Investments

Insurance and reinsurance broker Aon has offered its view on the recent winter storm activity in the United States, saying that an expected “hurricane-level” of claims from the winter storm “will translate to payouts well into the billions of dollars.” Aon’s Impact Forecasting unit has not provided a loss estimate and so still the only…

The U.S. Federal Emergency Management Agency (FEMA) has continued to spread its risk with its latest visit to the catastrophe bond market, as its $575 million FloodSmart Re Ltd. (Series 2021-1)  cat bond has lifted its reinsurance program for the National Flood Insurance Program (NFIP) to a new high. FEMA returned to the catastrophe bond…

RSA Group, the UK based insurance group, has cut its main Group Volatility Cover, an aggregate reinsurance protection, as it balanced cost against the protection it offered at the January 2021 reinsurance renewals. RSA has cut the Group Volatility Cover (GVC) reinsurance tower by one-quarter, only electing to place it to 75% at the January…

UK government backed mutual terrorism reinsurance firm Pool Re has secured another increase in size to its retrocession program, lifting it to almost US $3.5 billion at the latest renewal, but still insurance-linked securities (ILS) capacity remains limited to its previous catastrophe bond. Pool Re placed its UK £2.475 billion (US $3.5bn) retrocession programme for…

PartnerRe, the Bermuda headquartered and EXOR owned reinsurance company, has significantly grown its third-party capital assets under management, lifting them above $1 billion around the January 2021 renewals. PartnerRe has been managing third-party or alternative reinsurance capital for many years, with a successful quota share sidecar program and a range of other collateralized reinsurance structures…

MetLife, Inc., one of the largest life and annuities insurance groups in the world, has announced that it completed two more UK based longevity reinsurance transactions with pensions insurance specialist Rothesay Life, covering $5 billion of risk. MetLife has been expanding its longevity risk transfer and reinsurance activities in the United Kingdom over the last…

Catastrophe risk modeller AIR Worldwide has warned that recent winter storm Uri and associated severe winter weather could result in an insurance and reinsurance industry loss that is “well in excess” of $10 billion. Beginning on February 12th 2021 and continuing right through the following week, winter storms and freezing weather driven by a polar…

Insurance and reinsurance broking group BMS has announced the hire of David Cameron, a former advisor to RenaissanceRe, as an Executive Vice President, continuing the build-out of its U.S. Property Treaty division. Cameron joins BMS from March 1st and will be based in the brokers’ Edina, Minnesota office, reporting to Pete Chandler, President and CEO…