Essent closes its second mortgage ILN deal of 2019
Bermuda-based Essent Group has obtained $333.8mn of mortgage reinsurance through Radnor Re 2019-2, bringing its total coverage from insurance-linked notes issued this year to $807mn.
Peru earthquake triggers $60mn World Bank cat bond pay out
Last month’s earthquake in Peru has triggered a 30 percent pay out on a $200mn catastrophe bond that was part of the World Bank’s large $1.36bn Pacific Alliance placement, sources have confirmed.
Hamilton Re secures $60mn cover with Easton cat bond
Hamilton Re has sponsored its debut cat bond with $60mn Easton 2019-1 issued by its Cerulean Re vehicle.
AIG hires Chris Schaper to head new reinsurance platform
AIG has formed a new reinsurance platform that consolidates its assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty into one global business headed by former Montpelier and Victor executive Chris Schaper.
Twelve Capital launches own ILS funds in Europe
Twelve Capital, an insurance-focused investment manager, has broadened the product base it offers to ILS investors under its own brand – including cat bonds and collateralised reinsurance.
Artex reshuffles International management team
Artex Risk Solutions, a Bermuda-based alternative risk management solutions provider, has made a series of senior appointments in its international unit, under the leadership of recently re-appointed Group CEO, Peter Mullen.
CEA renews flat and looks to reduce reliance on reinsurance
The California Earthquake Authority’s recent renewal of a $1.1bn segment of its giant $8.3bn risk transfer programme priced flat as the residual insurer pledged to continuing pursuing legislative reforms for alternative funding to reduce its reliance on reinsurance and redirect resources to mitigation efforts.
White Mountains paid $55mn for 30% Elementum stake
White Mountains paid cash consideration of $55mn to take a 30 percent holding in ILS fund manager Elementum Advisors, according to an investor presentation.
Hurricane cat bond demand strong in 2019: Fitch
Ten cat bonds totalling nearly $1.8bn have been announced in 2019 featuring named storm risk as a trigger, according to a report from Fitch assessing the state of the insurance market as the hurricane season starts.
White Mountains buys into ILS manager Elementum
White Mountains has bought a minority stake in Elementum Advisors in a transaction that also sees the Bermudian financial services group invest $50mn in the ILS manager’s funds.
Singapore's first cat bond issued by Security First and Swiss Re as Florida hardens
Florida-based primary insurer Security First has closed its $100mn First Coast Re II Pte. Ltd catastrophe bond issuance, the first cat bond transaction completed under Singapore’s new ILS framework.
$4bn of MS&AD’s Japan cat losses reinsured; Akibare cat bond a total loss
MS&AD has revealed that 70 percent of its gross Japanese catastrophe losses in 2018 were covered by reinsurance, including an expected total loss of its Akibare 2016-1 cat bond.
Scor expands ILS arm with Coriolis Capital acquisition; takes AuM to $2.1bn
French reinsurance powerhouse Scor has acquired Coriolis Capital – a fund manager specializing in ILS – taking its assets under management to $2.1bn.
UPC halves Armor Re II cat bond
United Insurance Holdings (UPC)’s latest catastrophe bond, Armor Re II Ltd, has been cut to $100mn from its planned $200mn due to its Class A tranche being priced at the upper end of guidance, according to reports.
ILS market growth slows in Q1; investors seek greater loss creep data
Growth in the ILS market continued to slow in the first quarter of 2019 – which saw slightly more than $1.1bn raised through non-life catastrophe bond issues – the lowest first quarter for total issuance in the past five years and a lot slower than the Q1 $1.8bn average since ...
Millette: expect more ILS involvement in run-off
ILS funds are expected to expand their mandate to facilitate increased participation in the run-off market, according to Mike Millette, founder and managing partner of insurance and reinsurance specialist investment manager Hudson Structured Capital Management (HSCM).
Arch obtains $621mn mortgage reinsurance in latest Bellemeade deal
Arch Mortgage Insurance has obtained $621mn of indemnity reinsurance in its eighth Bellemeade transaction, bringing its total coverage received through insurance-linked note (ILN) deals to $3.5bn.