reinsurance

Global reinsurance broker Guy Carpenter has announced the hiring of well-known Bermuda market senior underwriting leader Ben Savill as its new CEO of Pacific.

After a hearing held on Friday in the Supreme Court of Bermuda, an order has been filed that sanctions the settlement agreements that had been proposed under the Vesttoo Chapter 11 bankruptcy and approval was given for the joint provisional liquidators (JPL’s) to Aon’s White Rock to remove their objections to the plan.

The pricing for Canadian alternative investment manager and multinational Brookfield Corporation’s first catastrophe bond has been updated and lowered again, with the company now aiming to secure the $100 million Aragonite Re Ltd. (Series 2024-1) deal priced below the initial guidance.

MS&AD Insurance Group Holdings has lifted the target size for its latest catastrophe bond slightly, with now up to $200 million of multi-year and multi-peril Japanese catastrophe reinsurance protection sought for its two main Japanese insurance carriers, through this Tomoni Re Pte Ltd. (Series 2024-1) issuance.

Here are the ten most popular news articles, week ending March 24th 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Insurance claims paid for the January 1st M7.5 earthquake that hit near the Noto Peninsula in Ishikawa prefecture, Japan, are currently running at almost US $415 million, according to the latest data from the General Insurance Association of Japan.

When it comes to challenges in the property insurance marketplace, in relation to climate, weather, catastrophe losses and insurer’s ability to underwrite property business profitably, typically California or Florida are the poster child, but analyst firm ALIRT Insurance Research believes the issue is more widespread across the United States.

Tokio Marine Holdings, Inc., through its subsidiary Tokio Marine & Nichido Fire Insurance Co. Ltd., has become the first Japanese insurer to make use of a SOFR-based World Bank Sustainable Development Bond as a permitted investment within its latest catastrophe bond issuance, the company highlighted today.

Heritage Insurance Holdings, Inc., the nationally expansive and Florida headquartered property and casualty insurer, has now secured its target for $100 million in collateralized US named storm reinsurance from a new Citrus Re Ltd. (Series 2024-1) catastrophe bond issuance.

Brookfield Corporation, the alternative investment manager and multinational from Canada, is now aiming to secure its debut catastrophe bond at lower pricing, with the still $100 million Aragonite Re Ltd. (Series 2024-1) deal seeing its risk interest spread guidance reduced.