Insurance
Filling the gaps in a client’s financial plan
Sports fans have heard the adage, “The best offense is a good defense.” I feel the same way about the financial planning process. To be competitive in the ever-changing landscape of professional services, financial planners need to be as holistic as possible. Your defense against competitors is going to be your thoroughness and attention to…
Read MoreGauging Pandemic’s Impact on Insurers
While COVID-19’s impact on the insurance industry will require time to fully understand, litigation, legislation, and concerns about pricing and policy language will be with us for some time to come. “Significant” changes in policy language seen The majority of respondents to an Artemis re/insurance market survey believe the COVID-19 pandemic will result in “significant changes” to…
Read MoreAon ends salary cuts, says Covid-19 downside “less significant than anticipated”
Insurance and reinsurance broker Aon has elected to end the staff salary reductions it had introduced back in April, saying that “the overall macroeconomic uncertainty and downside are somewhat less significant than anticipated.” Aon had introduced a raft of pay cuts affecting its staff around the globe, as well as other expense saving initiatives back…
Read MoreLack of reinstatement premium protection capacity in Florida an ILS opportunity
Some insurance carriers in Florida have struggled to secure sufficient Reinstatement Premium Protection (RPP) coverage for the reinsurance towers they have renewed, due to a lack of capacity for this specific offering and reduced appetite, all of which could present an opportunity for ILS funds. Speaking during a recent webinar held by Florida focused rating…
Read MoreMunich Re provides £1bn longevity swap for Willis Pension Scheme
Global reinsurance giant Munich Re has completed a £1 billion longevity swap arrangement for the Willis Pension Scheme, in a longevity hedging deal that covers some 3,500 pension scheme members. The transaction was undertaken using the Longevity Direct solution offered by Willis Towers Watson, which enables pensions to more directly access sources of reinsurance capital…
Read MoreConvex enters cat bond market with $150m Hypatia multi-peril deal
Convex Group, the specialty insurance and reinsurance company founded by Stephen Catlin, is sponsoring its first catastrophe bond transaction, bringing a $150 million Hypatia Ltd. (Series 2020-1) multi-peril retro transaction to market. Convex is targeting property catastrophe retrocessional reinsurance protection for its North American and Canadian books of business with this Hypatia Ltd. catastrophe bond.…
Read MoreClimate insurance-linked securities (ILS) opportunity seen for London
A forum co-chaired by UK regulator the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) calls for the development of a market for climate-related insurance-linked securities (ILS) in London. London and the United Kingdom has been seeking to create a greater role for itself in insurance-linked securities (ILS) for a…
Read MoreAssurant shrinks reinsurance tower, increases multi-year coverage
U.S. specialty insurance group Assurant has shrunk down the top of its reinsurance tower at its July 2020 renewal, securing less coverage than a year ago to reflect changes to its exposure and reduced writings. Assurant’s 2020 property catastrophe reinsurance tower provides for U.S. coverage of $930 million and Florida specific coverage of $1.15 billion,…
Read MoreHeritage targets diversifying growth with AIG Private Client deal
Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, has struck a deal with insurance giant AIG that will see Heritage taking on some of its Private Client Group policy renewals. The arrangement is due to American International Group’s (AIG) new focus on the high net worth segment of its…
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