Insurance

Cat bond issuance has continued apace in recent weeks, with total catastrophe bond and related insurance-linked securities (ILS) issuance for 2020 so far now reaching almost $8.25 billion, according to Artemis’ Deal Directory data. At the same time, catastrophe bond spreads have continued to rise, as transactions increasingly see their pricing move towards the upper-end…

Global reinsurance broker Willis Re, part of the Willis Towers Watson group of companies, has announced the hiring of Kirsten van Exel, who was most recently an insurance-linked securities (ILS) underwriter for Netherlands headquartered global life insurance company, annuities provider and pension investment manager Aegon. Aegon shuttered its insurance-linked securities (ILS) investment operations this year…

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) is set to extend discounts on premiums and other coverage benefits to certain of its members with the support of the World Bank, to assist them in continuing with their parametric disaster insurance protection, even despite the fiscal hits from Covid-19. This move…

A recent severe hail storm event that impacted the Calgary area of Alberta, Canada is expected to become on the most costly hail loss events in the country’s history, with economic costs likely to exceed C$1 billion (US $735m), the majority of which will be covered by insurance and possibly some reinsurance as well. Impact…

Global reinsurance giant Swiss Re has announced a change at the top, as its Chief Underwriting Officer Edi Schmid is departing the company, to be replaced by the current Life Capital leader Thierry Léger. Schmid is leaving the CUO role and stepping down from Swiss Re’s Group Executive Committee for personal reasons and will take…

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has a new CEO, as John Forney steps down from President and Chief Executive Officer roles to pursue other opportunities. Forney had been the CEO of the catastrophe and wind-exposed property insurance group since 2012, when he joined the insurer from his…

Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, has now raised over $1 billion of capital in the last six months, with the latest being a $300 million senior note debt offering that qualifies as Tier 3 capital. Fidelis had already tapped institutional investors for a $300 million fresh…

U.S. primary insurance giant Allstate has reported $350 million of pre-tax losses from natural catastrophe and severe weather events from May 2020, adding to a heavy toll for the start of the aggregate reinsurance contract year for a number of its catastrophe bonds. The $350 million, pre-tax ($277 million, after-tax), of catastrophe losses experienced in…