Retrocession

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Convex’s target for Hypatia cat bond doubles to $300m

The target size for the first catastrophe bond transaction to be sponsored by Convex Group has been increased, with sources now saying that the Hypatia Ltd. (Series 2020-1) multi-peril retro transaction is likely to double to $300 million, we can reveal. Convex Group, the specialty insurance and reinsurance company founded by read the full article →

Bermuda market share of alternative capital reached 73% in 2018

The Bermuda insurance and reinsurance market's share of global alternative capital capacity accelerated in 2018 to reach an impressive $71 billion, or roughly 73%, as capital raising flowed to Bermuda-based ILS structures and funds. As alternative capital in insurance and reinsurance, from the dedicated insurance-linked securities (ILS) fund managers, reinsurer joint-ventures read the full article →

AXA XL helps Bluefire with personal auto collateralised reinsurance deal

The transaction is the first personal auto reinsurance transaction backed by alternative capital that AXA XL has completed in Bermuda, helping long-time MGA partner Bluefire to reduce its exposure in a capital efficient manner. AXA XL Reinsurance in Bermuda and Bluefire have collaborated since 2014 and this partnership was strengthened in read the full article →

Fragile market, perhaps significant ILS capital trapping, to sustain rates – CS analysts

The reinsurance marketplace remains fragile after a number of years of subpar returns and more recent stresses, which is expected to help price increases continue into 2021, albeit at decelerating positive rate levels, according to equity analysts at Credit Suisse. Having spoken with reinsurers and also insurance-linked securities (ILS) sector experts, read the full article →

Covid-19 losses to take years to catch up to industry estimates: Willis Re

Currently, bottom-up Covid-19 pandemic loss announcements from insurance and reinsurance companies stand at only around $6 billion, some way short of the wide ranging $30 billion to $100 billion industry loss estimates and broker Willis Re warns it will likely take years to catch up which has ramifications for the read the full article →

Convex enters cat bond market with $150m Hypatia multi-peril deal

Convex Group, the specialty insurance and reinsurance company founded by Stephen Catlin, is sponsoring its first catastrophe bond transaction, bringing a $150 million Hypatia Ltd. (Series 2020-1) multi-peril retro transaction to market. Convex is targeting property catastrophe retrocessional reinsurance protection for its North American and Canadian books of business with this read the full article →

Covid-19 non-life industry loss $100bn+, say 40% of survey respondents

The non-life insurance and reinsurance industry is deemed most likely to face between $80 billion and $100 billion of underwriting losses due to the Covid-19 coronavirus pandemic, according to the respondents to our latest market survey. Nearly 67% of respondents to our latest market survey said that they believe the non-life read the full article →

Swiss Re’s latest Matterhorn Re cat bond to settle at $240m

Global reinsurance company Swiss Re has now successfully secured $240 million of retrocession from its latest Matterhorn Re Ltd. (Series 2020-4)  catastrophe bond transaction, taking the firm's total cat bond coverage under the program to $1.31 billion. Swiss Re returned to the catastrophe bond market earlier in June, aiming to secure read the full article →

ILS capital dented & more costly after Covid-19, driving rates: RenRe

The cost of third-party or insurance-linked securities (ILS) capital has risen, while its supply has been dented by the Covid-19 pandemic, according to RenaissanceRe, the Bermuda-headquartered reinsurance company and third-party capital manager. In raising its recent equity round that amounted to as much as $1.125 billion, RenaissanceRe highlighted the state of read the full article →

Swiss Re lifts upper target for Matterhorn Re cat bond to $275m

Global reinsurance firm Swiss Re has raised the upper-end target for its latest catastrophe bond, with the Matterhorn Re Ltd. (Series 2020-4)  transaction now aiming to secure as much as $275 million of capital markets backed retrocession for the sponsor. Swiss Re returned to the catastrophe bond market recently for what read the full article →