SRS names ex-Aon ILS exec Scherer as Bermuda SVPIndependent insurance company manager Strategic Risk Solutions has appointed Charles Scherer as senior vice president for ILS in its Hamilton, Bermuda office.
SageSure and SURE close upsized $100mn second event cat bondCoastal property cat-focused MGU SageSure has continued to tap the capital markets for capacity to support its growth and that of its affiliated carriers with its second Gateway Re issue of the year, a $100mn second event cat bond.
McKinsey: Insurers must improve appeal to alternative capital to help plug P&C protection gapInsurers can position themselves to become more attractive to investors to enable alternative capital to become an increasingly core part of capital management strategies alongside traditional reinsurance, according to McKinsey & Company.
Spinnaker secures $110mn multi-peril cat bond cover in first Mountain Re issuanceHippo subsidiary Spinnaker Insurance Company has secured $110mn in limit through its first Mountain Re catastrophe bond.
Scor secures $75mn of limit through new cat bond issuanceScor has secured $75mn of limit protecting itself against named storms in the US, earthquakes in the US and Canada, and European windstorms after the French reinsurer successfully sponsored a new catastrophe bond that reflects its “significant reduction” of catastrophe exposures over the last 18 months.
AIG to invest up to $500mn in RenRe’s $10bn+ Capital Partners businessRenaissanceRe’s deal to buy Validus Re for around $3bn includes an option for seller AIG to make investments of up to $500mn in RenRe’s Capital Partners platform, including rated vehicles DaVinci and Fontana Re, adding to fundraising over the last 18 months that has belied some of the challenges in the sector.
Vesttoo plans Series D round at $1.5bn-$2bn valuationVesttoo has begun the process of securing funding for a Series D round that will value the business at between $1.5bn and $2bn, according to reports.
Palomar out marketing quake cat bond to support growth in “bellwether line”Palomar Holdings is out marketing a multiyear earthquake-only catastrophe bond that will provide “incremental limit” to support further growth in what the carrier’s chairman and CEO Mac Armstrong described as its “bellwether line”.
ILS pioneer Derrell Hendrix receives Moody’s rating for new $3bn RISC notesILS and structured finance veteran Derrell Hendrix has received a provisional Moody’s rating for his new RISC Managed Treasury Pool notes, which aim to provide a more efficient and credit-secure method of investing and pledging collateral.
BoE promises “accelerated” ILS approval processThe Bank of England has vowed to accelerate the authorisation process for ILS in the UK for "credible" sponsors in a bid to allow London to compete with the likes of Bermuda.
SafePort and SageSure close upsized $125mn cat bondSafePort Insurance Company and property cat MGU SageSure have partnered to close the placement of an upsized $125mn catastrophe bond, a deal that follows SageSure and reciprocal exchange SURE closing an upsized $355mn offering in February this year.
Horseshoe founder Perez launches ILS-focused platform Nascent GroupThe founder and former CEO of Horseshoe Andre Perez has launched Nascent Group, an insurance management and reinsurance transformer company in the ILS space.
Swiss Re ILS exec Klugman to depart in JuneSwiss Re’s Judy Klugman – its former co-head of ILS and current global head of ILS distribution and sales – will leave the business in June, The Insurer understands.
McKinsey: Alternative capital key to reducing cyber’s “$80bn+” coverage gapThe coverage gap for cyber is “upwards of $80bn” with the capital markets and simpler product design essential to ensuring this is narrowed, according to a new report from blue-chip management consultancy McKinsey & Co.
Regulatory approach to UK ILS framework “not fit for purpose”An influential group of Conservative MPs has said the UK’s onshore ILS regime is “not fit for purpose”, arguing that the regulatory failure to capitalise on the opportunity has caused the London market to lose out on hundreds of millions of pounds of business to rival jurisdictions.
Swiss Re’s Monnier takes helm of ILS business with questions over Klugman’s roleSwiss Re’s wide-reaching management restructure has seen Jean-Louis Monnier assume sole leadership of the company’s ILS platform, with the current role of the unit’s former co-head Judy Klugman unclear.
Scor’s Atropos Catbond Fund surpasses $1bn in AuMScor Investment Partners, the Paris-based reinsurer’s asset management arm, has announced that its second ILS fund, Atropos Catbond Fund, has surpassed $1bn of assets under management.
Kin bolsters cat bond capacity by another $100mnHomeowners insurtech Kin Insurance has secured an additional $100mn of catastrophe bond protection for its reciprocal carrier Kin Interinsurance Network with Hestia Re’s total outstanding limit now standing at $275mn.
Aon: Cat bond deal size bounces back in Q1 ‘23The catastrophe bond market returned to growth mode in the first quarter with transaction sizes having increased “markedly” from the second half of last year as it shook off what Aon described as a “difficult Q4 2022”, with the sector now primed for further expansion.
Tremor launches cat bond issuance platformReinsurance pricing and placing platform Tremor Technologies has launched a cat bond issuance platform called Tremor Issuer.