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.
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.
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.
London-headquartered Leadenhall Capital Partners has expanded its assets under management to a new record high of nearly $6.6bn.
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.
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 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.
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.
Guy Carpenter has named Willis Re’s Quentin Perrot as managing director of GC Securities.
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.
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 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.
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.
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.
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.
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 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 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.