Financial

Integral ILS Ltd., the start-up insurance-linked securities fund manager launched by industry execs Richard Lowther and Lixin Zeng, has secured its first investor commitment, from Canadian pension giant the Public Sector Pension Investment Board (PSP Investments). PSP Investments manages around CAD $169.8 billion of net assets and we understand this to be the pension giants…

An intriguing new catastrophe bond transaction has launched to the market according to our sources, with the $50 million Power Protective Re Ltd. (Series 2020-1)  transaction being sponsored on behalf of a municipal water utility operating in the Los Angeles area of California that is seeking wildfire insurance protection. Power Protective Re 2020-1 is the…

Arch Capital Group Ltd. looks set to secure the outright acquisition of its total-return reinsurance joint-venture Watford Re, after increasing its offer and gaining the support of key shareholder and rival bidder for Watford, legacy reinsurance solutions specialist Enstar Group. Back in October, legacy insurance and reinsurance specialist underwriter and investor Enstar Group had made…

Hudson Structured Capital Management Ltd., which enters into insurance and reinsurance investment business as HSCM Bermuda, has taken a majority stake in under-pressure Florida primary insurance carrier Southern Fidelity Insurance Company. As we explained last week, Southern Fidelity and its parent Capitol Preferred Insurance Company were on the verge of becoming insolvent, with the regulator…

Bruce Lucas, the co-founder, Chairman and CEO of Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, is retiring from the role and COO Ernie Garateix has been promoted and will take over the Chief Executive Officer position. Lucas has led Heritage Insurance through a rapid expansion during the lifetime…

Steadfast Re, a reinsurance broking joint-venture operation of the Steadfast Group headquartered in Australia with specific collateralised placement expertise, has announced the hiring of Ryan Springall from Risk Frontiers as Director of Treaty reinsurance, Asia Pacific. Springall was a general manager at Risk Frontiers, a risk management and catastrophe risk modelling solutions provider focused on…