Insurance
Multi-billion severe weather losses across North America in June: Aon
The United States and Canada experienced multi-billion dollar insurance and reinsurance losses from severe weather during the month of June 2020, with hail storms in Calgary and convective weather in the U.S. driving the largest share, according to Impact Forecasting. Insurance and reinsurance broker Aon’s catastrophe risk modelling and weather analytics unit discusses the impacts…
Read MoreAditya Dutt departs RenRe. O’Donnell assumes Ventures responsibility
The leader of RenaissanceRe’s third-party reinsurance capital and joint-venture focused Ventures business Aditya Dutt is set to leave the firm for a new opportunity, with CEO Kevin O’Donnell to assume control of the unit. RenaissanceRe (RenRe), the Bermuda-headquartered reinsurance company and third-party capital manager with over $10 billion of committed capital under its management at…
Read MoreConvex’s target for Hypatia cat bond doubles to $300m
The target size for the first catastrophe bond transaction to be sponsored by Convex Group has been increased, with sources now saying that the Hypatia Ltd. (Series 2020-1) multi-peril retro transaction is likely to double to $300 million, we can reveal. Convex Group, the specialty insurance and reinsurance company founded by Stephen Catlin, approached the…
Read MoreFASB proposes to delay insurance standard in response to coronavirus, but ease early adoption
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard. Original Article Posted at : https://www.accountingtoday.com/news/fasb-proposes-to-delay-insurance-standard-in-response-to-coronavirus-but-ease-early-adoption
Read MoreChubb proposes parametric risk transfer solution for pandemics
Global insurance and reinsurance company Chubb has published the details of a proposal for an enormous $1.25 trillion public private risk sharing facility to protect both small and large U.S. businesses against future pandemic risks, with part of the coverage proposed to be structured on a parametric trigger basis. The size of the proposed pandemic…
Read MoreILS essential to modern reinsurance & risk management: Peak Re CEO Hahn
With PMLs continuing to rise across numerous parts of emerging Asia, the need for insurance-linked securities (ILS) or alternative reinsurance capital is becoming increasingly vital, according to executives at Hong Kong domiciled reinsurer, Peak Re. Speaking today during a keynote presentation and Q&A session for the Artemis ILS Asia 2020 online conference, Peak Re’s Chief…
Read MoreCapsicum Re unveils ExCo leadership to drive next phase of growth
Reinsurance broker Capsicum Re, a unit of Arthur J. Gallagher & Co., has announced a new Executive Committee (ExCo) leadership as the company seeks to deliver on further growth. Among those added to the new Capsicum Re ExCo are Managing Partners and divisional heads, including well-known property reinsurance and retrocession broker with insurance-linked securities (ILS)…
Read MoreSingapore’s ILS grant scheme extended to end of 2022: MAS
The Monetary Authority of Singapore (MAS) has extended its insurance-linked securities (ILS) grant scheme to the end of 2022, as Singapore looks to build on recent positive momentum and attract more catastrophe bond issuers to its shores. Speaking today at our Artemis ILS Asia virtual conference, Mr. Benny Chey, Assistant Manager Director (Development and International)…
Read MoreReinsurance hard market to last till end of 2021 (at least): Jefferies
The current hardening cycle in the reinsurance market is expected to last until the end of 2021 by analysts at Jefferies, who also say the broad-based firming is now being seen in almost all lines of business globally. One concern of analysts and market participants is a narrower hard reinsurance market, where only specific segments…
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