Fema confirms close of second cat bond, covering $300mn of NFIP risk
The Federal Emergency Management Agency (Fema) now has $2.12bn of flood cover in place after confirming the close of a $300mn catastrophe bond covering National Flood Insurance Program (NFIP) risk, with Hannover Re acting as a transformer.
Radian closes $562mn mortgage ILS deal, reports “strong” demand
Radian Guaranty has obtained $562mn of credit risk reinsurance protection from Eagle Re 2019-1’s issuance of mortgage insurance-linked notes (ILNs) – its second such deal in five months.
Universal cat cover FOTs price up 30%
Firm order terms (FOTs) for the renewal of Floridian carrier Universal Insurance Holdings’ catastrophe reinsurance programme have priced up 30 percent on a risk-adjusted basis after significant Irma creep, The Insurer can reveal.
Florida’s House passes AOB reform and cat fund LAE increase
Florida’s House of Representatives has passed legislation that would clamp down on assignment of benefits (AOB) abuse, although not without first stripping auto glass suits from the bill. The House also passed a bill to increase the reimbursement of loss adjustment expenses covered by the state’s cat fund.
Arcus Syndicate shakes-up strategy after 2018 loss
Credit Suisse’s Arcus 1856 is repositioning its portfolio after exiting a whole account quota share it has had in place with Barbican’s serial loss-making Syndicate 1955.
McKeown leaves New Ocean “to pursue other interests”
Axa XL has announced that Chris McKeown, the former CEO of New Ocean Capital Management, has stepped down from his role as vice chairman of the ILS fund manager.
Jamaica readies for cat bonds with contingencies fund transfer
The government of Jamaica has for the first time transferred funds to its Contingencies Fund specifically to cover natural catastrophes, signalling that its risk transfer strategies will include cat bonds as well as traditional insurance products.
CCR Re launches first Paris-based reinsurance sidecar 157 Re
State-backed French reinsurer CCR Re has unveiled the first ever reinsurance sidecar domiciled in France and says the transaction could even pave the way for an onshore ILS market to develop in Paris.
CatCo shareholders approve listed fund run-off
Markel CatCo’s London-listed retro investment fund CatCo Reinsurance Opportunities Fund is set to be placed into run-off following a shareholder meeting where investors almost unanimously approved the proposal.
Cohen & Co venture eyes ILS and insurtech M&A with $151mn IPO
Cohen & Co’s blank-cheque start-up Insurance Acquisition Corp (IAC) has completed an IPO on Nasdaq, raising gross proceeds of $151mm as it sets out to identify targets for transactions in the (re)insurance sector.
Arch closes $342mn mortgage reinsurance ILS deal
Arch Mortgage Insurance (Arch MI) has obtained $341.8mn of indemnity reinsurance on a pool representing nearly $23bn of mortgages from the Bellemeade Re 2019-1 insurance-linked securities deal.
Markel: “We will learn” to make ILS a key results contributor
In their annual letter to shareholders, Markel’s co-CEOs have underlined their commitment to the ILS sector, despite the continuing problems at subsidiary CatCo, and said they are looking to expand third-party capital management capabilities to more risk areas than property cat.
ChainThat to launch blockchain-powered risk and capital exchange in Bermuda
A blockchain-powered risk and capital exchange for the re/insurance industry is set to be introduced in Bermuda later this year by ChainThat, providing access to capital markets with the use of blockchain.
UnipolSai launches Eur45mn Atmos Re cat bond
Italian insurance giant UnipolSai Assicurazioni has placed a Eur45mn catastrophe bond, Atmos Re DAC, covering against severe weather-related perils in Italy.
Cyber is logical use of ILS: Duperreault
The ILS market is a logical source of capacity to address the transfer of cyber risk, according to AIG CEO Brian Duperreault.
IAG launches first Singapore catastrophe bond A$75mn Orchard ILS Pte
Sydney-headquartered Insurance Australia Group (IAG) has launched the first catastrophe bond issued out of Singapore with the A$75mn issuance of Orchard ILS Pte.
Pool Re launches first ever terrorism cat bond £75mn Baltic Re
The UK’s state-backed terrorism reinsurer Pool Re has overcome ILS investor caution to launch the industry’s first ever terrorism cat bond with the £75mn issuance, Baltic PCC Ltd.
Brit’s third-party capital expands to $440mn
Fairfax-owned Lloyd’s insurer Brit now manages approximately $440mn of third-party capital across its Versutus sidecar, onshore ILS platform Sussex Capital and its Lloyd’s Syndicate 2988.