Investments
Coronavirus stimulus checks: Pelosi pushes HEROES Act ahead of GOP vote
A few weeks back, many would have thought that negotiations on the next stimulus check would resume after the Senate returned to the capitol this week. But, on the day the Senate returned, it came up with a so-called skinny bill, which doesn’t include stimulus checks. House Speaker Nancy Pelosi, however, hasn’t given up on […]
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Read MoreLloyd’s won’t be a capital free-for-all. iSPV plan approved at Council
The Lloyd’s insurance and reinsurance market won’t be a free-for-all for capital once new ILS plans are in place, rather it hopes to level the playing field for different types of investors to access returns from the market. Speaking just now during a media briefing, Lloyd’s CEO John Neal said that the plan is to…
Read MoreDescartes raises $18.5m Series A to scale up parametric insurance
Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has raised Series A capital from leading investment firms to help it to scale up the parametric insurance space. Descartes Underwriting launched in early 2019, with a focus on parametric risk transfer and leveraging advanced…
Read MoreGuy Carpenter appoints Marsh’s Dean Klisura as President
Reinsurance brokerage Guy Carpenter, part of the Marsh & McLennan group of companies, has appointed long-time Marsh insurance broking senior executive Dean Klisura as its new President. In a move many will see as a potential step on the route towards a CEO succession at Guy Carpenter, Klisura will become President of Guy Carpenter from…
Read MoreFedNat triggers reinsurance program with hurricane Laura losses
FedNat Holding Company, the U.S. primary insurance carrier group, said that its reinsurance counterparties will be bearing a share of its losses associated with recent hurricane Laura. The insurer also said that it has purchased another reinsurance cover in September, providing extended second-event protection. FedNat said that both its FedNat Insurance Company and Maison Insurance…
Read MoreILS capital influx beginning, expected to persist: Swiss Re’s Rüede
Global reinsurer Swiss Re, which has been expanding its alternative reinsurance capital strategies in recent years, is seeing the “beginning of an influx” of capital into insurance-linked securities (ILS), something it believes will continued, Philipp Rüede, Head of the firms Alternative Capital Partners unit told us. Rüede was speaking to us in a recent interview…
Read More$10m U.S. wind industry loss transaction issued on Tullett Prebon ILN platform
Tullett Prebon has successfully completed another issuance through its Insurance Linked Notes (ILN) platform, with a $10 million U.S. wind industry loss instrument arranged, securitised and issued to investors. Electronic and voice interdealer broker and part of the TP ICAP group Tullett Prebon revealed a trading and issuance platform for what it terms Insurance Linked…
Read MoreCCRIF makes $7.45m payout to Haiti for hurricane Laura
Hurricane Laura’s passage has triggered parametric insurance coverage for Haiti, with the country receiving $7.45 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility). Haiti received $7.2 million as the hurricane’s rains triggered its parametric excess rainfall policy that it has in place with the CCRIF. In addition, Haiti also…
Read MoreLloyd’s expects to pay $6.5bn of COVID-19 claims
Lloyd’s of London expects that it and its members will pay around $6.5 billion of gross claims from the COVID-19 pandemic, with around 40% of the total expected to be covered by reinsurance. Lloyd’s had previously forecast that it expected its own portion of the non-life insurance market claims is expected to be from $3…
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