Aditya Dutt is leaving his position as senior vice president of Ventures at RenaissanceRe to “pursue a new opportunity” with the Bermudian reinsurer’s CEO Kevin O’Donnell assuming responsibility for the ILS and third party capital management unit on an interim basis.
Essent Group has become the latest mortgage insurer to report that its insurance-linked note (ILN) deals have been subject to a trigger event following increasing delinquencies because of Covid-19.
Analysis of statutory filings by the Bermuda Monetary Authority (BMA) shows that underwriting losses from alternative capital on the island widened from $2.7bn in 2017 to $3.0bn in 2018.
Richard Lowther and Lixin Zeng’s proposed property-focused start-up Integral ILS will target E&S business through a tie-up with wholesale giant AmWINS, and reinsurance and retro by working with TransRe as it looks to access the “entire insurance value-chain”.
Arch Mortgage Insurance Company has secured $528mn of indemnity cover on a pool of some $44bn of mortgages that includes the latest iteration of the Bellemeade Re insurance-linked notes as well as direct reinsurance.
Dutch insurance group Achmea Reinsurance has returned to the insurance-linked securities (ILS) market with a Eur100mn ($113mn) cat bond providing cover for European windstorm on an ultimate net loss, per occurrence basis.
The strong correlation between pandemic outbreaks and financial market stress means the insurance-linked securities (ILS) market is unlikely to play a major role in managing losses associated with future epidemics, according to Hudson Structured Capital Management’s Michael Millette.
Willis Re today has hired senior ILS underwriter Kirsten van Exel as executive director of its Dutch team.
ILS fund Aeolus Capital Management has appointed Andrew Bernstein as its new CEO with Chris Grasso and Trevor Jones promoted to co-chairmen of the Bermuda-based platform’s board.
Twelve Capital has refocused on the robust cat bond sector and private ILS for better-modelled and understood peak perils such as US hurricanes and California quake after a review of its strategy.
Fermat Capital’s John Seo believes the attractive yields available to investors in the ILS market will persist in the medium term but cannot be labelled a new normal.
Despite the temporary impasse caused by the Covid-19 market rout, 2020 could potentially surpass 2018 as the most active year for cat bonds as ILS investors continue to show enthusiasm for new issuances.
The Texas Windstorm Insurance Association (TWIA) has finalized its $2.1bn 2020 reinsurance programme with the placement of $1.1bn of traditional cover, an upsized $400mn issue of its Alamo Re cat bond series and $600mn of rollover cat bond limit.
Lockton Capital Markets (LCM) has appointed Ken Pierce as CEO - with the assets of his Vanpoint Advisors firm to be merged into LCM - following the departure of Vishal Jhaveri after less than two years.
Florida’s state-backed insurer Citizens will now look to buy all the 2020 limit it planned to secure for its coastal account in the traditional reinsurance market after pulling a proposed $200mn tranche of its Everglades Re cat bond series.