanca Re cat bond issued from Singapore

Florida focused insurer Avatar Property and Casualty Insurance Company has returned to the catastrophe bond market for what will be its second ever issuance, with a currently $65 million Casablanca Re Pte. Ltd. (Series 2020-1) transaction to provide named storm reinsurance protection.The Casablanca Re Pte. Ltd. (Series 2020-1) catastrophe bond read the full article →

Allstate’s Sanders Re II cat bond upsized by one-third to $200m

U.S. primary insurance giant Allstate has successfully increased the size of its new catastrophe bond transaction by one-third, with the Sanders Re II Ltd. (Series 2020-2) cat bond deal now featuring $200 million of notes.The successful upsizing of the issuance came after pricing guidance was lifted to the top-end of read the full article →

Florida Citizens’ Personal Lines Account cat bond upsized to $110m

Florida’s Citizens Property Insurance Corporation has opted to slightly upsize its remaining Personal Lines Account tranche of its new catastrophe bond issue, with the Everglades Re II Ltd. (Series 2020-2) deal growing by 10% to $110 million by pricing.Having withdrawn the larger $200 million layer of Coastal Account linked catastrophe read the full article →