MGA Parametrix explores ILS “cloud-in-a-box” transaction for cloud outage riskCloud outage is the next cyber risk class ripe for ILS risk transfer as ceding (re)insurers seek protection from exposures to major sustained outages, according to cyber MGA Parametrix.
Interest rate rises to slow cat bond issuance: DBRS MorningstarCat bond issuance is expected to dip slightly in the first half of 2023 on the back of a rapid rise in interest rates, according to DBRS Morningstar.
Vesttoo hires former BlackRock exec Rose as NA capital markets headInsurtech risk transfer platform Vesttoo has appointed former BlackRock director Thomas Rose as head of North American capital markets.
Markel reveals Nephila AuM fell 7.7% to $7.2bn in Q4Markel has revealed that assets under management (AuM) at its Nephila ILS operations dropped by $600mn in the fourth quarter to end the year at $7.2bn, with the ILS fund manager reporting an operating loss for 2022 following the disposal of its Volante and Velocity MGA ownership stakes.
Swiss Re cat bond index falls 2.2% in first annual declineThe Swiss Re cat bond index fell 2.2 percent in 2022 as Hurricane Ian, higher risk-free rates and geopolitical concerns saw investors mark down insurance-linked securities.
Aspen Capital Markets adds Hiscox Re & ILS’ Lee as COOAspen Insurance Holdings has hired Bermuda-based Chris Lee from Hiscox Re & ILS to serve as chief operating officer of its alternative reinsurance arm Aspen Capital Markets.
Aon: ILS market set to expand further after 7% growth in 2022The ILS market is poised for strong market growth in 2023 after expanding by 7 percent year-on-year in 2022, according to a report by Aon.
Hannover Re secures first proportional cyber retro cover with $100mn Stone Ridge transactionHannover Re has secured capital markets retro coverage for cyber risks for the first time through a quota share transaction supported by $100mn of Stone Ridge capital.
CCR Re’s Halm: 157 Re could take on life or specialty risk as investor support growsCCR Re would consider extending its collateralised reinsurance sidecar for property catastrophe risks to include other lines of business such as life and specialty, according to head of retrocession and strategy Mathieu Halm who praised the reinsurer’s ability to defy an “extremely tight” retro market and attract new capital backing to its 157 Re ILS vehicle.
CCR Re renews pioneering 157 Re sidecar for 2023CCR Re, the open market reinsurance arm of French state-backed carrier CCR, has confirmed the renewal of its 157 Re collateralised reinsurance sidecar, a move first revealed by The Insurer last year.
MS Amlin launches $45mn Phoenix 3 Re reinsurance sidecarThe Singapore-based operation of Lloyd’s (re)insurer MS Amlin has launched its third local special purpose reinsurance vehicle (SPRV) – Phoenix 3 Re – with more than $45mn in collateralised capacity to support its Asian reinsurance portfolio.
TVBeazley’s cyber cat bond Cairney could upsize to $250mn “relatively quickly”Beazley’s trailblazing cyber cat bond has the potential to grow to $250mn over the next four to five years as investor interest builds, predicts the carrier’s global head of cyber Paul Bantick, as it’s revealed the bond is named Cairney.
Beazley secures $45mn of cover in groundbreaking first cyber cat bond led by Fermat CapitalBeazley has secured $45mn in reinsurance coverage through the industry’s first dedicated and tradeable cyber catastrophe bond, with coverage set to be triggered when total claims from a cyber attack exceed $300mn.
Securis bolsters investor relations team to expand European footholdILS manager Securis Investment Partners has appointed Steven Le Moing to its investor relations team, with a focus on asset raising across Europe and the Nordics.
PICC P&C sponsors third Hong Kong cat bond for $32.5mn quake coverChinese insurer PICC Property and Casualty Company Limited has sponsored a $32.5mn catastrophe bond, marking the third bond issued out of Hong Kong.
CyberCube: 2023 is “ripe” for expansion of the cyber ILS marketThe reinsurance value chain will collaborate with ILS fund managers to bring new cyber reinsurance capacity to the market in 2023 and drive the evolution of the cyber insurance market, according to CyberCube CEO Pascal Millaire.
Hiked PCS Ian estimate brings Everest’s $48.9bn cat bond trigger nearerThe increased Ian industry loss estimate from Property Claim Services (PCS) of $47.4bn excluding loss adjustment expenses (LAE) brings the $48.9bn attachment point of $350mn of Kilimanjaro cat bond protection closer for EverestRe.
TVAon’s Marcell predicts capital will flow back in and “stabilize” market in 2023When the “dust clears” following what’s shaping up to be a chaotic 1.1 renewal, capital that is currently “sitting on the sidelines” will flow back into the market providing clients with more options in 2023, according to Aon’s Reinsurance Solutions CEO Andy Marcell.
Inigo secures $110mn in cat cover through second Montoya Re bondInigo has transferred $110mn of North American earthquake and windstorm risks to the capital markets through its second catastrophe bond transaction.
TWIA launches reinsurance placement earlier after Gallagher Re recommendationThe board of the Texas Windstorm Insurance Association (TWIA) has agreed to look to complete its upcoming Alamo cat bond placement in February after being advised by Gallagher Re to begin the process for its 2023 reinsurance placement earlier than usual given market conditions.