Financial

Alpina Capital, through its Alpina Fund Management S.A. unit, has taken over the management and distribution of the Falcon Private Bank catastrophe bond funds and is transforming them into ESG compliant strategies under the EU taxonomy. Alpina Capital acquired Falcon Fund Management (Luxembourg) S.A. at the end of 2020, taking over the business and retaining…

Global reinsurance player Munich Re had some positive words for the insurance-linked securities (ILS) market, suggesting that alternative capital sources in reinsurance are presenting “disciplined” competition at this time. In the past, major reinsurers, such as Munich Re, have opted to colour alternative reinsurance capital sources, ILS funds and their investors as less disciplined when…

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has said that it expects its reinsurance program to respond to the losses it will face from winter storm Uri’s impacts in Texas. Texas was the state hardest hit by winter storm Uri’s freezing weather, with significant impacts to properties and…

Global insurance and reinsurance group AXA has reduced its exposure to peak U.S. natural catastrophe events at the January 2021 renewals, lowering its retention for major hurricanes and earthquakes by one-third and its aggregate tower retention by more than half. AXA and in particular AXA XL, the commercial property & casualty insurance and reinsurance arm…

Property and casualty insurers in the United States are facing record levels of first-quarter catastrophe losses due to the severe winter weather associated with winter storm Uri, rating agency Fitch has said. Extensive property damage was seen during last week’s severe winter weather in Texas, Louisiana and other southern states of the U.S. Extreme cold…

AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, saw a significant increase in prices at the January 2021 reinsurance renewals, compared to price increases a year earlier. In reporting the AXA Group results this morning, the France headquartered global insurance and reinsurance company provides some insight into its…

Global reinsurance giant Munich Re is bullish about the upcoming April and mid-year renewal seasons in 2021, forecasting a positive market environment and growth opportunities as it reported its 2020 results this morning. The reinsurance firm has posted €1.2 billion of profit for 2020 despite significant losses suffered due to the COVID-19 pandemic and natural…