Insurance

Everest Re, the global insurance and reinsurance firm, has been buying hedging protection in the form of industry-loss warranty (ILW) coverage in 2020, while catastrophe bonds and its Mt. Logan Re collateralised reinsurance vehicle also continue to play a key role in its protection for the all-important hurricane season. Speaking during the Everest Re earnings…

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has partnered with primary carrier giant Generali on creation and distribution of parametric insurance products. The partnership aims to develop new parametric insurance solutions to actively respond to the evolving global risk landscape, the pair…

In a clear sign of ILS fund demands for higher returns from underwriting catastrophe risks in the Florida reinsurance market, pricing for Florida Citizens’ new $300 million Everglades Re II Ltd. (Series 2020-1 & 2020-2) catastrophe bond has leapt significantly above the top-end of guidance. As we explained earlier today, ILS funds are hoping for…

We’re told that underwriters from some of the biggest insurance-linked securities (ILS) fund managers have effectively “downed pens” on the Florida reinsurance renewals, in reaction to the pricing and terms on offer. The Florida reinsurance renewals at June 1st 2020 were always going to be contentious. Enough has happened over the last few years in…

Lloyd’s of London, the specialist insurance and reinsurance marketplace, has estimated that the non-life insurance industry faces as much as $107 billion of losses from the Covid-19 coronavirus pandemic to the 2020 underwriting year alone. It’s a massive figure, sitting above the top-end of consensus estimates and reflects the enormous toll that the industry faces,…

In a show of discipline by the catastrophe bond investor base, we’re told that the new cat bond from USAA, the $100 million or greater Residential Reinsurance 2020 Limited (Series 2020-1) deal, has now had a pandemic exclusion forced into its documentation. USAA returned to market just this week with the Residential Re 2020-1 catastrophe…

There is an early consensus emerging on the size of the insurance and reinsurance industry loss from the Covid-19 coronavirus pandemic, with the broad range now focused on being $30 billion to as much as $100 billion, according to broker Willis Re. It’s a fairly safe bet that the ultimate industry loss falls somewhere into…

Catastrophe bond and related insurance-linked securities (ILS) market activity remains buoyant despite the impacts seen from the Covid-19 pandemic, with primary issuance already reaching $6.1 billion in 2020, according to Artemis’ Deal Directory data. Primary market issuance of catastrophe bonds and related insurance-linked securities (ILS) grew by $375 million just this week, thanks to the…

The Athene Co-Invest Reinsurance Affiliate (ACRA) insurance-linked sidecar vehicle is expected to raise further capital, with investor discussions ongoing and senior executives say the third-party capital vehicle will become a significant source of capacity for its pension risk transfer deals. Commitments to the Athene Co-Invest Reinsurance Affiliate (ACRA) insurance-linked sidecar vehicle have reached $3.2 billion,…