Insurance
COVID-19 Wrap-Up:BI Coverage Continues to Make Headlines
From new litigation to proposed legislation, debate over whether insurers should be required to pay for business losses related to the coronavirus pandemic remain in the news. Restaurants Sue Insurers Over Business Interruption Claims Proprietors of more than 10 restaurants, bars, and bakeries in Washington, D.C., joined a growing list of restaurateurs seeking coverage for pandemic-related damages, The Washington Post reports. The Post interviewed Triple-I CEO Sean…
Read MoreAvatar returns with $65m Casablanca Re cat bond issued from Singapore
Florida focused insurer Avatar Property and Casualty Insurance Company has returned to the catastrophe bond market for what will be its second ever issuance, with a currently $65 million Casablanca Re Pte. Ltd. (Series 2020-1) transaction to provide named storm reinsurance protection. The Casablanca Re Pte. Ltd. (Series 2020-1) catastrophe bond will provide at least…
Read MoreAllstate’s Sanders Re II cat bond upsized by one-third to $200m
U.S. primary insurance giant Allstate has successfully increased the size of its new catastrophe bond transaction by one-third, with the Sanders Re II Ltd. (Series 2020-2) cat bond deal now featuring $200 million of notes. The successful upsizing of the issuance came after pricing guidance was lifted to the top-end of initial guidance, which is…
Read MoreFlorida Citizens’ Personal Lines Account cat bond upsized to $110m
Florida’s Citizens Property Insurance Corporation has opted to slightly upsize its remaining Personal Lines Account tranche of its new catastrophe bond issue, with the Everglades Re II Ltd. (Series 2020-2) deal growing by 10% to $110 million by pricing. Having withdrawn the larger $200 million layer of Coastal Account linked catastrophe bond notes, Citizens still…
Read MoreCanada Life Re took EUR 5.3bn of NN Life longevity swap & reinsurance
Canada Life Reinsurance took EUR 5.3 billion of the long-term longevity risk associated with EUR 13.5 billion of in-force liabilities of NN Life’s portfolio, in the recently completed longevity swap and reinsurance arrangement. As we explained earlier this week, NN Life, part of the Nationale-Nederlanden (NN Group), has secured longevity swap and reinsurance arrangements with…
Read MoreLiberty Mutual reveals Slaughter’s departure, Perez takes CUO of GRS
U.S. primary insurer and global re/insurer Liberty Mutual has announced that well-known executive James Slaughter is set to depart the company, with David Perez promoted to Chief Underwriting Officer for the Global Risk Solutions (GRS) unit as his replacement. Slaughter is well-known in the insurance-linked securities (ILS) and reinsurance convergence space, having worked on many…
Read MoreTWIA’s $200m Alamo Re II catastrophe bond launches to investors
The awaited new catastrophe bond issuance from the Texas Windstorm Insurance Association (TWIA) has now been launched to the cat bond investment community, with a $200 million target for the Alamo Re II Ltd. (Series 2020-1) transaction. As we’d explained recently, TWIA was always set to return to the catastrophe bond market this year with…
Read MoreTremor’s ILW auctions see $100m of capacity a week, spreads narrowing
Tremor’s weekly auctions of industry loss warranties (ILW’s) are gaining traction, with around $100 million of capacity available every week and spreads now narrowing fast as the reinsurance and retrocession markets harden. Tremor Technologies Inc., the technology-based programmatic risk transfer marketplace provider, has made available some unique data insights into its marketplace for industry loss…
Read MoreReinsurers cite 25% – 45% Florida increases, as U-shape disappears: KBW
Reinsurance companies and brokers in Bermuda are calling for Florida renewal rate increases to be significant, averaging between 25% to 45% and also believe that they will be enduring, so perhaps set a new floor for catastrophe reinsurance pricing in the state. Analysts at KBW held meetings with Bermuda-based reinsurers and brokers yesterday and the…
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