Insurance
California Reports $1.2 Billion in Premium Refunds in Response to COVID-19
Insurers refunded $1.2 billion to California policyholders as of June 26, according to actuarial firm Perr & Knight. The California Department of Insurance (CDI) ordered the refunds to drivers and businesses in the state affected by the COVID-19 emergency. The companies were required to file reports outlining the details of their response to COVID-19. CDI…
Read MoreCalifornia Reports $1.2 Billion in Premium Refunds in Response to COVID-19
Insurers refunded $1.2 billion to California policyholders as of June 26, according to actuarial firm Perr & Knight. The California Department of Insurance (CDI) ordered the refunds to drivers and businesses in the state affected by the COVID-19 emergency. The companies were required to file reports outlining the details of their response to COVID-19. CDI…
Read MoreLloyd’s explores multi-use iSPV structure under UK ILS regulations
The Lloyd’s insurance and reinsurance market appears to be actively exploring use of a specific insurance-linked securities (ILS) structure under the UK ILS regulatory regime, to help capital markets investors access risk underwritten in the market more easily. Lloyd’s has been discussing the prospect of making it simpler for capital market or insurance-linked securities (ILS)…
Read MoreTigerRisk hires Denbigh from Aon for London retro role
TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has announced a new London retrocession market hire, in Oliver Denbigh who will join the company after leaving rival Aon. Denbigh is the latest to leave the Aon retrocessional reinsurance broking team in London, after a number of senior executives moved on from…
Read MoreSuncorp restructures agg cover at renewals, seeks reinsurance innovation
Australian primary insurer Suncorp has restructured its reinsurance program at the July 1st renewals, adding a new A$400 million Aggregate Excess of Loss (XoL) cover, in place of its previous natural hazards aggregate and stop-loss protections. Speaking this morning, Suncorp Group CEO Steve Johnston explained a company wide transformation plan, with reinsurance set to receive…
Read MoreU.S. renewals lead way in “persistent” July reinsurance hardening: Willis Re
U.S. treaty reinsurance business led the way on rate increases at the July 1st reinsurance renewals, with their rates outpacing international contracts, according to broker Willis Re. The broker reports a measured and prudent approach to the mid-year reinsurance renewals, as carriers sought to deliver on client value but with one eye always on rates…
Read MoreSolid issuance as catastrophe bond market performs in time of crisis: Q2 2020 Report
The market for catastrophe bonds and related insurance-linked securities (ILS) once again demonstrated its resilience in the second-quarter of 2020, as despite the uncertain environment created by Covid-19, issuance of new cat bonds and ILS reached $3.76 billion according to the latest report and data from Artemis. Our latest quarterly report on the catastrophe bond…
Read MoreMultiStrat leverages Vesttoo tech for $55m casualty ILS deal
MultiStrat, the specialist underwriter and reinsurance investment facilitator, has completed another new casualty insurance-linked securities (ILS) transaction, with one layer of the arrangement completed using tech start-up Vesttoo’s data-driven risk transfer platform and its services in structuring, arranging and placing the transaction. The $55 million stop-loss reinsurance transaction is one layer of a $150 million…
Read MoreLloyd’s pitches pandemic/systemic risk solutions, with capital markets support
Lloyd’s of London, the specialist insurance and reinsurance marketplace, has this morning pitched three possible solutions to pandemic and systemic risk insurance provision, as it seeks to bring constructive discussion to the issues of insurability of pandemic risk exposure and other major systemic risks. As ever, the capital markets are seen as an important piece…
Read More