Insurance
Colorado State University issues updated forecast for 2020 hurricane activity
The 2020 Atlantic hurricane season activity is still projected to be “well above average,” according to Triple-I non-resident scholar, Dr. Phil Klotzbach. Dr. Klotzbach, an atmospheric scientist at Colorado State University (CSU), and his team issued an updated forecast on July 7. They project the 2020 Atlantic hurricane season will have 20 named storms (up from…
Read MoreBased on gas consumption, we’re nearly back to driving at pre-pandemic/recession levels
By Dr. Steven Weisbart, Chief Economist, Insurance Information Institute The U.S. Energy Information Administration (EIA) publishes extensive data on petroleum production, refining and supplies to users, with some data provided on a weekly basis. Gasoline supplied to retailers is not quite the same as gasoline consumed but it is close. And gasoline consumed is not…
Read MoreUBS pension gets £1.4bn longevity swap from Zurich & Canada Life Re
The UBS (UK) Pension and Life Assurance Scheme has entered into a £1.4 billion longevity swap arrangement, with global player Zurich acting as the insurer for the transaction and Canada Life Re providing reinsurance capital. The longevity swap arrangement covers roughly £1.4 billion of the UBS pension schemes defined benefit (DB) pensioner liabilities and was…
Read MoreBermuda market share of alternative capital reached 73% in 2018
The Bermuda insurance and reinsurance market’s share of global alternative capital capacity accelerated in 2018 to reach an impressive $71 billion, or roughly 73%, as capital raising flowed to Bermuda-based ILS structures and funds. As alternative capital in insurance and reinsurance, from the dedicated insurance-linked securities (ILS) fund managers, reinsurer joint-ventures and ILS vehicles, as…
Read MoreTigerRisk hires international broker Juan England from Willis Re
TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has added another hire, taking Juan England from Willis Re for a role focused on European and international reinsurance clients. TigerRisk has been one of the broking firms to benefit from an exodus from some of the leading firms in recent months. In…
Read MorePioneer ILS Interval fund shrinks, but returns beat benchmark
The Pioneer ILS Interval Fund, a dedicated insurance-linked securities (ILS) focused mutual investment fund strategy operated by Amundi Pioneer Investment Management, saw its assets under management shrink by around 2.4% in the last quarter of record, but in the six months at April 30th delivered benchmark beating returns. Having returned to growth for the first…
Read MoreUnited (UPC) names Martz as President, Dittman as Chief Risk Officer
Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has appointed its CFO Brad Martz as President of the insurer and Chris Dittman takes on the role of Chief Risk Officer, keeping his reinsurance buying responsibilities as well. Both are well-known in relation to United’s (UPC) purchasing of a robust reinsurance…
Read MoreAXA XL helps Bluefire with personal auto collateralised reinsurance deal
The transaction is the first personal auto reinsurance transaction backed by alternative capital that AXA XL has completed in Bermuda, helping long-time MGA partner Bluefire to reduce its exposure in a capital efficient manner. AXA XL Reinsurance in Bermuda and Bluefire have collaborated since 2014 and this partnership was strengthened in 2019 when Bluefire consolidated…
Read MoreChubb reports $1.8bn cat loss hit for Q2, $1.37bn from Covid-19
U.S. and global primary insurance carrier and reinsurance company Chubb, has pre-announced a massive just over $1.8 billion hit from global catastrophes and the Covid-19 pandemic for the second-quarter of the year, setting the stage for other large loss hits from major players. Chubb had previously said it would categorise the losses it suffered from…
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