Insurance

Reported insured losses and reserve setting related to the COVID-19 coronavirus pandemic have now reached $20.5 billion, according to data collected by advisory PeriStrat LLC and augmented by our own research. Zurich-based PeriStrat LLC, operated by Hans-Joachim Guenther, has been aggregating publicly available loss reports from insurance and reinsurance companies to give a picture of…

U.S. primary insurance carrier Travelers has adjusted the attachment point for its $500 million Long Point Re III Ltd. (Series 2018-1) catastrophe bond transaction upwards slightly for the coming year, while also renewing a range of important property catastrophe excess-of-loss reinsurance treaties at July 1st. At the annual reset, Travelers has adjusted the attachment point…

Global reinsurance company Swiss Re has appointed a new hire to the role of Global Head P&C Solutions within its Reinsurance Business Unit, as incumbent Eric Schuh is set to leave the company later this year. The P&C Solutions division within the reinsurance unit at Swiss Re is a specialist segment focused on the use…

Eclipse Re Ltd., the Horseshoe managed private syndicated collateralised reinsurance note and private cat bond platform, has completed two new transactions, amounting to just under $56.6 million of risk capital issued around the mid-year renewal season. Eclipse Re Ltd. is a Bermuda domiciled special purpose insurer (SPI) and segregated account company designed to facilitate issuance…

Hurricane Hanna is now the first hurricane of the 2020 Atlantic tropical storm season, with winds having reached 80mph and further strengthening expected as Hanna approaches the Texas coastline to make landfall later today. Hanna was a tropical storm yesterday and while it was expected to strengthen it was only given a low probability of…

An update to the Bermuda Monetary Authority’s (BMA) guidance notes on special purpose insurers (SPI’s), the most commonly used structure for transacting insurance-linked securities (ILS) and collateralised reinsurance, lays out the regulators position on key issues related to collateral rollover, release of collateral and also the subject of clawback. The 2020 update to the BMA’s…

Hurricane Douglas is currently a very strong major Category 4 hurricane travelling across the central Pacific and is now forecast with a high chance of making a rare landfall on one of the islands of Hawaii. Hurricane Douglas intensified into a major storm in recent days, but as of now seems to have peaked with…