Insurance

Global insurance and reinsurance player Everest Re ceded fewer premiums to its Mt. Logan Re Ltd. collateralized reinsurance sidecar-like vehicle in the second-quarter of 2020, although for the first-half cessions are still up by 13% compared to the prior year. This represents a change in the timing of cessions to the Mt. Logan Re sidecar…

Global Parametrics, the parametric and index-based disaster risk transfer company, has structured a windstorm derivative transaction for a business on remote South Atlantic island Tristan da Cunha, with the deal backed by capacity from the UK Government’s Department for International Development, through the Natural Disaster Fund (NDF). The windstorm derivative features a custom index and…

Rising reinsurance prices have growing momentum behind them, as the sector comes under increasing pressure from losses due to the Covid-19 pandemic, while at the same time capacity in the market has been constrained, according to Fitch Ratings. Discussing the strong and dominant business profiles of the big four European reinsurance players (Munich Re, Swiss…

In renewing its $2.1 billion reinsurance and catastrophe bond program for 2020, the Texas Windstorm Insurance Association (TWIA) paid some 19% more in terms of overall rate-on-line (ROL) compared to the prior year. Reflecting the hardening of reinsurance rates, particularly in catastrophe exposed property lines that have faced losses in recent years, TWIA’s reinsurance renewal…

Nephila Capital, the world’s largest ILS and reinsurance fund manager, is to provide weather risk capacity to support The Demex Group, a climate risk focused insurtech start-up, as it comes out of stealth with a mission to provide financial risk solutions to deliver greater climate resilience. The Demex Group has secured $4.2 million of seed…

Global reinsurance firm Munich Re has appointed René Mück as its new Head of Capital Partners, Americas, the division where much of its risk trading, insurance-linked securities (ILS), catastrophe bond and retrocession activities take place. Munich Re Capital Partners launched as a unit in mid-2015 and brought together a diverse array of expert teams that…

Cayman Islands based reinsurance firm Oxbridge Re Ltd. has renewed its fully-collateralised reinsurance sidecar vehicle Oxbridge Re NS Ltd. for 2020 at a downsized amount of just $216,000. Oxbridge Re first entered the insurance-linked securities (ILS) market with a quota share retrocessional reinsurance sidecar arrangement in June 2018, with a $2 million transaction completed with…

The insurance and reinsurance market-wide loss related to the February 2020 European windstorm Ciara, also known as Sabine and Elsa, is now estimated to be around EUR 1.611 billion by PERILS AG, an increase of roughly 4% on its first report on the storm. Back in March PERILS estimated the impacts from European windstorm Ciara,…

The eventual insurance and reinsurance market loss from last week’s devastating explosion in the port area of Beirut, Lebanon is seen as around 30% of an estimated $5 billion to $10 billion economic cost, by the country’s insurance association. Source: AP Photo/Hussein Malla Speaking to local media, Elie Tarabay, the President of the Association of…