Insurance
Minnesota Life seeks $100m La Vie Re mortality catastrophe bond
A new mortality catastrophe bond transaction is in the market, as life insurer and part of the Securian Financial Group, Minnesota Life Insurance Company looks to the capital markets for $100 million of more of mortality related life reinsurance through a La Vie Re Limited (Series 2020-1) deal. Mortality catastrophe bonds remain relatively rare, only…
Read MoreLife ILS managers Schroders & Leadenhall invest in $43m Integrity Life Series B
Zurich-headquartered Schroder Investment Management (Switzerland) AG (Schroders) and London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager Leadenhall Capital Partners LLP have both invested in a $43 million Series B fundraising for Australian life insurer Integrity Life. ILS fund manager Leadenhall Capital Partners had already invested in the same life insurer back in 2018,…
Read MoreRansomware claims rise in severity since start of pandemic
During the last week in September, Universal Health Services Inc., one of the largest hospital chains in the United States, began taking some ambulances out of service because of disruptions caused by a ransomware attack. Universal said no patients were harmed, but systems that support medical records, laboratories and pharmacies were taken offline at approximately…
Read MoreCyber accumulation is COVID on steroids. Private capital needed: Benchimol
The way we think about accumulations of cyber risk is a bit like COVID on steroids and the potential size of economic losses from major cyber loss events means private capital is needed to support the risk but that a public-private approach is required, AXIS Capital CEO Albert Benchimol has explained. Benchimol was speaking during…
Read MoreEnstar offers to acquire Watford Re
Bermuda domiciled re/insurance, run-off and legacy specialist underwriter and investor Enstar Group has made a formal approach to the board of Watford Re’s holding company to acquire the total return focused reinsurance firm. According to a filing, Enstar has offered to acquire all of the ordinary shares of Watford Holdings Ltd., the parent company to…
Read MoreWhite Mountains to invest as much as $1bn into Ark Insurance Holdings
White Mountains Insurance Group, Ltd. is set to make a significant investment into re/insurer Ark Insurance Holdings, with plans to ramp up its capacity across the markets it operates in and upgrade its reinsurance capabilities in Bermuda. White Mountains is known for buying stakes in financial services companies, including insurance and reinsurance operations. It also…
Read MoreBeazley should buy more reinsurance to protect its shareholders: Jefferies
Analysts from Jefferies said they would advise specialty insurance and reinsurance firm Beazley to look to securing additional reinsurance capital, over other funding sources such as another equity raise, after the firm reported escalating losses and given the active levels of catastrophe loss activity seen. Beazley recently reported a doubling of the estimated cost of…
Read MoreGlobal Parametrics & Hannover Re back another Arbol-powered weather risk pilot
Global Parametrics and reinsurance giant Hannover Re are together supporting a weather risk insurance pilot scheme that is powered by Arbol’s technology and smart contract driven marketplace for weather risk transfer. The pair are supporting the AGRIBEE Crop Insurance Pilot with capacity to enable the provision of extreme weather protection cover for smallholder rice farmers…
Read MoreGlobal catastrophe industry loss index to be created by CRESTA
The CRESTA organisation will soon launch a global industry loss index solution, that will provide insured loss data and event descriptions for natural catastrophe insured loss events around the world. CRESTA was established by the insurance and reinsurance industry in 1977 as an independent body for the technical management of natural catastrophe insurance. Now managed…
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