Insurance
ILS capital down 2.7% in H1. COVID uncertainty to affect capital raising: GC
According to reinsurance broker Guy Carpenter the amount of alternative capital in the market, across insurance-linked securities (ILS) funds, collateralised reinsurance structures and catastrophe bonds, shrank by approximately 2.7% in the first-half of this year. Overall, Guy Carpenter and rating agency A.M. Best estimate that global reinsurance capital rose by 1% in the first-half of…
Read MoreCATCo warns re/insurers’ sale of PG&E claims may reduce subrogation recovery
The fact that insurance and reinsurance companies sold California wildfire related claims to third-parties may ultimately reduce the amount of subrogation recoveries that flow back to reinsurance and retrocessional interests, it appears. This morning, in an interim financial report for the in run-off CATCo Reinsurance Opportunities Fund, the listed retrocessional reinsurance focused investment fund operated…
Read MoreIndustry losses point to “ever-stronger 2021 reinsurance rate increases” – KBW
Analysts at KBW have warned that rising losses facing the insurance industry through 2020, with the threat of hurricanes increasing as we move towards peak season and the COVID-19 pandemic hanging over the sector, point to “ever-stronger 2021 reinsurance rate increases” suggesting the 2021 renewals are set for some significant increases again. Rising losses and…
Read MoreCalifornia wildfires continue their destruction, but slightly better contained
Wildfires burning across the state of California continue to destroy land and property in the last 24 hours, but the containment of some of the most threatening blazes has increased a little for now after fire weather conditions proved not as impactful as expected yesterday. Yesterday was a better day than expected for the fire…
Read MoreHurricane Laura to form today, models dispute strength by landfall
Hurricane Laura is forecast to form later today after having successfully navigated the length of Bermuda and the Caribbean and emerged over the Gulf of Mexico where there is plenty of fuel for Laura to intensify further, although models dispute how strong a hurricane it could become. Yesterdays’ double strong tropical storm or hurricane threat…
Read MoreAtypical Wildfire Activity? Of Course — It’s 2020
If you need any further evidence of the anomalous nature of the year 2020, you can take a look at California’s wildfires. Two of the three largest fires in California history rage across the state, alongside about 600 others, burning more than 1.3 million acres — an area about the size of Delaware — and forcing more than 100,000 people to evacuate.…
Read MoreLaura and Marco Set Sights on Northern Gulf Coast
Tropical storms Laura and Marco are expected to hit the northern Gulf Coast within a few days of each other. Marco was a hurricane on Sunday but has weakened considerably due to strong southwesterly wind shear. While Marco’s wind threat has diminished, heavy rain of three to six inches, with small areas potentially receiving 10…
Read MoreSwiss Re “bullish” on ILS capacity rebound: Judy Klugman
In spite of the overhang of a global pandemic, catastrophe bond and insurance-linked securities (ILS) issuance was robust in the first half of the year, leading reinsurance giant Swiss Re to be very optimistic that market capacity will rebound. Around the launch of Swiss Re Capital Markets’ H1 2020 ILS market report, Artemis spoke with…
Read MoreMS Amlin hires Carrier from Everest Re as CUO of Lloyd’s unit
MS Amlin Underwriting Limited, the Lloyd’s insurance and reinsurance arm of MS Amlin and part of the Japanese MS&AD group, has announced the appointment of a new Chief Underwriting Officer, hiring Andrew Carrier from Everest Re for the role. Andrew Carrier held the roles of Senior Vice President and President of Everest Advisors, UK and…
Read More