White Mountains paid $55mn for 30% Elementum stakeWhite Mountains paid cash consideration of $55mn to take a 30 percent holding in ILS fund manager Elementum Advisors, according to an investor presentation.
Hurricane cat bond demand strong in 2019: FitchTen cat bonds totalling nearly $1.8bn have been announced in 2019 featuring named storm risk as a trigger, according to a report from Fitch assessing the state of the insurance market as the hurricane season starts.
White Mountains buys into ILS manager ElementumWhite Mountains has bought a minority stake in Elementum Advisors in a transaction that also sees the Bermudian financial services group invest $50mn in the ILS manager’s funds.
Behaviour matters in Florida renewalThe commoditization of the property cat product became a recurring theme of the long soft market for reinsurance in recent years.
Singapore's first cat bond issued by Security First and Swiss Re as Florida hardensFlorida-based primary insurer Security First has closed its $100mn First Coast Re II Pte. Ltd catastrophe bond issuance, the first cat bond transaction completed under Singapore’s new ILS framework.
$4bn of MS&AD’s Japan cat losses reinsured; Akibare cat bond a total lossMS&AD has revealed that 70 percent of its gross Japanese catastrophe losses in 2018 were covered by reinsurance, including an expected total loss of its Akibare 2016-1 cat bond.
Scor expands ILS arm with Coriolis Capital acquisition; takes AuM to $2.1bnFrench reinsurance powerhouse Scor has acquired Coriolis Capital – a fund manager specializing in ILS – taking its assets under management to $2.1bn.
UPC halves Armor Re II cat bondUnited Insurance Holdings (UPC)’s latest catastrophe bond, Armor Re II Ltd, has been cut to $100mn from its planned $200mn due to its Class A tranche being priced at the upper end of guidance, according to reports.
ILS market growth slows in Q1; investors seek greater loss creep dataGrowth in the ILS market continued to slow in the first quarter of 2019 – which saw slightly more than $1.1bn raised through non-life catastrophe bond issues – the lowest first quarter for total issuance in the past five years and a lot slower than the Q1 $1.8bn average since 2013, according to Willis Re.
Millette: expect more ILS involvement in run-offILS funds are expected to expand their mandate to facilitate increased participation in the run-off market, according to Mike Millette, founder and managing partner of insurance and reinsurance specialist investment manager Hudson Structured Capital Management (HSCM).
Arch obtains $621mn mortgage reinsurance in latest Bellemeade dealArch Mortgage Insurance has obtained $621mn of indemnity reinsurance in its eighth Bellemeade transaction, bringing its total coverage received through insurance-linked note (ILN) deals to $3.5bn.
CatCo aims to deliver 2019 portfolio to reinsurance fund’s shareholdersThe net asset value (NAV) of the ordinary shares of CatCo Reinsurance Opportunities Fund plummeted 58 percent in 2018. But the fund’s annual report reveals CatCo is committed to delivering its 2019 portfolio to the shareholders.
Fema confirms close of second cat bond, covering $300mn of NFIP riskThe Federal Emergency Management Agency (Fema) now has $2.12bn of flood cover in place after confirming the close of a $300mn catastrophe bond covering National Flood Insurance Program (NFIP) risk, with Hannover Re acting as a transformer.
Radian closes $562mn mortgage ILS deal, reports “strong” demandRadian Guaranty has obtained $562mn of credit risk reinsurance protection from Eagle Re 2019-1’s issuance of mortgage insurance-linked notes (ILNs) – its second such deal in five months.
Universal cat cover FOTs price up 30%Firm order terms (FOTs) for the renewal of Floridian carrier Universal Insurance Holdings’ catastrophe reinsurance programme have priced up 30 percent on a risk-adjusted basis after significant Irma creep, The Insurer can reveal.
Florida’s House passes AOB reform and cat fund LAE increaseFlorida’s House of Representatives has passed legislation that would clamp down on assignment of benefits (AOB) abuse, although not without first stripping auto glass suits from the bill. The House also passed a bill to increase the reimbursement of loss adjustment expenses covered by the state’s cat fund.
Arcus Syndicate shakes-up strategy after 2018 lossCredit Suisse’s Arcus 1856 is repositioning its portfolio after exiting a whole account quota share it has had in place with Barbican’s serial loss-making Syndicate 1955.
McKeown leaves New Ocean “to pursue other interests”Axa XL has announced that Chris McKeown, the former CEO of New Ocean Capital Management, has stepped down from his role as vice chairman of the ILS fund manager.
Jamaica readies for cat bonds with contingencies fund transferThe government of Jamaica has for the first time transferred funds to its Contingencies Fund specifically to cover natural catastrophes, signalling that its risk transfer strategies will include cat bonds as well as traditional insurance products.
CCR Re launches first Paris-based reinsurance sidecar 157 ReState-backed French reinsurer CCR Re has unveiled the first ever reinsurance sidecar domiciled in France and says the transaction could even pave the way for an onshore ILS market to develop in Paris.