Investments
American Family aims for upsized $175m Four Lakes Re 2020-1 cat bond
American Family Mutual Insurance Company is targeting an upsized $175 million of collateralized multi-peril reinsurance from its Four Lakes Re Ltd. (Series 2020-1) catastrophe bond issuance, the carriers first cat bond in a decade. Back in late 2010, American Family sponsored two tranches of severe thunderstorm linked catastrophe bonds, the $100 million Mariah Re Ltd.…
Read MoreHurricane Zeta onshore loss up to $5bn, offshore up to $500m: RMS
Catastrophe risk modeller RMS has now weighed in with its estimate of insurance and reinsurance industry losses likely to come from recent hurricane Zeta’s impacts to the United States and it’s a little higher than other modeller estimates. RMS said that it expects hurricane Zeta’s onshore insured losses will be between $3 billion and $5…
Read MoreAXA to increase capital at XL to take advantage of reinsurance opportunity
AXA reported its nine-months 2020 results yesterday and the re/insurers CFO revealed that a recapitalisation of its AXA XL unit is planned, so that it can take advantage of rising reinsurance prices. At the same time, AXA reported that its AXA XL unit is set to take an above budget level of catastrophe losses in…
Read MoreHannover Re falls to P&C underwriting loss on COVID & catastrophes
Global reinsurance firm Hannover Re has reported an underwriting loss for its property and casualty reinsurance unit, as the combined ratio increased to 101.4% for the third-quarter driven by over budget major losses as the company added more COVID-19 impacts and the costs of a range of catastrophe events. Despite this and the impacts of…
Read MoreRevlon’s Fate Is In Carl Icahn’s Hands
Cosmetics company Revlon’s fate is in Carl Icahn’s hands as it potentially faces bankruptcy if it is unable to restructure its debt. Revlon is pressuring bondholders to tender claims for a third of their face value, according to a press release from the company. Icahn, who owns a significant portion of the makeup company’s debt […]
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Read MoreMy Trump Trades…
Let’s start with a disclaimer here. I’m not a professional pollster. With few exceptions, most of the professional pollsters are on the opposite side of this trade. I’m a contrarian and that means I am bound to get a few of these wrong. Q3 2020 hedge fund letters, conferences and more With that disclaimer out […]
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Read MoreArch Capital completes third mortgage ILS transaction of 2020
Arch Capital Group Ltd., the Bermuda headquartered insurance and reinsurance firm, has returned to the capital markets for its third mortgage insurance-linked securities (ILS) transaction of 2020, with a $418 million issuance of insurance-linked notes via special purpose insurer Bellemeade Re 2020-3 Ltd. The new issuance follows quickly on the heels of a $423 million…
Read MoreJon Pollock Of Elliott Management On About Portfolio Positioning
Many events are affecting the market right now, and it’s not always clear how one should be positioned to take advantage of potential opportunities. In a rare appearance at the Invest for Kids conference late last week, Jon Pollock of Elliott Management spoke with David Richter of GCM Grosvenor about a variety of topics, including […]
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Read MoreFHCF’s hurricane Irma loss creeps over 8% in 2020 to $6.5bn
The Florida Hurricane Catastrophe Fund’s (FHCF) ultimate loss from 2017’s hurricane Irma has continued to creep higher in 2020, rising from $6 billion booked at the end of 2019 to $6.5 billion as of October 2020. At the same time, the FHCF’s ultimate loss from 2018’s hurricane Michael has not inflated at all over this…
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