Financial

With Brazil’s government having recently formalised and published legislation related to special purpose reinsurance transformer vehicles and insurance-linked securities (ILS) issuance, the country’s insurance regulator Susep has said it hopes the regime will reduce reinsurance costs for carriers. As a result of which, Brazil’s regulator the Superintendência de Seguros Privados (Susep) hopes that introducing direct capital…

Hiscox Group, the insurance, reinsurance and third-party capital backed underwriter headquartered in Bermuda, is again the first to release a statement following this morning’s announcement that the UK Supreme Court found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals. Hiscox has announced that, as a…

The UK Supreme Court has found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals. This judgement means some insurance firms will end up on the hook for many more business interruption claims from the COVID-19 pandemic than they had been hoping to face. The decision…

Reinsurance and also retrocessional exposure to the COVID-19 pandemic may rise if the final judgement in the UK Financial Conduct Authority’s (FCA)’s business interruption insurance test case goes against the industry. But that’s not the only current threat, we understand, as new waves from the pandemic are also likely to test contract terms and have…

Catastrophe bonds became more important for the reinsurance market in 2020, as the record year of issuance saw use of the cat bond as a reinsurance or retrocession risk transfer tool increase, Fitch Ratings has said. While alternative capital levels remained relatively flat overall through 2020 it seems, the catastrophe bond market was one area…