Insurance
Covid-19 “compounded” firming of reinsurance at Florida renewal: GC
The Covid-19 pandemic has compounded an already firming reinsurance market environment at the renewals, causing challenges in completing placements and driving double-digit Florida rate increases, according to Guy Carpenter. The reinsurance broker explained that the June 1st reinsurance renewals for Florida property and catastrophe risks were particularly affected by the the pandemic. The result was…
Read MoreSome fronted ILS capacity in NZ Earthquake Commission renewal
New Zealand’s state-owned residential property disaster insurance entity the Earthquake Commission (EQC) has utilised some alternative capital within its recently completed $6.2 billion reinsurance program renewal, the entity has told us. The New Zealand Earthquake Commission (EQC) successfully completed a renewal of its NZ $6.2 billion reinsurance program recently, keeping the size of the program…
Read MoreLiberty Mutual Re hires Mackie for US property treaty reinsurance role
Liberty Mutual Re, the reinsurance underwriting arm of the Liberty Mutual Insurance Group, has announced the hiring of Scott Mackie, formerly of AXA XL, to a U.S. property treaty reinsurance role. Mackie, who had been at AXA XL for four years, joined Liberty Mutual Re on June 8th, taking the position of Director of Assumed…
Read MorePG&E bankruptcy confirmed, Wildfire Fund & subrogation to follow
Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has achieved another important milestone in its history, as its bankruptcy plan has now been confirmed putting it on track to join the California Wildfire Fund and also to make its subrogation settlement payments. With the United States Bankruptcy Court for the…
Read MoreSempra Energy seeks $75m SD Re 2020-1 cat bond to top up wildfire insurance
Electrical utility Sempra Energy has returned to the catastrophe bond market with a $75 million SD Re Ltd. (Series 2020-1) transaction, as it seeks to extend the California wildfire insurance protection it receives from capital markets investors. This is the second wildfire catastrophe bond to be issued for Sempra Energy, following the $125 million SD…
Read MoreBest of Artemis, week ending 21st June 2020
Here are the ten most popular news articles, week ending 21st June 2020, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish. Ten most read articles on Artemis.bm,…
Read MorePandemic Insurance Was Available. Why Didn’t Businesses Purchase It?
By James Ballot, Senior Advisor, Strategic Communications, Triple-I Business interruption policies generally exclude losses from closures due to virus or bacteria. Yet insurance against losses due to a pandemic like COVID-19 did in fact exist well before the first case of COVID-19 was reported in the U.S. A recent Wired article, We Can Protect the…
Read MoreForney surfaces as CEO of specialty property insurer GeoVera
John Forney, who as we reported this morning has departed from United Insurance Holdings (UPC) has already resurfaced with a new lead role as Chief Executive Officer of specialty residential property insurance company GeoVera Insurance Holdings, Ltd. Forney, who is well-known in the insurance-linked securities (ILS) market given his previous firm United (UPC) was among…
Read MoreLightning-related homeowners insurance claims down, costs up
The number of lightning-caused U.S. homeowners insurance claims has decreased over the past few years, yet the average cost per claim has increased, according to Insurance Information Institute (Triple-I) findings. “It’s not surprising that lightning-related homeowners insurance claims costs have risen,” said James Lynch, chief actuary and senior vice president of Research and Education at…
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