Heritage to grow back into Florida thanks to reforms & reinsurance stability: CEO
Heritage Insurance Holdings, Inc. is ready to begin selectively growing its property insurance business back into Florida, as the legislative reforms have taken positive effect and reinsurance markets are now more stable, CEO Ernie Garateix has explained. Heritage has been actively working to improve the quality of its insurance book over read the full article →
Hiscox ILS raised $300m for sidecar & funds through H1, but AUM slips to $1.4bn
Hiscox ILS, the dedicated insurance-linked securities (ILS) management arm of the global re/insurer, has successfully raised gross inflows amounting to $300 million in the first-half of 2024, with capital from new and existing investors flowing to its collateralized reinsurance sidecar and ILS funds. Despite this though, Hiscox ILS has also seen read the full article →
Increasing number of ILS formations seen, particularly in casualty: Damian Sealy, PWC Bermuda
There are an increasing number of insurance-linked securities (ILS) and collateralized reinsurance formations in Bermuda that have a focus on areas of the property and casualty (P&C) market outside of natural catastrophe risks, Damian Sealy of PwC Bermuda explained in a recent video interview. Our latest Artemis Live video interview is read the full article →
Vesttoo case: Porch & Incline P&C lawsuits against China Construction Bank may combine
A pair of lawsuits that allege China Construction Bank staff were complicit in the reinsurance collateral fraud perpetrated by executives at Vesttoo could now be combined, as the Southern District of New York court looks to save time and conserve judicial resources. The Vesttoo letter of credit (LOC) fraud scandal continues read the full article →
Ledger Investing combines forces with Fermat and expands casualty ILS capabilities
Providing a strong signal for the future potential of the casualty insurance-linked securities (ILS) marketplace, insurtech and casualty ILS company Ledger Investing has entered into an agreement with leading ILS investment manager Fermat Capital Management, who will now manage the casualty ILS funds Ledger had created. Fermat Capital Management has established read the full article →
TSR lowers hurricane season forecast by one, still expects 4 Cat 1+ landfalls
Tropical Storm Risk (TSR) has updated its forecast for activity levels during the 2024 Atlantic hurricane season, with a slight reduction in the numbers of storms and hurricanes expected to form, but still expecting four Category 1 or stronger hurricane landfalls in the United States. All of the updated figures include read the full article →
Generali GC&C names Pignoli Global Head of Parametric Products & Solutions
Generali Global Corporate & Commercial has appointed alternative risk transfer and capital solutions executive Michele Pignoli as its new Global Head of Parametric Products & Solutions. The company said that his appointment "underscores GC&C's commitment to delivering superior parametric solutions that meet the evolving needs of our clients and partners." Pignoli has read the full article →
Majority of hurricane Debby losses to fall below reinsurance attachments: Moody’s Ratings
Insured losses from hurricane Debby are expected to largely fall within primary insurers' reinsurance retentions, according to James Eck of Moody’s Ratings. Hurricane Debby made landfall as a Category 1 storm with 80 mph sustained winds in the Big Bend region of Florida yesterday. The second hurricane of the Atlantic season, hurricane read the full article →
Climate-attributed U.S. hurricane losses may be underestimated: Aon research
Research undertaken by insurance and reinsurance broker Aon alongside Columbia University suggests that climate models may be underestimating the future loss impacts of Atlantic hurricanes and U.S. severe storms. The research suggests that climate models may be incorrectly representing the pattern of warming in the Pacific Ocean in response to greenhouse read the full article →
No impact to our cat bond funds expected from hurricane Debby: Plenum
As hurricane Debby slowly moves inland over the Florida Panhandle and into Georgia and beyond, specialist catastrophe bond fund manager Plenum Investments has said it does not expect insured losses from the storm will negatively affect its cat bond funds. As we have reported, hurricane Debby formed over the weekend and read the full article →
