reinsurance

Broker Aon has successfully taken the structure it created for the first 144A cyber catastrophe bond and repurposed it to place a cyber insurance-linked securities (ILS) solution for one of the largest corporations in Europe, President Eric Andersen divulged today.

There is just one week until our upcoming insurance-linked securities (ILS) conference, ILS NYC 2024, which is being held in New York City on February 9th 2024. Spaces for the event are very low, so please register asap if you want to join us.

Aon established a $197 million reserve for legal settlement expenses related to the letter of credit (LOC) fraud at insurtech Vesttoo as an attempt to strategically draw a line under the issue, Eric Andersen, President of Aon plc said today, also highlighting that meaningful recoveries are expected to be made to reduce the overall cost […]

Broking giant Aon has recognised a significant legal settlement expense reserve amounting to $197 million related to the Vesttoo fraud scandal in its fourth-quarter of 2023 results.

The insurance and reinsurance industry loss estimate for the early 2023 severe flooding that affected the Auckland region of the North Island of New Zealand has been raised again by a further 12% to NZ $2.23 billion by data aggregator PERILS.

Nephila Capital had a “fantastic” year in 2023, according to Jeremy Noble, President of Insurance at Markel, who said that the insurance-linked securities (ILS) unit “demonstrated itself as a market leader” and is well-positioned going forwards.

The RenaissanceRe Capital Partners vehicles, which are the range of third-party investor capitalised balance-sheets, reinsurance joint-ventures and insurance-linked securities (ILS) funds operated by the company, do not really need any more capital, the firm’s CEO Kevin O’Donnell said yesterday.

Having reported one quarter ago that it recognised a $25 million credit loss against a fraudulent $50 million letter of credit (LOC) for reinsurance provided by insurtech Vesttoo, Markel Group has now increased the credit loss related to Vesttoo collateral to $65 million.

Aon has filed a motion calling for the New York state lawsuit that fronting specialist Clear Blue Insurance filed against it, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, to be dismissed in its entirety.

AXIS Capital, the Bermuda based specialty insurance and reinsurance company, has increased its activities with third-party investors in 2023, ceding 17% more in reinsurance premiums to them, than it had in the prior year.