ILS

Ariel Re becomes signatory of Standards Board for Alternative Investment

Ariel Re has become the first Lloyd’s business to become a signatory of the Standards Board for Alternative Investments (SBAI), with the firm’s head of platform development Tim Shreeve noting that Lloyd’s offers “a compelling alternative” to ILS fund structures.

Gallagher Re hires Natixis’ Delacroix as European expansion continues

Gallagher Re has appointed Alexandre Delacroix to the role of executive director within its Europe, Middle East and Africa (EMEA) West and South team, effective immediately.

AM Best: Two-thirds of H1 cat bond deals upsized from initial guidance

AM Best in a new report on the ILS market has highlighted that cat bond pricing hardened in the first half of 2022 as investors required higher compensation for the capital they provided to sponsors, with more tranches that could not be placed compared to prior years.

Swiss Re: ILS performance to “recover strongly” after negative H1 returns

The catastrophe bond market produced a small negative return in the first half of the year while new issuance dropped 8.9 percent to $8bn, according to a new report from Swiss Re Capital Markets (SRCM) that predicts performance will recover strongly in the rest of the year.

S&P: Cyber presents opportunity for ILS funds but growth likely to be slow in near term

Growth in the cyber insurance market may prompt ILS asset managers to consider cyber risk when evaluating new opportunities for expansion and portfolio diversification, according to a new report by S&P Global Ratings.

Aon: 2022 set to be one of the largest ILS issuance years on record

This year remains on track to be one of the largest years on record for ILS issuance with Florida and southeast US focused cat bonds helping drive activity during the second quarter, Aon Securities has reported.

Swiss Re forms new cat bond-focused investment advisory company

Global reinsurer Swiss Re has launched an investment advisory company which will focus on offering investment management services to qualified institutional investors.

Vesttoo recruits industry veteran Iinuma to lead new Japan office

Vesttoo has made another senior hire as it builds out its global capabilities with the insurtech naming industry veteran Kunihiko Iinuma as general manager of its new Japanese operation.

Fleming Insurance Holdings hires Khare to head casualty ILS platform

Fleming Corp and Altamont Capital Partners-backed legacy and live capital solutions platform Fleming Insurance Holdings has hired Samir Khare from hedge fund Point72 as head of casualty ILS solutions as it looks to transform insurance risk to be ceded to the capital markets, The Insurer can reveal.

Travelers ups NE cat cover by $150mn and is now almost halfway through agg retention

Travelers said higher Q2 cats contributed to the insurer accumulating $935mn of qualifying losses towards the $2bn retention on its property aggregate XoL treaty as it also revealed its 1 July renewing Northeast property treaty added $150mn of limit as well as an upsized cat bond.

Vesttoo hires Allianz Risk Transfer MD Kalachian to lead product structuring

Vesttoo has appointed Minas Kalachian as head of structuring to lead a team of product specialists in the design and implementation of alternative reinsurance solutions in the life and P&C sectors.

PRA unveils proposals to reboot UK ILS issuances continues

The Bank of England’s Prudential Regulation Authority (PRA) has unveiled a host of proposed changes to the regulations overseeing UK ILS, in a move designed to increase the usage of the structure that was created almost five years ago.

Cat bond investors selecting carefully but strong issuance expected in H2

A careful approach from cat bond investors is leading supply to lag strong demand from sponsors with spreads remaining high against a volatile economic backdrop, but issuance in the second half of 2022 is expected to be close to the record levels seen last year.

Envelop Risk to build cyber ILS arm as it swoops for Bernina Re retro head David Ross

SoftBank-backed cyber tech modelling company and MGA Envelop Risk has swooped for Bernina Re’s David Ross to lead a new ILS practice that it will build out in 2022-23, The Insurer can reveal.

Schroders’ Lohmann: Record cat bond spreads make ILS investment an attractive option

Catastrophe bond spreads at or close-to record levels along with the pronounced volatility in public markets have made ILS an attractive option for investors considering their first foray into the ILS sector or adding to their existing allocations, according to Schroders Capital ILS’ chairman Dirk Lohmann.

Vesttoo build-out continues as Sola joins to lead global capital markets unit

Insurtech marketplace Vesttoo has recruited ILS industry veteran and investment executive Stefano Sola as global head of capital markets, the latest prominent senior hire the fast-growing platform has announced in recent months.

Credit Suisse sells $400mn Kelvin Re run-off to Cowen

The Guernsey-domiciled reinsurance vehicle put into run-off by Credit Suisse in December 2020 – Kelvin Re – has been acquired by New York-based investment bank Cowen.

Miller continues Bermuda and ILS unit expansion with Markel’s Duda

London-headquartered Miller has continued to build out its Bermuda platform as well as its ILS capabilities with the appointment of John Duda as head of ILS development and capital management products.

ILS fund Leadenhall: new deputy CEO provides “clarity” on Albertini succession

Leadenhall Capital Partners has promoted Lorenzo Volpi to deputy CEO in a move the ILS fund manager said “provides clarity” on its future succession plans.

Core Specialty bolsters reinsurance program with $65mn cat bond

Core Specialty has completed the placement of its $570mn property reinsurance program which for the first time includes support from a newly minted 144A catastrophe bond.

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