Insurance

Australian primary insurance group IAG has revealed that its Orchard ILS Pte Ltd catastrophe bond was triggered and then fully exhausted by claims suffered from the severe bushfire season in the country. The Orchard ILS catastrophe bond was the first to be sponsored Insurance Australia Group (IAG) back in February 2019 and also became the…

Hurricane Isaias, which impacted the Caribbean, made landfall in the Bahamas, then raked the Florida coast, after which it made landfall in the Carolinas and went on to impact the U.S. northeast including New York, is expected to cause insured losses of more than $1 billion. Reflecting on hurricane Isaias’ impacts, insurance and reinsurance broker…

Global insurance and reinsurance group SiriusPoint will be formed after Third Point Re and Sirius Group reached agreement to combine in a cash and stock transaction. The transaction is valued at $788 million and is set to create a new global company with approximately $3.3 billion of tangible capital and around $2.5 billion of pro-forma…

The 2020 Atlantic tropical storm and hurricane season is now forecast to have an 85% chance of “above-normal” levels of activity by NOAA, as the agency lifted its forecast for the season to call for an “extremely active” few months ahead. NOAA joins other forecasters we track in calling for one of the most active…

RenaissanceRe, the Bermuda headquartered specialty re/insurer and third-party reinsurance capital manager, has raised capital across numerous platforms over the last year, but the company always ensures investors have a “right of incumbency” on the deals they are already on, according to its CEO. RenaissanceRe (RenRe) has been raising third-party capital for its range of insurance-linked…

This weeks devastating explosion in the port area of Beirut, the capital of Lebanon, is expected to cost the country as much as US $15 billion, according to an early estimate by officials. Source: AP Photo/Hussein Malla The Governor of Beirut had originally said he expected the costs of the blast to be around US…

U.S. primary insurer and global re/insurer Liberty Mutual has reported suffering an elevated level of catastrophe losses in the second-quarter, as U.S. severe weather affected the firm, as well as a $529 million loss from the Covid-19 pandemic, all of which sent the company to a loss for the period. Liberty Mutual reported a net…