Phoenix CRetro Reinsurance Company has responded to the Bermuda Monetary Authority’s (BMA) decision to cancel its special purpose insurer’s registration for alleged breaches of the island’s Insurance Act by stating that it will look to set up in an alternative jurisdiction in Asia.
Hurricane Sally is unlikely to be a major insurance loss for the private market because it is more of a flood event covered by the National Flood Insurance Program (NFIP), but the federal backstop’s cat bonds and reinsurers are potentially exposed, AM Best has commented.
AIG is looking to grow its ILS fund manager AlphaCat with demand expected to be high at 1 January, while Peter Zaffino has also suggested that the insurance giant is open to setting up other similar vehicles.
Industry loss warranty specialist Stephen Pett has joined Aon’s Reinsurance Solutions business in Bermuda as vice president and broker.
Third Point Re CEO Malloy has commented that incorporating third-party capital will be a natural evolution for the merged SiriusPoint.
ILS fund manager Aeolus Capital Management is believed to be considering the creation of a rated vehicle to write property reinsurance and retro and add to the growing suite of products it makes available to brokers and clients on a collateralized basis, The Insurer can reveal.
The start-up ILS manager being launched by Richard Lowther and Lixin Zeng has continued its build out with the hire of Hiscox Re Insurance Linked Securities principal Matthew Swann, The Insurer has learned.
Stephan Ruoff has succeeded Dirk Lohmann as head of ILS business Schroder Secquaero.
Reinsurers seeking retro cover could help drive cat bond issuance as high as $10bn this year, which would be up 90 percent on 2019, according to AM Best.
Peak Capital Holdings CFO Angus Ayliffe has left the ILS investment manager to pursue new opportunities, The Insurer understands.
Twelve Capital founding partner Urs Ramseier has been appointed executive chairman of the ILS investment manager, replacing the retiring Frank Schnewlin who has held the position since 2016 and has been with the company for seven years.
Hurricane Laura will hit traditional reinsurers and the insurance-linked securities market with losses, although given the expected scale of claims, primary carriers rather than their reinsurers will bear the brunt of the exposure, according to Fitch Ratings.
Guy Carpenter and AM Best have estimated that total reinsurance capital at the end of the first half was up 1 percent from the end of 2019, with the reinsurance broker noting that Covid-19 claims are likely to affect ILS funds’ ability to raise capital heading into 1.1.
ILS manager Aeolus Capital Management has named Nicholas Jagoda as partner and portfolio manager.
ILS Capital Management has completed a $57mn securitisation of trapped capital, which the investment firm believes paves the way to unlock a substantial portion of the industry’s $15bn of trapped capital through similar deals.
Blue Capital Reinsurance Holdings, the collateralised reinsurance vehicle that is being wound down, has revealed an industry loss warranty (ILW) it wrote in 2017 has been triggered by ISO this month revising upwards its Hurricane Irma estimate.
ILS fund manager Elementum Advisors has hired former Aon Securities executive Jeff Davis as senior vice president for investments and made a number of management changes including naming partner and portfolio manager Paul Barker to its executive committee.
TransRe’s tie-up with Integral ILS will provide the reinsurer with a strategic partner it believes will allow both parties to optimize their portfolios on behalf of their respective capital bases, according to the Alleghany subsidiary’s CEO Mike Sapnar.
The Texas Windstorm Insurance Association (TWIA) paid $107.5mn for its $2.1bn traditional reinsurance and cat bond programme that incepted at 1 June, above its budgeted cost of $93.1mn.
Markel has revealed that it has reached a settlement in principle with former CatCo CEO Anthony Belisle over his breach of contract claims after being fired last year, with the US insurer expecting an agreement to be formally entered into in the third quarter.