reinsurance

First time catastrophe bond sponsor St. Johns Insurance Company, the Florida and South Carolina focused homeowners carrier, looks likely to upsize its first Putnam Re Pte. Ltd. (Series 2021-1) cat bond transaction by 20% to $120 million.

Renewals of property catastrophe reinsurance programs in Florida are expected to see their pricing come in below where expectations had been established last year, with mid-to-upper single digit rate increases expected, according to analysts.

Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance underwriter, has now successfully secured its latest Herbie Re Ltd. (Series 2021-1)  catastrophe bond at the upsized $150 million, while pricing of the notes fell by 5% below the initial mid-point of guidance.

Global reinsurance firm Hannover Re and broker Willis Towers Watson are representing the Insurance Development Forum (IDF) in a project to develop natural catastrophe and climate related risk transfer solutions for the City of Medellín, Colombia.

Following conversations with a number of market sources, it seems that the market for industry-loss warranty (ILW) protection has softened year-on-year, following on the heels of the catastrophe bond market as capacity turns its attention to ILW’s in the run up to the renewals.

Global independent brokerage Price Forbes has announced a new key hire in Bermuda, as the company appointed Nicolas Bardon as Executive Vice President, bringing retrocessional reinsurance and industry-loss warranty (ILW) capabilities to the firm.

Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle that has a significant amount of backing from insurance-linked securities (ILS) market sources, has reported that its track-record shows it continues to outperform the wider Lloyd’s market.

The Texas Windstorm Insurance Association (TWIA) remains focused on securing the planned just over $1.9 billion of reinsurance protection at its renewal this year, as its Board has turned down the option of adding an extra nearly $1 billion of protection.

Hamilton, the Bermuda based insurance and reinsurance holding company, has announced the hiring of Craig Howie from Everest Re as its new Group CFO, because incumbent Tony Ursano is set to depart to establish an insurance and insurtech advisory business.

RenaissanceRe, the global reinsurer and third-party reinsurance capital manager, had raised $132 million of new capital for its largely catastrophe bond focused insurance-linked securities (ILS) fund Medici through April 1st this year.