Financial

The experience of the reinsurance market with COVID-19 and business interruption, as well as the expectation that uncertainty will persist over the eventual industry loss impact of the pandemic, will all combine to elevate the preference of cedents for rated paper, RenaissanceRe’s CEO believes. Kevin O’Donnell, speaking during his firms third-quarter earnings call yesterday, believes…

Property Claim Services (PCS) has designated recent hurricane Delta’s impacts on the Yucatan region as the first catastrophe event under its recently launched PCS Mexico industry loss data aggregation and index reporting services. PCS teamed up with Asociación Mexicana de Instituciones de Seguros (AMIS) to launch the PCS Mexico service just over a year ago.…

Placing ILS fund manager Nephila Capital as the single point of entry to the property catastrophe reinsurance market for Markel Corporation is seen as a “cleaner option” for the company and also a way of generating operational efficiencies, Markel senior executives said yesterday. It was recently announced that Nephila Capital, the largest dedicated insurance-linked securities…

The impacts and eventual insurance market losses from hurricane Zeta’s landfall on the Louisiana Gulf Coast is not expected to result in any direct losses to catastrophe bonds, but may move the price on certain aggregate cat bonds, according to Plenum Investments. Zurich-headquartered catastrophe bond and insurance-linked securities (ILS) focused investment manager Plenum said that…

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has reported a decline in the level of fee income earned through the use of third-party and insurance-linked securities (ILS) capital for the third-quarter, some of which is likely down to catastrophe losses experienced and shared with its investors. At the same time, the level of…

Hurricane Zeta made landfall in Louisiana with 100 mph sustained winds yesterday evening, having intensified as it approached the Gulf Coast, against meteorologists earlier expectations. The hurricane, now the fifth major tropical storm to impact Louisiana in what has been a tiring year of weather for the state, had originally been forecast to have little…