Hurricane Helene industry loss seen $3bn to $6bn if Tampa avoided: Gallagher Re
Reinsurance broker Gallagher Re has said today that it anticipates the insurance and reinsurance industry loss from hurricane Helene will be in a range of $3 billion to $6 billion, but should it shift closer to Tampa then "the cost to the private insurance market and federally run insurance programs read the full article →
Descartes launches new division to expand scope of offerings, including parametrics
Descartes Underwriting, a data-driven risk transfer specialist managing general agency (MGA) and insurer with a parametric focus, has launched a Strategy & New Business Division with two key hires, as the company looks to expand the scope of its scientific underwriting offering. Descartes’ Strategy & New Business Division has been established read the full article →
Hurricane Helene forecast for major Florida Big Bend landfall, with deadly storm surge, winds far inland
Hurricane Helene is in the Gulf of Mexico and having wrapped convection around itself looks set for rapid intensification over the day as it speeds towards what is still expected to be a Big Bend, Florida landfall. Intensity forecasts are now somewhat higher, as too are the forecasts for a read the full article →
Harry Titherley joins Global Parametrics as Business Development Director
Global Parametrics, a CelsiusPro Group company, has announced the appointment of Harry Titherley from reinsurance broker Gallagher Re as Business Development Director. According to Global Parametrics, Titherley has a strong track record in originating, designing, and placing parametric schemes for various lines of business, covering perils such as weather and natural read the full article →
Minimal to no cat bond impact expected from hurricane Helene if track unchanged: Plenum
If hurricane Helene does not deviate from the currently forecasted path for the storm it is not expected to have significant implications for the catastrophe bond market, according to Swiss specialist asset manager Plenum Investments. Commenting on the approaching hurricane Helene and the continued forecasts for a major strength landfall in read the full article →
Concert launches & capitalises Harmony Re sidecar, aims to attract third-party capital
Concert Group Holdings, Inc., a privately owned insurance holding company and fronting specialist, has launched and capitalised a new reinsurance sidecar named Harmony Re, Inc., which while termed a risk retention platform is also set to be positioned to attract third-party capital in future as well, Artemis has learned. Concert said read the full article →
Quota-share format may be more suitable for cyber risks than cat bonds: Bruns, LGT
Although Christian Bruns, Partner and Portfolio Manager at LGT ILS Partners Ltd., noted that transacting cyber risk in an excess-of-loss format may not currently be in the best interest of the firm’s investors, he highlighted the potential to transact the risk in a quota-share format through its in-house rated reinsurance read the full article →
Essent upsizes Radnor Re 2024-1 to obtain $363.4m of mortgage reinsurance
Essent Guaranty, a wholly owned subsidiary of Essent Group, has successfully closed Radnor Re 2024-1 Ltd., the firm's tenth issuance of mortgage insurance-linked notes, which upsized and eventually completed at $363.4 million. This is the first mortgage ILS issuance sponsored by Essent Guaranty since August 2023, and takes the company's total read the full article →
Significant share of European flood claims to be covered by reinsurance: S&P
With Europe still affected by flooding in recent days, S&P Global Ratings has commented on the Central and Eastern European flood event from the second week of September, saying it expects a significant share of insurance claims will be covered by reinsurance capital. S&P Global Ratings has said that it anticipates read the full article →
Helene forecast for major hurricane Florida landfall, track wobbles may define the cost
Tropical storm Helene is just moving into the Gulf of Mexico this morning and the latest forecasts still call for a major Category 3 or higher hurricane Helene landfall into the Big Bend region of the Florida Panhandle, but with impacts expected for the entire west coast of Florida any read the full article →
