Insurance

American International Group, Inc., the global insurance and reinsurance giant, has officially named Paschal Brooks as the new CEO of its insurance-linked securities (ILS) investments unit, AlphaCat Capital Inc. Brooks has been working at AlphaCat since 2011, having joined from his previous position as a VP in structured finance at Goldman Sachs and is well-known…

Nationwide Mutual Insurance Company, the U.S. primary insurer, has allowed a partial redemption of one of the tranches of its Caelus Re V Ltd. (Series 2017-1) catastrophe bond amounting to $75 million of collateral released. At the same time, Nationwide Mutual has opted to hold onto the collateral remaining from this cat bond deal for…

Tropical storm Cristobal is estimated to have caused an insurance and perhaps to a degree reinsurance market loss of around $150 million by catastrophe risk modeller Karen Clark & Company (KCC). However, tropical storm Cristobal has now become extratropical as it moved up the United States and some impacts are continuing to be seen at…

Independent insurance broking giant Lockton continues to make new key hires for a growing retrocessional reinsurance practice, with its Lockton Re division having now added another senior appointment in Bob Bissett from Aon. This follows yesterday’s news that Lockton Re had hired well-known London market retrocession broker Matt Foreman from Aon, signalling the start of…

Insurance and reinsurance broker and consultancy Aon has warned UK pension schemes not to over-react to the recent short-term spike in mortality rates in the country, as the impact to longevity risk assumptions may not be as significant as it seems. Aon’s Risk Settlement Group, which deals with pension risk transfer, including the buy-in and…

Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, has revealed its second equity capital raise of this year, adding a further $50o million to take the re/insurers capitalisation to $2 billion. Fidelis had already tapped institutional investors for a $300 million fresh capital raise back in February, to help…

Global reinsurance company Swiss Re has again returned to the catastrophe bond market for what will be its fifth time in just around one-year, this time bringing a targeted $200 million Matterhorn Re Ltd. (Series 2020-4) with which it hopes to secure retrocessional protection against hurricane losses. Having shied away from sponsoring catastrophe bonds for…

The insurance and reinsurance market faced another month of severe weather in the United States in May 2020, with the market set for the third consecutive multi-billion dollar insured loss month this year, according to Impact Forecasting. Impact Forecasting, the weather, climate and risk modelling unit of insurance and reinsurance broker Aon details the significant…