ILS

Axis’ Vogt: Successful 144A cyber cat bond placement benefits the entire market

Axis Capital’s successful placement of its oversubscribed 144A cyber-focused catastrophe bond not only benefits itself, but also the broader (re)insurance market, the Bermudian’s chief financial officer Peter Vogt has told The Insurer.

Axis Insurance secures $75mn of protection through industry’s first 144A cyber cat bond

Axis Capital has closed the first ever 144A cyber-focused catastrophe bond, with the newly-minted protection providing the firm’s insurance platform with $75mn of fully collateralized indemnity reinsurance protection for systemic events on a per-occurrence basis.

Arch hires Habay as head of BD and ILS partners relations

Arch Capital has hired former JLT Re executive Greg Habay as managing director, head of business development and ILS partners relations.

Risk exchange start-up CatX raises $2.7mn in seed funding

Alternative capital risk exchange start-up CatX has successfully raised $2.7mn in seed funding from backers including Silicon Valley venture capital firms and angel investors from proprietary trading firms and hedge funds.

Plenum grows Insurance Capital Fund AuM to $400mn

Plenum Investments has grown the assets under management of its Insurance Capital Fund to more than $400mn at a time when the ILS and cat bond investment manager says it is seeing a spike in interest from investors.

BRP in talks over potential MultiStrat Group transaction

Publicly-held retailer Baldwin Risk Partners is in advanced talks for a deal to buy in to Bermuda-based ILS-focused reinsurance MGU MultiStrat Group, in the broker’s latest move to round out the breadth of its offering, The Insurer can reveal.

Vesttoo remains in Chapter 11 after Delaware court denies US Trustees’ motion

Beleaguered insurtech Vesttoo remains in Chapter 11 after the Delaware court in which its bankruptcy case is being heard denied a motion from the US Trustees to convert the legal action to Chapter 7 and speed up the Israeli firm’s liquidation.

Gallagher Re hires Miller’s Alexander to support retro and ILS production

Miller’s Robert Alexander is set to join Gallagher Re as managing director in early 2024.

No sign of new capital wave to alter 1.1 renewal trajectory

Despite traction in fundraising at a number of ILS funds and progress for at least one mooted reinsurance start-up, there is no expectation in the market of a meaningful influx of capital at a level that will alter the supply-demand equation at the upcoming 1 January renewals.

Cat bond activity bounces back in 2023

Catastrophe bond issuance looks likely to set a new record this year, despite a relatively quiet Q3, with observers also confident that next year will be active too.

Singapore regulator aims to strengthen position as leading Asia ILS hub

Expanding capacity through alternative risk transfer instruments will be critical if the Asia Pacific region is to start to close the protection gap, according to Ravi Menon, managing director at the Monetary Authority of Singapore.

ILS in APAC: A growth story in the making

Aon Securities’ Jordan Brown and Yusuke Kikuchi provide an update on the developments taking place around ILS in Asia Pacific.

GC: Cat bonds and parametrics gaining traction in Asia Pacific

Climate change, capital management and the changing nature of risk are set to be the dominant trends across Asia’s insurance landscape in 2024, according to Guy Carpenter’s regional CEO Tony Gallagher.

Growing importance of sustainable cat capacity for Japanese typhoon risks

Perils’ Darryl Pidcock discusses the importance of sustainable cat capacity for the Japanese insurance market,

Cat 5 Otis set to trigger Fonden cat bond as Aon warns of “significant industry event”

Recovery and relief operations are ongoing following Hurricane Otis’ unexpected Category 5 landfall in Acapulco earlier this week, with the storm expected to trigger the Mexican government’s Fonden catastrophe bond.

World Bank to expand cat bond use to $5bn: Bloomberg

The World Bank is planning to expand its cat bond use from $1bn to $5bn over the next five years, according to Bloomberg.

Baden-Baden Symposium: Demand for alternative solutions must be met

The (re)insurance sector must make better use of ILS/non-traditional capital and alternative reinsurance structures to meet the changing needs of clients or face losing relevance at a time of heightened risk, industry leaders warned at the Guy Carpenter Baden-Baden Reinsurance Symposium yesterday.

ILS fund Leadenhall pens APAC distribution agreement with Bennelong

Leadenhall Capital Partners has penned an ILS fund distribution agreement with investment manager Bennelong Funds Management, in a deal which further highlights the increase in investor appetite for the asset class.

Nascent Group to acquire Bermuda Compliance Consultants Ltd

ILS firm Extraordinary Re winding down operations after 11-year run

New York-based ILS platform Extraordinary Re is winding down its operations after having claimed to have developed the only secondary trading platform for insurance liabilities.

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