weather derivatives

The annual economic costs from routine weather variance or weather volatility can far exceed the costs caused by natural catastrophes, according to a report showing the importance of weather risk management from insurer Allianz Global Corporate & Specialty SE.

CelsiusPro AG, the Swiss-based specialist in structuring and originating weather derivatives and weather risk management products, has announced that ex-Swiss Re CEO Stefan Lippe and UBS banker Jürg Haller have joined the CelsiusPro board of directors.

The government of Taiwan is being urged to purchase insurance protection against natural disasters and catastrophe events, such as earthquakes and typhoons which affect Taiwan every year, as a way to lower the burden of reconstruction on public money.

Interesting acquisition news today as the world’s largest reinsurance firm Munich Re announced it has reached an agreement with Bermudian reinsurer RennaissanceRe to acquire RenRe’s weather and weather-related energy risk management unit, RenRe Energy Advisors Ltd.

eWeatherRisk, a specialist provider of weather risk transfer and weather hedging solutions to U.S. companies, is to partner with The Andersons, a diversified agricultural business, to expand the weather risk management market in the U.S. and increase its volume of weather risk transfer solutions in North America.

Bermuda based global insurance and reinsurance group AXIS Capital Holdings Ltd. has been busy launching new initiatives in recent days. First it announced the launch of its third-party capital and capital markets initiative last week and now this week it has announced a new Weather and Commodity Markets unit.

Nicholas Ernst, a high-profile figure in the weather risk management market, is joining Choice Natural Gas, a subsidiary of independent interdealer broker OTC Global Holdings, as its new Director of Weather Markets. Ernst spent ten years at weather broking focused Evolution Markets during which period he also served some time on the Weather Risk Management […]

Inter-dealer brokerage Tullet Prebon has hired a weather derivatives broker to its wholly owned subsidiary Tullett Prebon Energy. Peter Rosen joins the firm from his last role as a weather broker at ICAP and will report to Christopher Grosso, Director of Energy Products. He will be based in the firm’s Jersey City office.

Reinsurance broker Aon Benfield has published a report which delivers a timely reminder to the insurance and reinsurance industry that the potential losses from a major space weather event could cause massive economic and insured losses and the re/insurance industry needs to consider its preparation and response. Solar storm and geomagnetic activity is forecast to […]

Interesting news today as Endurance Specialty Holdings Ltd., the Bermuda-based specialty property and casualty insurance and reinsurance provider, announces that it has bought weather risk management solutions specialist Galileo Weather Risk Management. Endurance has acquired the assets of Galileo and hired all of its employees and this will now become the foundation of Endurance’s launch […]