trapped collateral


ILS funds free COVID trapped capital through commutations: AM Best

Insurance-linked securities (ILS) fund managers have been working to free trapped capital related to possible COVID pandemic related losses in European reinsurance contracts, with commutations being pursued, AM Best has reported. In a wide-ranging ILS market report from the rating agency, one of the most interesting insights is that AM Best read the full article →

ILS managers push-back on “excessive” COVID trapped capital: AM Best

Managers of insurance-linked securities (ILS) funds and other strategies are pushing back on what is seen as still excessive trapping of capital linked to COVID-19 related claims, as confidence rises that the eventual impacts of this will be relatively limited for the ILS market. Back in 2020, as the COVID-19 coronavirus read the full article →

Rate increases no longer a panacea for ILS fund results: AM Best

Rate increases alone are no longer considered sufficient to improve the underwriting results of insurance-linked securities managers and reinsurance firms, according to AM Best, who believes that after consecutive years of heavy catastrophe losses the only answer is continued improvement of the quality of portfolios of risk. For some years now, read the full article →

Bermuda Court orders CATCo creditor meetings be held

At a directions hearing held in a Bermuda Court yesterday, the judge ruled that meetings of buy-out scheme creditors in the Markel CATCo Investment Management operated retrocessional reinsurance funds be held. The news on the next stage in the running-off of retrocessional reinsurance investment funds that are managed by Markel CATCo read the full article →

CATCo retro funds head back to Bermuda Court this week

The in run-off retrocessional reinsurance investment funds that are managed by Markel CATCo Investment Management are heading back to the Bermuda Court this week to provide an update on recent developments. As Markel CATCo seeks to speed the resolution and winding down of the retro reinsurance investment funds, a court directions read the full article →

Markel CATCo gets majority investor support for improved buy-out terms

Markel CATCo Investment Management has gained support from a majority of investors in its listed retrocessional reinsurance investment fund for the improved terms of the buy-out offer and an extension of the Support Undertakings to 31st March 2022. We reported last week that the terms of the Markel CATCo buyout proposal read the full article →

CATCo reports favourable development on 2017 & 2018 catastrophes

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has recovered more value for its investors, with favourable development related to 2017 and 2018 catastrophe loss events. Once again, the retrocessional reinsurance investment portfolio constructed by Markel’s CATCo Investment read the full article →

Markel CATCo buy-out terms sweetened after settlement reached

Markel CATCo Investment Management has announced a sweetening of the terms of the buyout process for its retrocessional reinsurance investment funds, after a settlement was reached and more investor support for its winding down was received. Previously, the investment manager extended the expiry date of the support undertakings it received from read the full article →

Upsilon over 50% smaller on losses & trapped capital: RenRe CEO O’Donnell

After another challenging year of catastrophe losses in 2021, Bermuda based reinsurance firm and third-party capital manager RenaissanceRe went into the January 2022 renewals with its Upsilon collateralized reinsurance and retrocession vehicle significantly smaller than the prior year, its CEO revealed today. Speaking during an ongoing earnings call event, RenaissanceRe (RenRe) read the full article →

Reinsurance rates need to catch up at June/July 2022 renewals

Reinsurance rates and pricing have more ground to cover at the important June and July renewal seasons in 2022, as analysts and our sources all agree there is further catching up to do. Reinsurance has often been cited as a squeezed middle, between primary insurance and retrocession, mainly because rates have read the full article →