Financial

Ambac Financial Group, Inc. has launched a new program and fronting focused specialty insurance company named Everspan Group and targets participatory fronting and transformation for select risks, with the insurance-linked securities (ILS) market a potential reinsurance capacity partner it seems. Everspan Group calls itself a “specialty, participatory fronting program insurance business” saying that it may…

U.S. and global primary insurance carrier and reinsurance company Chubb has named two new reinsurance buyers for the carriers international business, under the Chubb Overseas General brand. Chubb Overseas General, the company’s international general insurance business, operates in more than 50 countries and territories, so the reinsurance arrangements for this group are critical to the…

The next phase of the catastrophe bond market will see a shift from the structure’s use for deep capacity and as a risk management tool, to being viewed as a more permanent form of capital, according to Cory Anger, GC Securities. On day three of Artemis ILS NYC 2021, the audience heard from Anger, Managing…

In reporting its results this morning, Australian primary insurance group IAG has revealed a recovery made under its calendar year aggregate reinsurance, as A$90 million flowed back to the company due to severe storm events. IAG had already fully eroded its deductible for the calendar year catastrophe aggregate reinsurance protection it had in place for…

The focus of the insurance-linked securities (ILS) market on short-tail catastrophe risks has resulted in a funding gap for longer-tail exposures, but as investor comfort increases, there’s an opportunity for the market to expand its remit. The third day of our virtual Artemis ILS NYC 2021 conference began with the event’s first panel session, which…

Lancashire Capital Management Limited, the third-party capital collateralised reinsurance underwriting arm of specialty insurance and reinsurance group Lancashire Holdings, has reported a 52% increase in fees, profit commissions and profit shares earned in 2020, over the prior year. The factor driving the increased fees earned for managing third-party reinsurance capital at Lancashire is a growing…

Vesttoo, a technology firm that uses proprietary artificial intelligence and machine learning solutions with the goal of helping companies assess and transfer risks to the capital markets, has secured a new equity investment from Silicon Valley specialist venture platform Plug and Play. Plug and Play has a long history of investing in start-ups, having funded…