Insurance
Collateral held in trust for ILS transactions rises 11% for Hannover Re
Global reinsurance firm Hannover Re has been quietly expanding its activities in the insurance-linked securities (ILS) space for some time, as a key facilitators for collateralised transactions and acting as a front for certain ILS funds and investors. Every so often, more details emerge on the growth of this side of Hannover Re’s business, which…
Read MoreBeazley raises Covid-19 loss estimate to $340m on event cancellation
Beazley, the specialist Lloyd’s focused insurance and reinsurance underwriting business, has increased its estimate of the cost of Covid-19 claims for its first party business by 100% to $340 million, net of reinsurance, in light of the evolving status of the pandemic crisis. Back in April, Beazley revealed an expected Covid-19 claims burden of $170…
Read MoreArch unveils establishment of single managing agency
Arch Insurance International, a wholly owned subsidiary of Bermuda headquartered insurance and reinsurance firm, Arch Capital Group, Ltd., has announced the launch of Arch Managing Agency Limited. Formerly Barbican Managing Agency Ltd, the newly established Arch Managing Agency Limited brings together Arch Underwriting at Lloyd’s and Barbican Managing Agency Ltd. into a single operation. Effective…
Read MoreFloodFlash scales sensor-based parametric flood cover to larger corporates
Insurtech start-up FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, is scaling up its offering with the help of major reinsurance carriers to provide protection to larger corporations. FloodFlash’s technology has helped to launch the first property level parametric flood insurance product, utilising water level sensors developed by FloodFlash, which…
Read MoreSmall businesses share how they prep for and successfully recover from disaster
Young startup coffee cafe owener open and welcome customer. New small business owener. September is National Preparedness Month, and this years’ theme of “Disasters Don’t Wait. Make Your Plan Today” could not be more timely as many areas of the country experience record-breaking wildfires and storms. On September 16, the Insurance Institute for Business &…
Read MoreTropical Storm Beta Moves Toward Texas Coast
Tropical Storm #Beta is forecast to make landfall in TX by tonight. If it does so, it will be 9th named storm (tropical storms and #hurricanes) to make landfall in continental US this year, tying 2020 w/ 1916 for most continental US landfalling named storms in a season on record pic.twitter.com/VM65BhdqvY — Philip Klotzbach (@philklotzbach)…
Read MoreBrit targets ILS growth with Sussex Capital: Denton
Specialty insurance and reinsurance player Brit Ltd. is targeting further growth of its insurance-linked securities (ILS) activities, with expansion of the Sussex Capital platform anticipated, according to Chris Denton. Brit operates a range of third-party reinsurance capital structures, including the Versutus sidecar vehicle and the Sussex Capital insurance-linked securities (ILS) and collateralised reinsurance platform. Last…
Read MoreIndia moots parametric Pandemic Risk Pool, with bonds part of capacity
A working group of the Indian insurance and reinsurance regulator IRDAI has proposed the creation of a parametric Indian Pandemic Risk Pool, which could use pandemic bonds as part of its capacity. The regulator and Indian government tasked an industry working group with exploring the possibility of creating a pandemic risk pool focused on the…
Read MoreHurricane Sally losses estimated between $1bn and $3bn by AIR
The insurance and reinsurance industry loss estimates for recent hurricane Sally are coming in thick and fast, with catastrophe risk modeller AIR Worldwide now releasing an official estimate for insured losses of between $1 billion and $3 billion. Photo by: Tony Giberson, Pensacola News Journal AIR’s estimate is based on industry insured losses to onshore…
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