Fitch: ESG cat bonds a “catalyst” for ILS market growth
Environmental, social and governance-branded catastrophe bonds could be a catalyst for future market growth, according to Fitch Ratings, with the agency noting that alternative reinsurance protection against climate factors could lead to a doubling of the market by 2030.
Fry: Acacia “not trying to be all things to all people” as hones focus on retro XoL
Retro-focused start-up Acacia is seeking to capitalise and grow the $500mn of limit it entered the market with last year, maintaining its position as a high alpha return ILS manager, founder and CEO Charlie Fry has told this publication.
Schaper takes over AlphaCat leadership with Brooks departure
Paschal Brooks is standing down as CEO of AIG’s ILS manager AlphaCat, with AIG Re and Validus Re CEO Chris Schaper taking over the position.
Leadenhall Capital lifts AuM to record $6.6bn
London-headquartered Leadenhall Capital Partners has expanded its assets under management to a new record high of nearly $6.6bn.
ILS panel: market must turn climate change challenge into opportunity
Faced by increased frequency of severity of cat losses, including secondary perils and unmodelled risks, the ILS sector should embrace the opportunity presented by climate change and invest in resources to better understand the exposure and meet rising demand, according to #ReinsuranceMonth panellists.
Moody’s: Alternative capital growth keeping property cat pricing in check
A Moody’s report has said the growth in alternative capital capacity is a “major factor” restraining property catastrophe reinsurance price increases, with the ratings agency also noting reinsurers’ overall credit strength has benefited from incorporating alternative capital into business models despite operational and execution risks.
AIG sees “great opportunity” in excess layer ventilation and ILS
AIG president and CEO Peter Zaffino has highlighted the opportunities the insurer sees ventilating in the mid-excess and high excess layers, with the executive separately expressing the goal of increasing ILS assets under management.
Cloutier: Aspen’s FY GWP to be “flat to up slightly” after 4.7% H1 drop
Aspen executive chairman and CEO Mark Cloutier believes his company’s gross written premium (GWP) will be “flat to up slightly” for the whole of 2021 despite a 4.7 percent H1 drop, with the executive also highlighting improvements in the combined ratio on both a reported and underlying basis.
GC Securities names Willis Re’s Perrot MD
Guy Carpenter has named Willis Re’s Quentin Perrot as managing director of GC Securities.
ILS manager Pillar selects Phinsys to streamline financial reporting
Finance automation software provider Phinsys has continued to build out its presence in the specialty (re)insurance market with an agreement for Pillar Capital Management to implement its suite of products.
R&Q set to unveil legacy sidecar vehicle Gibson Re
Randall & Quilter Investment Holdings (R&Q) is expected to shortly unveil its first reinsurance sidecar Gibson Re – perhaps as early as Monday – after investors and the London-listed firm agreed terms earlier this week, according to sources.
Everest names Citigroup’s Modin as president of Mt Logan Re
Everest Re Group has appointed John Modin as president of third-party investor risk securitization vehicle Mt Logan Re, with the former Citigroup executive succeeding the retiring David Whiting.
Twelve Capital and Plenum see no meaningful Ida impact to ILS portfolios
ILS fund managers Twelve Capital and Plenum have provided initial feedback on Hurricane Ida’s impact, with both suggesting the impacts to their portfolios will be minor if early indications of a $15bn to $25bn industry loss are borne out.
SoCal Edison approved to buy $1bn of liability coverage and use cat bonds
The California Public Utilities Commission (CPUC) has approved Southern California Edison (SCE) to purchase up to $1bn of liability coverage for third-party wildfire-related claims at a cost of $460mn, with the use of alternative risk transfer instruments allowed.
ILS investor relief as Cat 3 Grace unlikely to trigger Mexico’s Fonden cat bond
Despite Hurricane Grace’s rapid intensification prior to landfall it is not thought to be sufficient to trigger Mexico’s parametric-based Fonden catastrophe bond, The Insurer understands.
Aon: ILS issuance hits record in H1 2021
A report from Aon has revealed the ILS market saw a record first half with $8.5bn of notes issued, an increase of $18mn on the previous record set in H1 2017.
Markel eyes growth opportunities including Nephila investment offerings
Markel co-CEO Richie Whitt has commented the insurer sees growth opportunities across all its insurance platforms, as well as Nephila - whose assets under management (AuM) increased $300mn to $9.8bn during the second quarter - and its newly-launched Lodgepine Fund.
Markel’s Lodgepine Fund launched at 1 July with $99mn capital
Markel has revealed that its Lodgepine Fund vehicle launched at 1 July 2021 with investor capital of $98.9mn, including an initial investment from the insurer of $18.9mn.