Insurance

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its parametric disaster insurance risk pool to more than $1 billion, as all of its Caribbean member countries renewed their coverage and some expanded the protection they benefit from. The CCRIF SPC provides parametric disaster insurance protection to Caribbean and Central…

RenaissanceRe, the Bermuda-headquartered reinsurance company and third-party capital manager, may take as much as $1.125 billion of additional capital from its new equity raise, although the public offering priced at a discount to yesterday’s close. As we reported yesterday, RenaissanceRe (RenRe) launched a public offering of its common shares and at the same time a…

United Insurance Holdings (UPC Insurance) has increased the size of its catastrophe reinsurance program for 2020, buying additional cascading limit to cover multiple events and renewing its core quota share arrangement. United (UPC) focused on traditional and collateralised sources of reinsurance for its 2020 renewal, opting not to renew its catastrophe bond earlier this year…

Markdowns due to potential business interruption claims from the Covid-19 pandemic caused some private ILS or collateralised reinsurance funds to decline during the month of April, while pure catastrophe bonds outperformed, ILS Advisers said today. April 2020 saw the average ILS fund return drop to a negative -0.18%, according to the Eurekahedge ILS Advisers Index.…

Insurance and reinsurance group AXA has cited business interruption claims as one of the “most material impacts” in its new forecast for EUR 1.2 billion of losses in its property and casualty (P&C) businesses due to the Covid-19 pandemic. AXA has been a significant purchaser of reinsurance protection in recent quarters and also cedes a…

Dutch headquartered European market focused insurance group Achmea has returned to the catastrophe bond market to sponsor a roughly $90 million Windmill II Re DAC (2020) transaction, which will be the companies third cat bond transaction. The Windmill II Re DAC transaction is being issued using a new Ireland domiciled special purpose vehicle and this…

Rioting and civil commotion across the United States has now been designated as a catastrophe event in multiple-states by PCS, the first time the industry loss data aggregator has done so in its history. As we explained earlier this week, the ongoing situation of riots and civil commotion affecting numerous cities across the U.S. could…

Tropical storm Cristobal has formed in the Bay of Campeche as the third named storm of the 2020 Atlantic hurricane season. Cristobal is forecast to head into the Gulf of Mexico, with a course towards the United States Gulf Coast and a landfall as a strengthening tropical storm, or perhaps even as hurricane Cristobal, now…

Third Point Re, the Bermuda headquartered, hedge fund backed global reinsurance firm, aims to find opportunity in any dislocation seen across retrocession and ILS markets, as it stands ready to deploy more capacity into catastrophe retro renewals, its CEO told us. Speaking with Artemis, Third Point Re CEO Dan Malloy explained that this opportunity is…