Insurance
Severe weather, tornadoes, hail drive multi-billion U.S. insured loss in April: Aon
The insurance and reinsurance market faces multi-billion dollar losses after April’s severe convective storms and weather in the United States that drove hail, tornadoes and straight-line wind damage across a wide swathe of the country, Aon said. April’s toll follows at least $2.4 billion of economic losses, which could have driven anywhere from $1.5 billion…
Read MoreInsurers Respond to COVID-19 (5/08/2020)
Auto insurance refunds U.S. auto insurers will return over $10 billion to their customers nationwide, according to an Insurance Information Institute estimate, in response to reduced driving during the pandemic. We’ve listed many of the companies that are offering refunds here and here. These lists are not exhaustive, so be sure to check with your insurer to…
Read MoreHudson Structured a lead backer of AIG’s new syndicate 2019 at Lloyd’s
Hudson Structured Capital Management Ltd. (doing its insurance investment business as HSCM Bermuda), the insurance-linked securities (ILS), reinsurance- and transportation- focused investment manager, was a lead backer of insurance giant AIG’s recent launch of a new Lloyd’s syndicate. As we explained earlier this week, American International Group, Inc. (AIG) officially launched Lloyd’s Syndicate 2019, which…
Read MoreExtended hardening market expected in U.S. commercial insurance: WTW
Commercial insurance buyers are now facing the prospects of an extended hardening market thanks to the pandemic, as well as new pressures on contract terms and conditions, Willis Towers Watson said today. The insurance and reinsurance broker explained that persistent upward pricing pressure will be seen across most lines of business in North American commercial…
Read MoreTriple-I Paper Looks at Convective Storms, Mitigation, and Resilience
Severe convective storms—tornadoes, hail, drenching thunderstorms with lightning, and damaging straight-line winds—are among the biggest threats to life and property in the United States. They were the costliest natural catastrophes for insurers in 2019, and this year’s tornado season is already shaping up to be the worst in nearly a decade. A new Triple-I paper…
Read MoreArtemis Live: Interview with Stephan Ruoff, Schroder Secquaero
For our latest Artemis Live video interview I had a detailed and interesting discussion with Stephan Ruoff, the Deputy Head of insurance-linked securities (ILS) asset manager Schroder Secquaero, a specialist division of global investment group Schroders. All of our Artemis Live video interviews can be accessed directly from our YouTube Channel and we have more…
Read MorePG&E says “reasonably possible” it faces $600m+ loss from Kincade wildfire
Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has said that it could face more than $600 million of losses from the 2019 Kincade wildfire if its equipment is found liable for the fire’s ignition. At the moment it’s unknown whether PG&E could face these additional wildfire losses, which would…
Read More$100m MetroCat Re cat bond prices 16% above mid-point of initial guidance
The New York Metropolitan Transportation Authority’s (MTA) new MetroCat Re Ltd. (Series 2020-1) catastrophe bond has now been priced, but at the top-end of the revised guidance after investors sought a higher return for the risk, with the deal also sticking at $100 million in size. As we explained yesterday, the price guidance for this…
Read MoreEverest Re reports 21% premium growth, small profit despite Covid-19
Global insurance and reinsurance group Everest Re has significantly grown its underwriting book in the first-quarter of the year, reporting 21% growth in net premiums written in a quarter marred by Covid-19 pandemic related losses but in which it still managed to report a profit. Everest Re reported $16.6 million of net income for the…
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