Financial

There is a clear role for risk transfer to the capital markets in the provision of capacity to address pandemic related non-damage business interruption risks, according to Europe’s insurance and reinsurance sector watchdog, the European Insurance and Occupational Pensions Authority (EIOPA). The Authority has published a new staff working paper that lays out ideas for…

The deepening of the world’s understanding, measurement and valuation of climate risks is going to drive a massive demand for contingent risk capital, which parametric triggers and insurance-linked securities (ILS) will be well-suited to serve, Rowan Douglas of Willis Towers Watson explained during our ILS NYC event this week. Rowan Douglas, Head of the Climate…

Weston Insurance Company, the Florida-headquartered domestic specialty property insurer with a focus on catastrophe and in particular wind-exposed properties, has promoted Deanne Nixon as its new Chief Executive Officer, with its founder Michael Lyons set to retire. Lyons launched Weston Insurance around a decade ago after leaving catastrophe reinsurance specialist RenaissanceRe. He is now set…

Widespread uncertainty remains around much of the ultimate industry loss from the ongoing Covid-19 pandemic, but if the numbers reach as high as some of the early estimates, it’s likely to be for unexpected reasons, says Tom Johansmeyer, Head of PCS. So far, publicly reported pandemic-related losses, IBNR reserves and estimates from insurance and reinsurance…

Third-party investors participating in the underwriting of specialty insurance and reinsurance player Brit Ltd. have shared in fewer losses and taken a greater share of income through these activities in 2020, than in the prior year. Brit reported its results this morning and the use of third-party reinsurance capital from investors and insurance-linked securities (ILS)…